standardized seed financing docs

Great article by Brad Feld on attempts to draw up standardized seed round funding documents. According to Brad there have now been four different sets of template documents developed in the US for use in seed round financings, each of which is a little bit different. He is now attempting to reach out to some US law firms in an attempt to come up with one single set for the US. Why? To reduce the inevitable haggling and negotiation over terms and reduce legal fees.

If you’re looking for first round financing, worth taking a look at just to get a sense of what sort of terms have achieved some measure of acceptance as being “market” (or at least that some VCs and entrepreneurs can agree on). That being said, if you’re in Canada, some of the things won’t quite work due to differences in the law.

Seems like a great idea. Anyone aware of an initiative like this in Canada?