Whatever decision you make with your advisor, be sure to document the agreement. Especially when it comes to equity or you promise. We recommend talking to a lawyer and working with your potential advisor on an agreement that works for everyone. See the model here, and read the full article on TechCrunch here. We ask for everyone to come back before we conclude the agreement at the end of this month. But distributing equity, even to close consultants, is something that founders must do conscientiously. One of the biggest problems that the founding institutions and our more than 600 mentors have is the formation of a consultant agreement. We`ve literally gotten hundreds of consultant agreements to check – and everyone is different. We see correspondence contracts, employment contracts, option agreements and everything you can imagine to create a framework for the simple desire of mentors to give hands, and for startups to get help.
The objectives of a consultant relationship can be rather unclear. Help yourself and your advisor align yourself by assembling a signed agreement stating that the founder`s FAST agreement was a good place to start, but their allocation percentage proposals can be somewhat simplified and do not contain standard corporate safeguards. Since the last fast agreement update (2017), several laws, including employment, have changed. The FAST consultant agreement contains important information that defines the contractual rules. This includes: By using the FAST agreement for the adjustment offer to your advisors, you can easily tick a few boxes, sign the contract and start working without too much time. The terms of the FAST agreement are outlined at these three fundamental levels of the idea, the startup and the growth phase and vary according to the commitment of each advisor in the company. You can understand everything about the fast-advice agreement and its details by downloading the form. Click here to download it! A FAST Consultant Agreement is a simple and short contract by which a person acts as a mentor or advisor for a company. Under a FAST agreement, the person does not receive cash compensation for his or her benefit, but is entitled to receive shares in the future. Using a FAST agreement, the advisor acts as an independent advisor and not as a collaborator. As a result, we created “FAST” (Founder / Advisor Standard Template), which defines the standard conditions and allows you to define a consultant agreement by simply crossing a few boxes and signing the polka dot line.
The aim is to encourage greater cooperation between experienced creators and new founders, both within the founding institute and a-out. A major problem facing graduate`s 4,500 companies and 18,000 mentors from the founding institute is collusion with a consultant agreement. We`ve literally gotten hundreds of consultant agreements to check – and everyone is different. As a founder or advisor, you can say goodbye to all the troubles that come with preparing the consultant agreement.