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 revised the model documents to reflect evolving market norms on key deal terms, address updates to the Delaware General Corporation Law (DGCL), and recent case law. Moreover, they provide additional guidance on timely topics, including the adoption of Diversity, Equity, and Inclusion (DEI) policies, generative AI, direct listings, and trade and economic sanctions.
The revised documents include:
- Certificate of Incorporation
- Stock Purchase Agreement
- Investors’ Rights Agreement
- Voting Agreement
- Right of First Refusal and Co-Sale Agreement
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.
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 by emailing Christina Martin.
NVCA Model Legal Documents
- Certificate of Incorporation (Updated January 2024)
- Stock Purchase Agreement (Updated January 2024)
- Investors’ Rights Agreement (Updated January 2024)
- Voting Agreement (Updated January 2024)
- Right of First Refusal and Co-Sale Agreement (Updated January 2024)
- Management Rights Letter (Updated July 2020)
- Indemnification Agreement (Updated July 2020)
- Model Legal Opinion
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 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.