FOR IMMEDIATE RELEASE
July 28, 2020
Contact: Cassie Ann Kiggen
WASHINGTON, DC – The National Venture Capital Association (NVCA) has released updates today to nine of its industry standard Model Legal Documents, which are freely available to VCs, startups, and other members of the entrepreneurial ecosystem. The NVCA Model Legal Documents provide an industry-embraced set of model documents for venture capital financings that reduce the time and cost of financings.
“The NVCA Model Legal Documents are an incredibly valuable resource for VCs and startups,” said Bobby Franklin, President and CEO of NVCA. “Keeping these documents updated is an important task that ensures participants in the entrepreneurial ecosystem have the tools to create the next-generations of innovative American companies. Thanks go out to all of the members of the NVCA General Counsel Advisory Board who volunteered their time and energy to make these updates for the good of the industry.”
The documents that have been revised are the Term Sheet; Certificate of Incorporation; Investor Rights Agreement; Management Rights Letter; Stock Purchase Agreement; Voting Agreement; Indemnification Agreement; Right of First Refusal; and LPA Insert Language for CFIUS.
NVCA’s General Counsel Advisory Board worked to develop these updates over the last several months. NVCA is grateful for the help of the following members of the GC Advisory Board:
- Matt Bonner – DCM Ventures
- Jason Doren – ARCH Venture Partners
- Stephan Eberle – Scale Venture Partners
- Scott James – DCVC
- Sarah Reed – RA Capital Management
- Kelly Warrick – GE Ventures
- Bobby Bartlett – University of California, Berkeley
- Stephen Bigler – Richard Layton & Finger
- Jennifer Fang – Wilson Sonsini
- Jon Gworek – Morse
- Mike Kendall – Goodwin
- Danielle Naftulin – Cooley
- Joe Raffetto – Gunderson Dettmer
- Jeff Wolters – Morris, Nichols, Arsht & Tunnell
In addition, NVCA thanks Stephen Heifetz and Josh Gruenspecht of Wilson Sonsini for their work on the LPA Insert Language for CFIUS and for CFIUS-related revisions to other documents.
About National Venture Capital Association
The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the US venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit www.nvca.org.