CerealFounder

We're being sold a problem and a solution.

It also stands to be said that there is commonality between these types of "firms."

The two firms are essentially dictatorships masquerading as firms. What you get is a bunch of definitionally impotent lieutenants who go make deals and carry them to the 1 yard line and then the boss (Masayoshi or oliver) decide again as if nothing had happened before whether or not to execute.

Unless the bosses are the ones leading the deal, know that you there is zero good faith and a lot of risk as far as outcome goes.

Eh. It's not about the reneging its about the communication and intent.

From experience its a very small marketplace (esp with big checks). So there is a very high expectation that people act with longterm consideration of one another and subsequently their reputation. Just disappearing, or changing terms without a material change is dishonest period.

I think you're missing the point. There are established norms that are accepted by the industry during negotiations.

Another good example of a firm that is notoriously dishonest about term sheets is Global Founders Capital (the rocket internet people). They are known to blow out rival firms offers financially and then after everyone is out, come back and try to renegotiate at more onerous terms.