{"id":346595,"date":"2025-12-16T07:54:21","date_gmt":"2025-12-16T07:54:21","guid":{"rendered":"https:\/\/accountants4yourbusiness.co.uk\/angel-investor\/most-common-mistakes-you-could-make-with-your-contract-term-sheets\/"},"modified":"2025-12-16T07:54:21","modified_gmt":"2025-12-16T07:54:21","slug":"most-common-mistakes-you-could-make-with-your-contract-term-sheets","status":"publish","type":"post","link":"https:\/\/accountants4yourbusiness.co.uk\/?p=346595","title":{"rendered":"Most Common Mistakes You Could Make With Your Contract &#038; Term Sheets"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-id=\"5a02da1\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the startup world, understanding your contract and term sheets can make or break your deal. A term sheet is the first formal (non-binding) document between a startup founder and an investor and lays out the terms for investment. A good term sheet aligns the interests of the investor and the founder. It makes it clear what has been agreed and allows the lawyers to draft contracts that reflect this agreement. The eventual contracts are legally binding documents between founders and investors. They are supposed to capture the agreement expressed in the term sheet in legally solid language. Educating yourself and making sure you fully understand these documents is part of your responsibility as a founder.<\/span><\/p>\n<p>This blog, which forms part of our <a href=\"https:\/\/www.leapfunder.com\/academy\/reading_lists\/startup-survival-guide\" target=\"_blank\" rel=\"noopener\">Startup Survival blog series<\/a>, gives an overview of the most common mistakes you could make and shares some practical advice.<br \/><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-5879\" alt=\"A business meeting\" width=\"970\" height=\"500\" srcset=\"https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets-.png 970w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--300x155.png 300w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--768x396.png 768w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--610x314.png 610w\" data-lazy-sizes=\"(max-width: 970px) 100vw, 970px\" src=\"https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets-.png\"\/><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-5879\" src=\"https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets-.png\" alt=\"A business meeting\" width=\"970\" height=\"500\" srcset=\"https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets-.png 970w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--300x155.png 300w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--768x396.png 768w, https:\/\/blog.leapfunder.com\/wp-content\/uploads\/2022\/05\/Most-Common-Mistakes-You-Could-Make-With-Your-Contract-Term-Sheets--610x314.png 610w\" sizes=\"(max-width: 970px) 100vw, 970px\"\/><\/span><b><br \/>What to keep in mind<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><b>The market rules.<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> To find out what kind of financial terms could be expected: research online and check with as many people as you can. It may sound strange but it\u2019s generally best to have \u2018market standard\u2019 financial terms for your deal. If you think you are getting much better\/worse than the market standard then your deal will likely be a disappointment for one of the two sides eventually. And you want both sides to feel comfortable throughout, ideally.<\/span><\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><b>A term sheet is non-binding.<\/b> The parties agree on something, but it\u2019s not a binding contract. The contract should be the same content-wise, but it often reads more complex because it\u2019s been rewritten by lawyers to make it legally binding. It\u2019s quite possible that the final contracts will be slightly different from the term sheet. So if you have something signed in the term sheet, check it again in the contract.<\/li>\n<li style=\"text-align: justify;\"><b>Consider yourself a beginner.<\/b> When it comes to the contract, make sure you\u2019ve read and fully understood it. If you don\u2019t understand something, start asking questions until you do understand it. You can write your own contract, but it\u2019s like doing your own electrical wiring. It might go right, but if it goes wrong you may only find out when it is too late.<\/li>\n<li style=\"text-align: justify;\"><b>A lawyer makes it legal, not smart.<\/b> If a lawyer looks at a contract and says it\u2019s legal, it doesn\u2019t mean it\u2019s smart to use. It might contain clauses that are perfectly legal but will actively hinder the growth of your company or future rounds at a later date. Unfortunately, there aren\u2019t a lot of lawyers that have sufficient startup experience. And those often like to do the bigger funding rounds. So in the beginning you should consider using standard contracts, provided you are sure they are actively being used, like the <a href=\"https:\/\/www.leapfunder.com\/rounds\" target=\"_blank\" rel=\"noopener\">Leapfunder<\/a> contracts.<\/li>\n<li style=\"text-align: justify;\"><b>Boring contracts are cool.<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> Having a boring standard contract is actually better. That\u2019s because future investors will understand the structure easily, which builds trust. Having a \u2018clever\u2019 structure in place to beat the system is usually only harmful.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><b>If you have several investors: standardise.<\/b> If you\u2019re talking to an investor, it\u2019s preferable that you have the contract ready on your end. Because if you\u2019re talking to five investors and you don\u2019t keep control of the process, you\u2019ll get five contracts from five different investors. Juggling these different contracts can be very challenging. It\u2019s better to have your standard contract ready and have your investors align to it.<\/li>\n<li style=\"text-align: justify;\"><b>You can often fix contracts later if there is trust.<\/b> If all parties sign up for an amendment, you can just tear the old contract up and make a new one. But that requires everyone to be cooperative, and for there to be trust. It\u2019s often smart to be radically transparent with the investor and show them a clear proposal for a repair. A good amendment usually makes your contracts more standard and therefore easier to understand. Startups that use <a href=\"https:\/\/www.leapfunder.com\/rounds\" target=\"_blank\" rel=\"noopener\">Leapfunder<\/a> can call us to give a hand.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b>Some common silly mistakes<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-weight: 400;\">When you state the valuation of the company you need to make clear whether that valuation is \u2018<\/span><a href=\"https:\/\/news.siliconallee.com\/2020\/11\/16\/pre-and-post-money-valuation\/\"><b>pre-money\u201d or \u201cpost-money<\/b><\/a><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u2019. It also needs to be clear whether the valuation is \u2018fully diluted\u2019 or not, especially if it includes the \u201cESOP\u201d or \u201cVSOP\u201d. If you don\u2019t know what those terms mean you need to do more reading.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-weight: 400;\">When you download a contract from the U.S. or somewhere else abroad: please be aware that this contract may simply be void in your jurisdiction. <\/span><b>Best to keep it local<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">.<\/span><\/span><\/span><\/li>\n<li><b>Sometimes an investor will promise to release cash later based on reaching pre-defined milestones<\/b><span style=\"font-weight: 400;\">. In practice, the company will often evolve making the agreed milestones irrelevant. And, in practice, startups rarely meet any of their targets. In other words: if you sign a milestone-based deal you should assume that the milestones <\/span><i><span style=\"font-weight: 400;\">will not<\/span><\/i><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> be met. If it\u2019s still a good deal under that assumption you can sign.\u00a0 But if the deal becomes awful without the milestones, well then it\u2019s likely awful.<\/span><\/span><\/span><\/li>\n<li>A convertible note has a qualifying event. <b>Having bad qualifying event definitions can be a major problem<\/b>. Mistakes that we have seen included letting the expiration date of the convertible count as a qualifying event, without defining adequately how the valuation will be set at that time. Another mistake that we have seen is allowing a small funding round, or even an in-kind\/non-cash investment, to count as a qualifying event. That means that when you enter an accelerator and give up some shares in return for a service and some cash: you will be faced with your convertibles converting into shares on those terms, which could be weird and even harmful.<\/li>\n<li><b>Small shareholders should go into an investor pool, so they act as one shareholder<\/b>. Smaller shareholders have very little power in the general shareholders\u2019 meeting. For that reason, it\u2019s better for them to be pooled into a stronger collective block. At the same time, it\u2019s better for the startup because having too many voices at the table in a shareholders\u2019 meeting will likely decrease the quality of those meetings. Small shareholders are just as much work, and sometimes more work, than bigger ones, so you\u2019re draining resources. That\u2019s why you ought to set up a <a href=\"https:\/\/news.siliconallee.com\/2020\/07\/30\/why-is-an-investor-pool-important-for-your-company\/\" target=\"_blank\" rel=\"noopener\">Special Purpose Vehicle<\/a>, which groups smaller investors. At <a href=\"https:\/\/www.leapfunder.com\/rounds\" target=\"_blank\" rel=\"noopener\">Leapfunder<\/a>, we have standard pooling vehicles available for our startups. Those have stood the test of time, and will keep your startup safe and investable for later investors.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Does all of this sound too complicated? Don\u2019t worry, get in touch with <\/span><a href=\"https:\/\/www.leapfunder.com\/rounds\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Leapfunder<\/span><\/a><span style=\"font-weight: 400;\"> and we\u2019ll take care of that headache for you.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Join our network of startups &amp; investors!<\/span><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"\/>\t\t\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>In the startup world, understanding your contract and term sheets can make or break your deal. A term sheet is the first formal (non-binding) document between a startup founder and an investor and lays out the terms for investment. A good term sheet aligns the interests of the investor and the founder. It makes it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":334123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12034],"tags":[11514,169050,13536,169051,13668,169052,169053,169054,152668,1473,169055,11439,166785,10491,169056],"dealstore":[],"offerexpiration":[],"class_list":["post-346595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-angel-investor","tag-common","tag-common-mistakes","tag-contract","tag-investor-pool","tag-mistakes","tag-post-money-valuation","tag-pre-money-valuation","tag-qualifying-event","tag-raising-funding","tag-sheets","tag-special-purpose-vehicle","tag-startup","tag-startup-survival-guide","tag-term","tag-term-sheets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Most Common Mistakes You Could Make With Your Contract &amp; Term Sheets - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants4yourbusiness.co.uk\/?p=346595\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Most Common Mistakes You Could Make With Your Contract &amp; Term Sheets - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"In the startup world, understanding your contract and term sheets can make or break your deal. 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