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,
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