For those of you looking for some additional sample material, I've attached an annotated term sheet by Craig Brown a lawyer at Fasken Martineau DuMoulin LLP. Craig is a super smart lawyer who has been doing the term sheet cha cha for a long time.
And as a special prize, here is something you might want to get from Suzanne at Venture Law Associates. As you may recall, we did a session for the Toronto Venture Group about term sheets, documents for a financing, etc.
Suzanne took the documents I provided and marked them up as if she had been council for the entrepreneur. This is a pretty sweet piece of material as it will give you both a final set of documents that were used in a recent financing as well as a really good lawyer telling you what she would have further negotiated.
If you'd like to get these documents (keeping in mind they apply to Canada, your milege may vary), contact Suzzanne and ask her for the marked up documents from the TVG breakfast.