'ROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Legal Aspects of International Business - Assignment: Negotiating and Building a Term Sheet DUE: Monday, November 20, 2023 at 11:59 pm LEARNING OBJECTIVE: To apply your understanding of international sales contracts and key contract clauses (learned in Chapters 6 \& 7) in planning for an international sales transaction. VALUE: This assignment is worth 15% of your final grade and is marked out of 25 . HOW IT WORKS: 1. This is an assignment to be done in pairs. 2. Each pair will submit 1 assignment. You must work on the assignment together. One partner from each pair will submit the assignment for the pair (in a Word document). You will each be assigned the same mark for Part A, but your mark for Part B may be different than your partner's. a. Part A - contract terms - use the attached template (20 marks) b. Part B - reflection (for each partner) (5 marks).| i. NOTE: that you will only be marked on your own reflection (not your partner's). 3. Each individual will choose a role (a different role for each partner). You will each play the role of an executive for one of these companies: a. IBS Systems Inc. - a Canadian car manufacturer with factories in Ontario and Quebec. IBS is preparing to convert several of its popular car models to electric vehicles, and needs a reliable supply of electrical charge measuring systems that allow for customers to see and feel that their car has significant range on a single charge. As well, these systems must be compatible with the charging stations located on Canadian highways and the cost must be low enough to allow IBS Automotive to keep the prices of its electric cars competitive with other midmarket electric vehicles. IBS Automotive plans to begin selling these cars in 2025. b. FeelSafe Electrical Monitoring Corp. - an Swiss company that manufactures electrical charge measuring systems. Its customers currently include two German car companies, and these measuring systems can be used in many types of electric vehicles. FeelSafe is interested in expanding its customer base into North America. 4. ASSIGNMENT: You will negotiate a term sheet for a contract for the sale of batteries by FeelSafe Electrical Monitoring Corp. to IBS Systems Inc. - Prepare on your own (in advance) for the negotiation of your contract by considering the elements and terms that you would like to have in your contract. - Then, meet with your partner (the executive of the other company) to negotiate and create a term sheet together for the sale transaction. - PART A - Term Sheet - Using the attached template, list and explain ten (10) elements (or terms) that you have agreed to include in your term sheet (and ultimately in the final contract) with the other company. - For each term, provide details of the term (what you have agreed to, specifically) and the reason for including that term. Be as specific as possible. (2 marks for each term). - For example, you may want to address payment terms, currency, shipping and delivery arrangements, and dispute resolution. You may improvise or add facts if needed. - Do not include the example provided in the template (delivery date) as one of your 10 terms. - Do not include terms that do not require any negotiation, like the names and addresses of the parties. - PART B - Reflection - After you have created the term sheet with your partner, answer the reflection questions in Part B on your own. You will be marked individually on this portion of the assignment. General Assignment Notes: - Use your own words. - No legal language is required. - If you quote from the textbook, you must cite properly. - Do not use any resources other than the textbook and your class notes. - You are expected to follow the college's Academic Integrity Policy. - Be sure you include the names of both partners (and their roles) on the assignment as well as which section you are in. - Late assignments will be subject to a penalty of 10% per day. [use the assignment template on the next page to submit your assignment]