The Startup Advisor Agreement is a critical document used when engaging experienced professionals to provide strategic guidance and expertise to emerging companies in Nigeria. This agreement is essential for startups seeking to formalize relationships with industry experts, mentors, or specialized advisors who can contribute to the company's growth and success. The document typically includes detailed provisions about the nature of advisory services, compensation (which may include equity), confidentiality, intellectual property protection, and compliance with Nigerian regulations, particularly the Companies and Allied Matters Act (CAMA) 2020. It's designed to protect both the startup's interests and the advisor's rights while establishing clear expectations and deliverables. This type of agreement is particularly important in the Nigerian business ecosystem where formal documentation of advisory relationships helps ensure transparency and legal compliance.
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1. Parties: Identifies the contracting parties - the company and the advisor, including their full legal names and addresses
2. Background: Sets out the context of the agreement, including the company's business, the advisor's expertise, and the parties' intention to enter into an advisory relationship
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Appointment and Term: Establishes the advisor's appointment, role, and the duration of the agreement
5. Services: Details the specific advisory services to be provided, including any specific areas of focus or expertise
6. Time Commitment: Specifies the expected time commitment from the advisor, including frequency of meetings or consultations
7. Compensation: Outlines the advisor's compensation structure, including any fees, equity, or other benefits
8. Confidentiality: Defines confidential information and establishes obligations for maintaining confidentiality
9. Intellectual Property: Addresses ownership and protection of intellectual property created or accessed during the advisory relationship
10. Non-Competition and Non-Solicitation: Sets out restrictions on competitive activities and solicitation of employees or customers
11. Representations and Warranties: Contains standard representations and warranties from both parties
12. Termination: Specifies conditions and procedures for terminating the agreement
13. General Provisions: Includes standard legal provisions such as governing law, notices, amendments, and assignment
1. Equity Compensation: Detailed terms of any equity-based compensation, used when the advisor will receive shares or options
2. Expenses: Procedures for expense reimbursement, included when the advisor may incur expenses in performing services
3. Insurance: Requirements for professional liability insurance, included for high-risk advisory roles
4. Board Observer Rights: Terms for board meeting attendance and observation rights, if applicable
5. Indemnification: Mutual or one-way indemnification provisions, included for higher-risk engagements
6. Conflict of Interest: Specific provisions dealing with potential conflicts, important for advisors working with multiple startups
7. Performance Metrics: Specific performance expectations and evaluation criteria, used when advising on specific projects or goals
1. Schedule A - Services Description: Detailed description of specific advisory services and areas of expertise
2. Schedule B - Compensation Terms: Detailed breakdown of compensation structure, including payment terms and schedules
3. Schedule C - Equity Terms: Details of any equity compensation, including vesting schedules and conditions
4. Schedule D - Confidential Information: Specific types of confidential information covered by the agreement
5. Schedule E - Approved Outside Activities: List of pre-approved activities or engagements with other companies
6. Appendix 1 - Contact Details: Contact information for key personnel and notices
7. Appendix 2 - Reporting Requirements: Format and frequency of any required reporting or updates
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