The German Standards Setting Institute (GESSI) has published a standard contract free of charge which can be used in financing rounds. Above all, the innovative documents can save notary costs. For investors, this also prepares the legal ground for an secondary exit. It also contains a sustainability clause that binds startups and investors to ESG criteria (environment, social, governance).
The new contract was developed with the participation of ARQIS partner Prof. Dr. Christoph von Einem. The other members of the working group were appointed by the GESSI partners BAND Business Angels Netzwerk Deutschland and Bundesverband Deutscher Startups. Wolfgang Weitnauer, attorney at law, was in charge of the legal aspects, while BAND, as the association of the Business Angel Ecosystem, was responsible for the organisational aspects.