Term sheets are usually "binding" or "non-binding."

But this is a term sheet for an underwriting of a public offering and they use different terms.

The term sheet is a "firm commitment" or a "bought deal."

From Investopedia ...

"In a firm commitment, an underwriter acts as a dealer and assumes responsibility for any unsold inventory. For taking on this risk through a firm commitment, the dealer profits from a negotiated spread between the purchase price from the issuer and the public offering price to the public. A firm commitment sale method contrasts with the best efforts and standby commitment basis. An underwriter selling securities on best efforts does not guarantee the full sale of an issue at the issuer's desired price and will not take in unsold inventory."

However, after saying it is a firm commitment, they also say it is subject to the mutual agreement of final documentation between GNBT and Oasis.

So, non-binding.