Set the headline deal terms before the long-form documents begin

Often, the best time is once the commercial discussion with investors is becoming concrete but before everyone moves into longer-form investment documents. At that point, issues like valuation, board rights, investor approvals, founder obligations and exclusivity can still be discussed in a relatively efficient way. A term sheet can help record the proposed deal in one place and expose gaps or inconsistencies early. This service is useful if you want legal input at that front-end stage, rather than waiting until subscription and shareholder documents are already underway.

That depends on the structure of the round, but common items include the amount being raised, valuation, the type of securities being issued, investor rights, board or observer rights, information rights, reserved matters, founder restrictions, confidentiality and any conditions that need to be satisfied before completion. Some term sheets also flag how later documents should deal with matters like dilution or governance. The aim is not to cover every possible detail, but to record the headline commercial position clearly enough that the next drafting stage is built on a workable foundation.

A fundraising term sheet service is broader than a review-only engagement. It can be the right fit where the deal is still being shaped, the commercial points need to be pulled into a coherent document, or you want more active help with the term sheet itself. By contrast, a review service is usually more about analysing a draft already put forward and commenting on the issues it raises. If you are still forming the headline terms of the round, this service is generally the better match for that earlier and more hands-on stage.

Sometimes a previous document can be a starting point, but it should not be reused without checking whether it still matches the current round. Changes in valuation, investor mix, governance requests, cap table position or founder arrangements can make older wording misleading or incomplete. A free template may also omit points that matter in your negotiations or create tension with existing company documents. This service helps you get the term sheet aligned with the actual deal being discussed now, rather than relying on wording from a different context.

Once the term sheet is agreed in principle, the next step is usually moving into the longer-form documents that implement the deal. Depending on the raise, that may involve subscription documents, a shareholders agreement, constitutional updates, consents or other ancillary paperwork. The term sheet can also reveal issues that need to be resolved before completion, such as governance settings or investor approval rights. This service covers the term sheet stage rather than the full transaction process, so any later drafting or deal execution work would usually be scoped separately.

As an online law firm, we eliminate the headaches of paying us by the hour and finding time to meet with a lawyer in person. We charge a fixed fee, with upfront quotes and transparent pricing, and communicate via phone, email and video chat - whichever suits you! You'll be guided through our process by our expert lawyers, who are Australian-qualified and specialise in technology, intellectual property, contract drafting, corporate and commercial law.

At Sprintlaw, our pricing is transparent and designed for startups and small businesses. Many one-off legal services, including document drafting and reviews, are provided for a fixed fee with an upfront quote before you proceed.

Prices typically range from $250 to $2,500 AUD depending on the complexity and scope of the work. For ongoing support, Sprintlaw Memberships include options such as legal templates, consultations, a legal helpline and credits for services.

If your project is larger or more complex, we will provide a tailored quote after understanding what you need.

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