3 ms·
Very useful, thanks! Is access to financial statements implied? what about requiring audited financials? or is that not common/expense at that stage?
by benmowa 8y ago
Very useful, thanks! Is access to financial statements implied? what about requiring audited financials? or is that not common/expense at that stage?
- akharris 8y agoThose are diligence items that aren't typically defined in a term sheet. You'll deal with that directly with the investor, potentially as a condition to close as worked out in the full docs.
- jasonkwon 8y agoAnnual and quarterly unaudited is normally implied. Sometimes monthly too. Most good Series A investors understand that audited financials don't make sense this early and their lawyers will draft something like the audit requirement can be waived by the investor in any year, or that audits won't be required until 2-3 years out.