The confidentiality of confidential information should also be included in the consultant`s agreement. As a result, confidential information about the company is not communicated by the consultant to third parties. It should also be noted that by respecting this part of the agreement, he/she agrees to best preserve the company`s secrets. The return of certain company documents in the event of termination must also be respected. The duration of the employment relationship and the nature of the dismissal should be defined in the agreement. Sometimes it is not known how long the consultant will be in the company, so the contract is usually terminated when the consultant no longer creates added value. It is therefore a good idea for the company and for the advisor to agree on a notification period within which each party must terminate the contract before a certain number of days before the termination of the contract. Independent contractor. American startups For American startups, the Founder Institute offers some instructions on the numbers as well as a free presentation agreement to quickly and without a legal headache eliminate the formal framework of the relationship. You can read their instructions and get the American model here. The FAST agreement recommends standard equity grants for a single advisor. It`s not uncommon for a tech startup to allocate a 5% equity pool to a group of strategic advisors or an advisory board.
The FAST agreement is used each year by tens of thousands of entrepreneurs and consultants to establish productive working relationships, business advice and support for a standardized amount of equity. This usually depends on whether or not an advisor is entitled to financial compensation. Consultants typically receive a small amount of equity or shares as compensation, which must be set out in the agreement. Normally, companies will discuss between the board of directors to decide on the amount of compensation received by the advisor in order to obtain written authorization. The advisor must purchase these shares at face value rather than at the price paid by investors or other buyers. The FAST agreement was developed to save time and money in negotiating consulting relationships. There is only one page to fill out and no legal aid is needed.. . . .