IMO
In line with @Alway comments, the term sheet is binding on both parties unless the conditions of the term sheet are not met. If the term sheet conditions are not met the term sheet becomes non-binding/terminated or may be varied by agreement.
I agree that the current agreement is certainly not unconditional. I believe this is what vintage is referring to/getting at.
BUT the term sheet is still binding unless advised otherwise with its privy conditions.
God some of the talk on this forum is silly!
IMOIn line with @Alway comments, the term sheet is binding on...
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