Strategic Alliance Magazine Q2 2017 - 48

EDITORIAL SUPPLEMENT
As part of this process, a "capabilities sell" is often presented to the prospective partner. To the extent the deal is a
collaboration, perhaps in the form of a license agreement
with one or more assets, the alliance manager can lead the
partnership capabilities aspect of the presentation. This
provides an opportunity to convey the benefits of how an
alliance manager's company approaches collaborations
and why the company and its philosophy would be a good
fit. The alliance manager can talk about:

n

Your company's approach to establishing and
running an efficient partnership;

n

How you manage business risk, human risk, and legal uncertainty to maximize the value of partnership
assets;

n

Your prior experiences with similar deal structures,
and why as the alliance manager you think the
company is an effective partner.

This is also an opportunity to meet the prospective partner's principals and begin to gain insight on culture as well
as leadership and communication styles.

48
STRATEGIC ALLIANCE MAGAZINE | Q2 * 2017

COMING TO TERMS-
TERM SHEET AND
CONTINUED NEGOTIATIONS
As the deal progresses and reaches the end of the pre-deal
phase, a term sheet typically will be developed. A term
sheet captures the foundational tenets of a deal and forms
the basis of the contract and a starting point for contract
negotiations. Alliance managers should bring their practical experience to the term sheet process, weighing in on
what works and what doesn't, just as a builder might do
while working with an architect. During this stage it is
much easier to influence what the structure will look like
with regard to governance structure, decision making, and
key financial terms.
As you know, term sheets are more malleable than contracts. The effort level required to revise a term sheet is low
relative to that needed to revise a contract. This is similar
to an owner or homebuilder who makes a change early in
the design process versus paying an architect to change
blueprints at the last minute. Governance, decision making, milestone triggers, and economics are key high-level
term sheet elements that should be fleshed out early with
the input of the alliance manager. In our experience,
ambiguity in these areas can increase the risk of contractual disputes. (For more on how to anticipate and prevent
disputes, see "Fighting Fire with Insight: How to
Prevent and Resolve Alliance Disputes,"
Q1 2015 Strategic Alliance Magazine.)



Table of Contents for the Digital Edition of Strategic Alliance Magazine Q2 2017

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