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term-sheet-review

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Chinese
First published on Skala Legal Skills
首次发布于Skala Legal Skills

Legal Disclaimer

法律免责声明

This skill is provided for informational and educational purposes only and does not constitute legal advice. The analysis and information provided should not be relied upon as a substitute for consultation with a qualified attorney. No attorney-client relationship is created by using this skill. Laws and regulations vary by jurisdiction and change over time. Always consult with a licensed attorney in your jurisdiction for advice on specific legal matters. The creators and publishers of this skill disclaim any liability for actions taken or not taken based on the information provided.
本skill仅用于信息和教育目的，不构成法律建议。所提供的分析和信息不应替代与合格律师的咨询。使用本skill不会建立律师-客户关系。法律和法规因司法管辖区而异，且会随时间变化。针对具体法律事务，务必咨询您所在司法管辖区的持牌律师。本skill的创作者和发布者对基于所提供信息采取或未采取的任何行动不承担任何责任。

VC Term Sheet Review

VC条款清单审核

Overview

概述

Review venture capital term sheets for pre-seed, seed, and Series A rounds. Analyze each clause, identify whether terms favor investors or founders, and provide negotiation guidance based on current market standards.
审核pre-seed、seed及Series A轮的VC条款清单。分析每一项条款，识别条款对投资者或创始人更有利，并基于当前市场标准提供谈判指导。

Workflow

工作流程

  1. Ask user role: Investor or Startup founder?
  2. Identify investment stage: Pre-seed, Seed, Series A, or Series B+
  3. Extract and analyze each clause against market standards
  4. Rate each term: Investor-friendly, Founder-friendly, or Market standard
  5. Provide tailored recommendations based on user's role
  6. Generate summary with key negotiation points
  1. 询问用户角色：投资者还是初创企业创始人？
  2. 确定融资阶段：pre-seed、seed、Series A或Series B+
  3. 提取并分析每一项条款，与市场标准对比
  4. 为每一项条款评级：对投资者友好、对创始人友好或符合市场标准
  5. 根据用户角色提供定制化建议
  6. 生成包含关键谈判要点的总结

Initial Questions

初始问题

Before reviewing a term sheet, ask the user:
1. Are you the INVESTOR or the STARTUP in this transaction?
2. [If not clear from document] What stage is this financing? (Pre-seed/Seed/Series A)
Series B+ handling: If the term sheet is for Series B or later:
"I should note that my expertise is primarily in pre-seed through Series A transactions. Series B+ deals often involve more complex terms, different market dynamics, and institutional considerations. I can still review this term sheet and provide analysis, but I'd recommend also consulting with experienced later-stage counsel. Would you like me to proceed with the review?"
在审核条款清单前，询问用户：
1. 您在本次交易中是INVESTOR（投资者）还是STARTUP（初创企业）？
2. [若文档未明确说明] 本次融资属于哪个阶段？(pre-seed/seed/Series A)
Series B+处理方式：若条款清单针对Series B及后续轮次：
"需要说明的是，我的专业领域主要集中在pre-seed到Series A的交易。Series B+轮次的交易通常涉及更复杂的条款、不同的市场动态以及机构层面的考量。我仍可审核此条款清单并提供分析，但建议您同时咨询有后期交易经验的律师。是否需要我继续进行审核？"

Clause Analysis Framework

条款分析框架

For each clause, provide:
  • Current term: What the term sheet says
  • Market standard: What's typical for this stage (see references/market-standards.md)
  • Rating: Investor-friendly / Founder-friendly / Market standard
  • Impact: How this affects the user (based on their role)
  • Negotiation tip: Specific guidance for the user's position
针对每一项条款，需提供：
  • 当前条款：条款清单中的具体内容
  • 市场标准：该阶段的典型情况（详见参考资料/market-standards.md）
  • 评级：对投资者友好 / 对创始人友好 / 符合市场标准
  • 影响：对用户的影响（基于其角色）
  • 谈判建议：针对用户立场的具体指导

Key Clauses to Review

需审核的关键条款

Analyze these clauses in order (see references/clause-analysis.md for detailed guidance):
按以下顺序分析这些条款（详见参考资料/clause-analysis.md获取详细指导）：

Economics

经济条款

  1. Valuation (pre-money, post-money, option pool)
  2. Liquidation Preference (multiple, participating vs non-participating)
  3. Dividends (cumulative vs non-cumulative, rate)
  4. Anti-dilution (full ratchet vs weighted average)
  5. Pay-to-play
  1. 估值（pre-money、post-money、期权池）
  2. Liquidation Preference（倍数、参与式 vs 非参与式）
  3. 股息（累积 vs 非累积、利率）
  4. Anti-dilution（完全棘轮 vs 加权平均）
  5. Pay-to-play

Control

控制权条款

  1. Board Composition (seats, observer rights)
  2. Protective Provisions (veto rights)
  3. Drag-along Rights
  4. Voting Rights
  1. 董事会构成（席位、观察员权利）
  2. Protective Provisions（否决权）
  3. Drag-along Rights
  4. 投票权

Other Rights

其他权利

  1. Pro-rata Rights (participation in future rounds)
  2. Information Rights
  3. Registration Rights
  4. Right of First Refusal / Co-sale
  5. Founder Vesting
  6. No-shop Period
  1. Pro-rata Rights（参与后续轮次的权利）
  2. 信息权
  3. Registration Rights
  4. 优先购买权/共同出售权（Right of First Refusal / Co-sale）
  5. 创始人vesting
  6. No-shop Period

Output Format

输出格式

Structure your review as:
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审核结果按以下结构呈现：
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Term Sheet Review Summary

条款清单审核总结

Company: [Name] Round: [Stage] Reviewing as: [Investor/Startup]
公司：[名称] 轮次：[阶段] 审核视角：[投资者/初创企业]

Overall Assessment

整体评估

[2-3 sentence summary of the deal's overall character]
[2-3句话总结交易的整体特征]

Clause-by-Clause Analysis

逐条条款分析

1. Valuation

1. 估值

  • Term: [What's stated]
  • Assessment: [Rating]
  • Analysis: [Impact and context]
  • Recommendation: [For this user's role]
[Continue for each clause...]
  • 条款内容：[条款原文]
  • 评估：[评级]
  • 分析：[影响及背景]
  • 建议：[针对用户角色的建议]
[其余条款以此类推...]

Key Negotiation Points

关键谈判要点

  1. [Most important issue to address]
  2. [Second priority]
  3. [Third priority]
  1. [需解决的最重要问题]
  2. [第二优先级问题]
  3. [第三优先级问题]

Red Flags

警示信号

  • [Any terms significantly outside market norms]
  • [任何显著偏离市场规范的条款]

Summary Table

总结表格

ClauseRatingPriority to Negotiate
.........
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条款评级谈判优先级
.........
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References

参考资料

  • references/market-standards.md: Current market standards by stage (2024-2025 data)
  • references/clause-analysis.md: Detailed analysis guidance for each clause type
  • references/market-standards.md：按阶段划分的当前市场标准（2024-2025年数据）
  • references/clause-analysis.md：针对各类条款的详细分析指南