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When Is a “Firm Offer” Really Firm When Negotiating Talent Agreements? When the Term Sheet Says So

In talent contract negotiations, the talent’s agent often insists on what is commonly referred to as a “firm offer” to ensure that the negotiations are not just speculative. But when is a “firm offer” really firm and binding? A recent New York State Court decision concerning negotiations between E*TRADE representatives and the agent for the actor Harvey Keitel attempts to answer this question. The decision is instructive for anyone who uses term sheets as part of contract negotiations, and particularly when negotiating talent agreements.

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