Source: TechCrunch, Sep 2011
Tremaine, StartupLawBlog and Greenline Legal have teamed up to create a tool that allows founders to compare the provisions of term sheets side-by-side with a number of widely recognized standards. Many VCs and angels use the National Venture Capital Association’s template for agreements and term sheets for series A and B rounds as well as Y Combinator’s open source term sheet for seed and series A deals, for example.
Greenline Legal is the company behind the cloud-based software that enables lawyers and business people to compare and summarize disparately formatted legal docs in such a way as to clear out the noise and confusing language and highlights the important differences between documents. The Term Sheet Comparison tool, said Tremaine, is the first public launch of the company’s software, and it’s a pretty cool way to start out, as it allows entrepreneurs to quickly (and instantly) see how a term sheet compares to models like that of NCVA and Y Combinator.