There are quite a few well known investors like Fred Wilson and Chris Dixon that are backing up initiatives that are supposed to bring standardization to the funding process. The advantages should be obvious to everyone. With a set of standardized procedures and docs things will be a lot easier for all parties involved and also there will be no tricky parts involved.
After Y Combinator open sourced angel funding docs, The Funded Founder Institute has published a recommended ideal first round term sheet ☞ (also embedded at the end).
Make sure that you are also reading Fred Wilson’s comments ☞
