About this Resource

The National Venture Capital Association (NVCA) provides a suite of model legal documents that serve as the baseline for most venture deals in the United States. While you should always have your own lawyer, familiarizing yourself with these documents can demystify the legal process.

Key Documents

• Term Sheet: Outlines the key terms of the investment.
• Stock Purchase Agreement: The definitive agreement for the sale of stock.
• Voting Agreement: Governs how shares are voted, often establishing the board of directors.
• Right of First Refusal and Co-Sale Agreement: Governs the sale of stock by founders.