if you went looking for a term sheet and found the nvca forms, you are in the right place. it is clear that the nvca empowers american companies. here are the pros and cons of the nvca term sheet and other model documents: the nvca model legal documents, such as the nvca term sheet and others, are the industry-adopted model documents used for all vc (venture capital) funding. one of the nvca forms is the stock purchase agreement (spa) document.