Founders who get their first term sheet proposal are sometimes mystified by the various terms and conditions proposed by their prospective investor. This article assumes a general familiarity with the type of transaction involved and will put attention on the various provisions contained in the typical term sheet. Some provisions are more negotiable, or more easily argued for, than others. We will highlight these points, using the very useful open source legal document model term sheet prepared at the direction of the National Venture Capital Association.
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