How is early angel investment into ICO done?

[cryptokangaroo]

For example if an angel has 100ETH and someone needs it for early investment into their ICO project, what should he expect to see before investing?
What papers to sign?
ok for example papers signed, the coins wired. and spent by the project on marketing. ICO fails to reach softcap.
If the projects fails to achieve the softcap but this 100ETH angel investment is spent for example on marketing expenditures, is the angel investment lost?

Anyone versed in angel investment procedures here please help. Thank you!