The Founder Collaboration Agreement is a crucial legal document used when two or more individuals come together to establish and operate a business venture in Nigeria. This agreement is particularly important in the early stages of company formation, serving as a comprehensive framework that governs the relationship between founders while ensuring compliance with Nigerian corporate law, particularly the Companies and Allied Matters Act (CAMA) 2020. It addresses key aspects such as equity distribution, roles and responsibilities, decision-making processes, intellectual property rights, non-compete provisions, and exit mechanisms. The document helps prevent future disputes by clearly defining expectations and obligations, while also providing protection for all parties involved. Such agreements have become increasingly important in Nigeria's growing startup ecosystem, where clear founder relationships are essential for attracting investment and ensuring sustainable business growth.
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1. Parties: Identification of all founding members, including full legal names, addresses, and contact details
2. Background: Context of the collaboration, business purpose, and shared vision of the founders
3. Definitions: Clear definitions of key terms used throughout the agreement
4. Founders' Roles and Responsibilities: Detailed description of each founder's position, duties, and areas of responsibility
5. Capital Contributions: Initial and future capital contributions, including cash, assets, or services
6. Ownership Structure: Distribution of equity, shares, or ownership interests among founders
7. Decision Making: Procedures for making business decisions, including voting rights and reserved matters
8. Intellectual Property Rights: Ownership and protection of IP created before and during the collaboration
9. Confidentiality: Protection of confidential information and trade secrets
10. Non-Competition and Non-Solicitation: Restrictions on competing activities and soliciting employees/customers
11. Dispute Resolution: Process for resolving disagreements between founders
12. Exit Provisions: Procedures for founder exit, including voluntary departure and removal
13. Termination: Circumstances and procedures for terminating the agreement
14. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Vesting Schedule: Used when founders' equity is subject to vesting over time
2. International Operations: Required when business operations extend beyond Nigeria
3. Technology Development: Specific provisions for tech startups regarding development responsibilities and ownership
4. Founder Employment Terms: Detailed employment terms when founders are also employees
5. External Investment Provisions: Procedures for accepting external investment and dilution protection
6. Family Succession Rights: Provisions for transfer of ownership in case of death or incapacity
7. Special Purpose Vehicle (SPV): When using an SPV for holding company structures
8. Intellectual Property Assignment: Detailed IP assignment provisions for tech or creative businesses
1. Schedule 1: Business Plan: Detailed business plan including objectives, strategy, and financial projections
2. Schedule 2: Initial Capital Contributions: Detailed breakdown of each founder's initial contributions
3. Schedule 3: Share Vesting Schedule: Detailed vesting timeline and conditions if applicable
4. Schedule 4: Roles and Responsibilities Matrix: Detailed breakdown of each founder's duties and areas of authority
5. Schedule 5: Pre-Existing IP: List of intellectual property brought into the business by each founder
6. Schedule 6: Reserved Matters: List of decisions requiring unanimous or special majority approval
7. Appendix A: Founder Details: Comprehensive founder information including qualifications and experience
8. Appendix B: Company Formation Documents: Copies of relevant company registration documents
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