It’s meant to provide transparency on what good and clean terms are. It won’t generate negotiating leverage for you if you don’t have any, though on the margins it might help you persuade someone that a term is “market.”

Most of the legal costs don’t arise from the term sheet. They come from legal diligence and drafting the definitive docs.

Probably raise from elsewhere. We got a term sheet that included all the bad things mentioned about control in there. They wanted a 2-2-1 board + a whole bunch of protective provisions about requiring their approval for almost anything. Overall wasn't a pleasant experience and we would have saved months of our time had we not bothered working with them.

We got very lucky that things didn't work out with them

The legal fees come from the definitive agreement not the term sheet.