Corporate Law Published & Fact-Checked 1 Sept 2026

What is the difference between an Angel Term Sheet and a Shareholder Agreement (SHA)?

Verified Legal Answer • Reviewed by Hire Your Vakeel Legal Panel (Updated for 2026 / BNS & BNSS)

A Term Sheet is a preliminary, mostly non-binding summary of commercial investment terms (valuation, funding amount, board seats). An SHA is the final, legally binding contract governing voting rights, ROFR, drag-along, and liquidation preference.

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