1. ASSIGNMENT: You will negotiate a term sheet for a contract for the sale of Christmas and other holiday-themed ceramic ornaments and paint sets by ToyCo to Krafty Kids. Krafty Kids will include these materials in their holiday craft sets to create hand painted Christmas tree ornaments, figurines and other holiday-themed decorations. The kits will be sold in Canadian toy stores and other retailers for the 2022 winter holiday season (November - December 2022).
   • Prepare (in advance) for the negotiation of your contract by considering the elements and terms that you would like to have in your term sheet;

• 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, providedetailsof the term; andreasonfor including it. 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 notinclude the example provided in the template as one of your 10 terms.
    • PART B - Reflection -After you have created the term sheet with your partner, answer the reflection questions in Part Bon your own. You will be marked individually on this portion of the assignment.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, providedetailsof the term; andreasonfor including it. 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 notinclude the example provided in the template as one of your 10 terms.

PART B - Reflection

Partner A - Executive of ToyCo International Inc.:________________________________

1. What terms of the contract were critical for you that were different from the other side or difficult to agree on and why? (2.5 marks)

1. What are the key takeaways (lessons) for your next contract negotiation (in real life)? Refer to specific examples from this negotiation in your answer. (2.5 marks)
2. 

PART A - Term Sheet (20 marks] DETAILS of how the term will REASONS why the term is important to Name of CONTRACT operate in the contract [use include {1 mark) TERM or CLAUSE simple English as you would want it reected in the contract] {1 mark) Example: ToxCo will deliver the products A confirmed deliveryr date is essential. Deliver-g.l Date: by no later than August 1, 2022 Retailers market the craft kits as seasonal toys (the ornaments are holidaythemed and are intended to be hung on Christmas trees or used as other holiday:r decorations] and Kraftg Kids needs enough time to assemble, package and ship the kits to the retailers on time