I believe the finance term sheet is similar to a home loan pre-approval. I believe it's like an offer to proceed with the financial arrangement subject to the conditions within the financial offer (i.e. financial term sheet).
I believe the "finance contract" is the formal acceptance of the financial offer (term sheet) and triggers what KP2 call "financial close" and/or "final notice to proceed" with the construction of the project.............upon which PowerChina starts construction work.
Happy to be corrected if that is not accurate.
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