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, the NVCA model documents were revised to reflect evolving market norms on key deal terms and recent changes to the law, such as the introduction of the Outbound Investment Security Program and bulk data rules. Moreover, the updated model documents incorporate mechanics for tranched financings, making transactions utilizing time- or milestone-based funding more efficient.
The revised documents include:
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- Certificate of Incorporation
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- Stock Purchase Agreement
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- Investors’ Rights Agreement
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- Voting Agreement
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- Right of First Refusal and Co-Sale Agreement
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:
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- Reducing transaction costs and time
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- Establishing industry norms
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- Avoiding bias toward the VC or the company/entrepreneur
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- Presenting potential options, reflecting a variety of financing terms
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- Including helpful explanatory commentary
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- Anticipating and eliminating traps for unenforceable or unworkable provisions
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- 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 by emailing Christina Martin.
FREE DOWNLOADS
NVCA Model Legal Documents
Financing Documents:
Other Documents:
Model PIPE Financing Documents:
(Last Updated June 2025)
Model PIPE Financing Documents (FPIs):
(Last Updated August 2025)
Model University Biotech Licensing Term Sheet and Agreement
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.