These documents were drafted to offer a "template" set of public domain model legal documents that are "fair [and] avoid bias toward the VC or the company/entrepreneur" and reflect "current practices and customs". By providing these documents, the NVCA has made my job much easier. I routinely use the NVCA docs as the baseline for First Round Capital's term sheets. Doing so allows me to (1) clearly communicate to entrepreneurs that I am not looking for any non-standard terms, (2) reduce the legal fees of both parties, and (3) get a deal closed much faster than I would if I had to start from scratch. The documents also note where the East coast and West coast differ in their standard terms - a feature which has been useful as I invest bi-coastally.

Redeye VC: Open Source Venture Financing Documents