Exception setting "TermSetId": "Specified argument was out of the range of valid values - creating taxo column through power shell

Add-PSSnapin -Name Microsoft.Sharepoint.Powershell
#$taxonomySite = get-SPSite "http://SRVR1"
#$web=Get-SPWeb "http://SRVR1/sites/SITE1"

$MMDName = "Managed Metadata Service"
write-host Connection made with site -$taxonomySite.Name
$taxonomySession = Get-SPTaxonomySession -site $taxonomySite
$termStore = $taxonomySession.TermStores[$MMDName]
write-host Connection made with term -$termStore.Name

 $Group = $termStore.Groups["grp1"]
 write-host Connection made with group - $Group.Name


 $termset = $Group.termsets["ts1"]
  write-host Connection made with group -$termset.Name

 $term = $termset.terms["trm1"]


  write-host Connection made with group - $term.Name
   Write host $termset.ID
   Pause

 $name="Discipline"

 $newSiteColumn = $web.Fields.CreateNewField("TaxonomyFieldType", $name)
  $newSiteColumn.Group = "my Columns"

 write-host Connection made with $newSiteColumn

                     # Update the properties of the new field.
                      $newSiteColumn.SspId = $termStore.Id
                      write-host Connection made with $newSiteColumn.SspId

                      $newSiteColumn.TermSetId = $term.Id
                      #write-host Connection made with $newSiteColumn.TermSetId
                      #$newSiteColumn.AnchorId = [System.GUID]::empty
                      #$newSiteColumn.AllowMultipleValues = $siteColumn.AllowMultipleValues
                      $web.Fields.Add($newSiteColumn)

                      #$newSiteColumn.Update()
                      $web.Update()



$web.Dispose()
$taxonomySite.Dispose()
 

m trying to create a ne wtaxo.column through power shell.

but i am getting an error.

Connection made with 61bd90de-a9b0-4ca6-9fc8-076ea8c4edc9
Exception setting "TermSetId": "Specified argument was out of the range of valid values."
At D:\ManagedMetadataCol_creation.ps1:41 char:23+                       $newSiteColumn.TermSetId = $term.Id+                       ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~+ CategoryInfo          : NotSpecified: (:) [], SetValueInvocationException+ FullyQualifiedErrorId : ExceptionWhenSetting

can someone pls point me why i am getting this .

help is appreciated!

Das