The founder/consultants default model (“FAST”) was developed by the founding institute to assist future entrepreneurs in the start-up programs we implement and implement around the world and in contact with the mentors with whom they interact throughout the program. In 2011, the founding institute published the public FAST agreement, and we have since undergone gradual updates to version 1 of the agreement. On August 1, 2017, the founding institute released a preview version of Version 2, which contains a number of improvements: with a single signature and a box to coerc on the FAST agreement, entrepreneurs and consultants can agree in a few minutes on how to work together and on the correct amount of equity compensation. Why is a consultant agreement so important? This may seem like trivial paperwork, but without it, you often lose a consultant`s attention on other projects — and in the worst case scenario, your relationship with someone who could have been a big advantage can annoy you. 13.2. Exclusive agreement. This agreement, including exhibitions, constitutes the exclusive consent of the parties and replaces all oral proceedings and prior writings relating to the purpose of this agreement. 9.2. No request.
For the duration of this agreement and for a period of twelve (12) months after the termination of this agreement for any reason, Advisor agrees not to attempt to redirect or alter the evolution of the company`s business by requesting, hiring, hiring, engaging, contacting an employee of the company. Wait, what is “formalizing”? As a general rule, after a few meetings and working meetings, you want to formalize your consulting relationship. This means signing a consultant agreement: a legal document that briefly describes the consultant`s commitment to your company and gives it a small amount of equity. It is a short document, and there are several models on the web. (Here is one we created with the blessing of the two main law firms Orrick and Gunderson Dettmer). Don`t try to recreate the wheel with this chord. I would suggest our proposal or another one that has been blessed. You don`t need to find a lawyer to make another one for you. Two months ago, we expanded FounderDating – a network of entrepreneurs — to network entrepreneurs and consultants. My biggest shock as we pay clients was the number of entrepreneurs and consultants who work together “informally.” This is frankly the biggest mistake you can make in a consultant-consultant relationship. Once in a blue moon, everything might be fine, but most of the time, your relationship will disappear or, at best, be inconsistent if you don`t have a consultant`s agreement. If you got away with it without establishing formal relationships, you were lucky.
But here`s how to do it right: when should I formalize it? While we cannot overemphasize the importance of this process, listing it as legal documents for your “first date” is a pretty cumbersome strategy. Although there is no specific repository, the right time usually comes between your third and fifth meeting.