An advisory board is a think-tank of an organization. It consists of a group of intellectuals or knowledgeable persons, who provide the organization with their knowledge, ideas, thoughts, plans, skills, and experiences. The advisory board has no legal right to make decisions on its own. Its main purpose is to make suggestions and offer proposals to the head of the organization, which can be beneficial to the organization in long run.
In order to fulfill the needs of the organization, the advisory board contract is made, which is an understanding amongst the business owner and the advisory board. The contract allows the organization to get new and innovative ideas as well as useful suggestions to avoid any unwanted situation or big loss in business.
The main advantage of this type of contract is that it sets an objective that what a company expects from the advisory board and then the board has to work on it. This makes it even more important because the whole future of the company depends on this contract. It is very important to write the objective or target of the company clearly.
Depending on the nature of the organization and terms and conditions of the contract, the elements of the advisory board contract may vary. However, in general, the key elements of advisory board contract are as follows:
- Title of the contract. The title of the contract should be written in clear and bold text so that one knows what it’s all about just by giving it glance.
- The brief introduction that states the validity of the contract as well as the two parties between which the contract is being made.
- The purpose of the agreement, terms and conditions, and important points are all included under the heading Recitals.
- Agreement: The main body of the contract is Agreement. It may include the following headings:
- Advisory Board Member
- Position, duties, and responsibilities
- Compensation, benefits, and expenses
- Proprietary information; Work product; Non-disclosure
- Termination policy; Refund policy
- Entire agreement
- Severability and enforcement
- Governing law
- Injunctive relief
- Names and signatures of both parties. At the end of the contract, include the space for the names and signatures of concerned persons for authenticity.
Before finalizing the contract, it is always important to discuss all the solutions and responsibilities with the advisor along with the settlement on charges with their repayment programs. Making a draft of the terms on which both parties are agreed helps in avoiding the chances of mistrust between them.
Here is preview of a Free Sample Advisory Board Contract Template created by ContractGuru.org,
Here is download link for this Advisory Board Contract Template,
- Commercial Lease Contract Template Renting commercial space is one of most essential aspect of real estate agencies and for those who work as real estate agents. Several property elements are given on rent for accommodation of house, office, factory, bank, commercial business etc. Commercial lease agreement or contract is written between two parties to follow the terms and conditions of lease contract. Writing this […]
- Reseller Contract Template Reseller contract or agreement is particular type of commitment or agreement that is established between two parties; one party is a business organization and second one is responsible for sales, marketing, distribution etc. Main purpose of creating a reseller contract is to upgrade sales of your business and its being very prolific in enhancing sales of business. Overall benefits of […]
- Information Technology Support Services Contract Template Information Technology support services are the services necessary for the IT management. It includes application development services, and information management and IT consulting services. The application development services are mostly used for custom websites and custom applications, including services such as business analysis, quality assurance testing, application planning, and […]
- Brand Franchising Contract Template The franchise business model is one of the best appeals especially for those who are going to start new business. Brand franchises provide lots of benefits from starting point of business till the business is groomed and developed to top level in the industry. Franchise agreements and contracts are made between business entities and owners of franchise model to create a good and strong […]
- 40 Great Contract Templates (Employment, Construction, Photography etc) When you buy something, you sign a piece of paper known as a contract. At this point, you should know that what the contract is all about. It is the legal document or agreement that has all the details about the property that you are interested in. it is the valid agreement between two parties and it is legal. It has all the terms and conditions written in it, it is the proof that the […]
- 40 Proof of Employment Letters, Verification Forms, Templates & Samples Employment Verification Letter, also called Proof of Employment Letter, is an official correspondence and must be treated as such. The layout should be formal and, preferably written on a letterhead of the organization sending out the letter. The problem is that several organizations consider it less important because it relates with an individual employee, and sometimes, such employee […]
- 41 Free Hold Harmless Agreement Templates (Free) The free hold harmless agreement, also known as hold harmless provision, under the legal contract says that one organization or individual is not responsible for the damages, losses or injuries etc faced or done by the other party. This document save both parties from any claim, about transection or activity that might arise during or after a task is completed by them. Both entities […]
- Cash Bill Template Cash bill is a document where you get the deal of the money whenever you offer something or get something or perhaps you provide your cash, property or just about just about any valuable thing to anybody. Money receipt is very important as through this you can easily keep the record of the cash transactions. Receipt functions as an evidence of the quantity getting transacted. Receipt […]
- Office Memo Format Everyone at their workstations constantly read memos carefully while comprehending exactly what its message is conveying.
Which can be easy however if you certainly will write a memo, you need to follow some writing rules to help make it work or otherwise, you can expect to be composing a mess.
Memos, just in case the language escapes you, is a written proposal or reminder found […]
- Salary Slip Format Preparing salary slips needs time to work and expenses money. It's a waste of peoples resources as staff members which prepare salary slips are much better utilized in organizing other documents or perhaps in carrying out other lucrative tasks to the business. The cost is additional amplified to those businesses' that deliver their particular staff members payslips by post workplace […]