In response to the ever-evolving venture capital landscape, The National Venture Capital Association (NVCA) announced updates to five of its premier model legal documents, which are freely available to VCs, startups, and other members of the entrepreneurial ecosystem.
The revised documents include the Certificate of Incorporation, Stock Purchase Agreement, Voting Agreement, Right of First Refusal and Co-Sale Agreement, and the Investors’ Rights Agreement. To access the documents, click here.
The revised model documents have been updated 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.
Commenting on the updates, NVCA President and CEO Bobby Franklin said: “In today’s era of notable VC investment, where actionable analytics are crucial, NVCA’s Model Legal Documents simplify transactions, establish industry standards, and offer flexibility, along with valuable commentary to navigate the complexities of VC financing. By continually updating these documents, NVCA and the General Counsel Advisory Board democratize access to vital insights and equip the startup ecosystem with the latest resources and best practices.“
“The NVCA General Counsel Advisory Board also took significant steps to make these documents more user-friendly, with enhanced flexibility to accommodate multiple financing stages, reduced use of brackets, and simplified, consistent mechanics across all documents,” Franklin added.