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Everybody is saying "ask your lawyer." Good advice, but lawyers can be wrong. You know who's seen this a million times before and isn't going to be wrong? YC. S
by javert 5y ago
Everybody is saying "ask your lawyer." Good advice, but lawyers can be wrong. You know who's seen this a million times before and isn't going to be wrong? YC. So this is a valid question, assuming OP gets a response from actual YC people and not just internet randos.
- nathanyz 5y agoAgreed, given that the SAFE originated from YC, and apparently as a mechanism for easy financing to be used by startups. It would be interesting to hear their take on why a time limit for wiring of funds wasn't included, and also what their interpretation of this would be. Of course with all of the normal, this is our opinion, but you should still ask your lawyer, etc disclosures. Having a shared understanding given the popularity of the SAFE's paperwork would be good for all founders who are using it or considering using it.
- yolo101010 5y agoThank you - yes, exactly. Waiting for that.. "Hire a lawyer" isn't a real option for us. Besides the $ cost, there is the time and the reputation cost as well. Curious to see how have others managed situations where investor signed SAFE but did not wire the funds promptly ?
- phonebanshee 5y agoI'm shocked that you think having a lawyer involves reputation costs.