Model Legal Documents
The NVCA Model Legal Documents serve as the industry-embraced model documents to be used in venture capital financings.
What’s new: Most recently, NVCA updated the Model Legal Documents with a new Enhanced Investors’ Rights Agreement and a new Enhanced Model Term Sheet v3.0 in partnership with Aumni, a leading provider of investment analytics for the private capital markets.
- The Enhanced Investors’ Rights Agreement benchmarks 13 terms.
- The Enhanced Model Term Sheet v3.0 benchmarks 33, including nine new, previously unavailable terms.
- These Enhanced NVCA Model Legal Documents contain new 2021 analytics and are the product of the most extensive aggregate analysis of private venture deal term data.
Why it matters: NVCA’s FREE Model Legal Documents democratize access to key insights. With significant growth in global VC investment, access to actionable analytics has never been more critical for the private market.
The documents enhance the venture ecosystem by:
- Reducing transaction costs and time
- Establishing industry norms
- Avoiding bias toward the VC or the company/entrepreneur
- Presenting potential options, reflecting a variety of financing terms
- Including helpful explanatory commentary
- Anticipating and eliminating traps for unenforceable or unworkable provisions
- Providing a comprehensive set of internally consistent financing documents
Have comments or suggestions? The General Counsel Advisory Board meets approximately once annually to review and revise the documents to reflect any legal developments. Document users may send feedback to Bobby Franklin by emailing bfranklin@nvca.org.
New! Enhanced Model Legal Documents

In partnership with Aumni, a leading provider of investment analytics for the private capital markets, NVCA offers a new Enhanced Model Term Sheet v.3.0 and a new Enhanced Investors’ Rights Agreement, each with an embedded market analysis of deal term frequency and usage.
FREE DOWNLOADS
NVCA Model Legal Documents
- Voting Agreement (Updated March 2022)
- Term Sheet (Updated August 2020)
- Stock Purchase Agreement (Updated September 2020)
- Right of First Refusal and Co-Sale Agreement (Updated September 2020)
- Model Legal Opinion
- Management Rights Letter (Updated July 2020)
- Investors’ Rights Agreement (Updated August 2021)
- Indemnification Agreement (Updated July 2020)
- Certificate Of Incorporation (Updated September 2020)
- LPA Insert Language Regarding CFIUS (Updated July 2020)
- Life Science Confidential Disclosure Agreement
- Questionnaire for Directors and Executive Officers
- Questionnaire for 5% Holders in Connection with Public Offering
NVCA DEI Related Model Legal Documents
- Sample H.R. Best Practices for Preventing Harassment & Discrimination
- Sample Code of Conduct Policy
- Sample H.R. Policies for Addressing Harassment & Discrimination
- Sample H.R. Policies for Attracting & Retaining Diverse Talent
- Investors’ Rights Agreement (Includes a DEI Provision)
- Sample Diversity & Inclusion Policies — SF Family Friendly Workplace Policy
- Sample Diversity Policies — NY Paid Family Leave Policy
- Sample Diversity & Inclusion Policies — San Francisco Paid Parental Leave Policy
Model University Biotech Licensing Term Sheet
Disclaimer: Each document is intended to serve as a starting point only and should be tailored to meet your specific requirements. These documents should not be construed as legal advice for any particular facts or circumstances.