"This term sheet is confidential, and none of its provisions, or terms shall be disclosed to anyone other than a holder of promissory notes or their respective agents, advisers or legal counsel, unless required by law without the prior written consent of International Spirit and Beverage Group, Inc. Except for the confidentiality provision, this letter is non-binding and subject to the parties entering into formal agreements setting forth their respective rights and obligations." <br /> <br /> This sounds like BS to me. You can't just send someone a letter and say it's confidential and they can't disclose it. They have to agree to that, for good and sufficient consideration, before it would be binding. Usually you would execute a separate confidentiality/non-disclosure agreement first, and then send the proposed deal, but based on the last sentence above it seems like that didn't happen.