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NVCA Model Financing Documents

The National Venture Capital Association has prepared this set of model legal documents:

Term Sheet
Stock Purchase Agreement
Certificate of Incorporation
Investor Rights Agreement
Voting Agreement
Right of First Refusal and Co-Sale Agreement
Management Rights Letter
Model Opinion Letter
Model Indemnification Agreement

According to the site, “the model documents aim to:

reflect industry norms

be fair, biased toward neither the VC nor the entrepreneur, consistent with industry norms

present a range of “typically seen” options (again, consistent with industry norms)”

include explanatory commentary where necessary or helpful”

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