This chapter evaluates the smart contract representation of SAFEs developed in the preceding chapters. The chapter begins with a discussion of evaluation methodologies and the limitations on evaluation arising from the differences between the indefiniteness in the legal text of a SAFE and the determinacy of smart contract code. It then compares the legal SAFE with the smart contract by discussing the risks controlled by each. These considerations, and the nuncospectivity of smart contracts, lead to the conclusion that no straightforward smart contract implementation of SAFEs can completely cover the risks covered by the legal contract, and that a residue of risk remains that requires reliance on the legal system.