If the agreement allows the Consultant to share confidential information and documents with its representatives, it should require the Advisor to inform these representatives of the restrictions on the disclosure and use of such information and materials and order them to comply with these provisions. The agreement should also provide that the advisor is responsible for any violation of the agreement by his representatives. When should I formalize? While we cannot overemphasize the importance of this process, listing it as legal documents for your «first date» is a pretty cumbersome strategy. Although there is no specific repository, the right time usually comes between your third and fifth meeting. As soon as it is clear that you want to continue working together, sign an agreement as soon as possible to make sure you are both on the same page. Getting up too early can be a fork, but waiting too long can leave an advisor feeling that you`re not really invested. Board advisors can add enormous value to a company`s board of directors and management. However, like board observers, this scheme is almost exclusively contractual, with few legal or general rights or obligations granted or imposed on the corporation or advisor. This is why directors and management should ensure that the agreement covers key issues that are important to the parties and that it is elaborated with precision. Consultants who aspire to the FAST agreement are founders and senior executives for strategic advice through advisory roles, and these consultants are generally compensated in equity.
The FAST agreement is not designed for traditional project council and work-rental relationships. The FAST agreement recommends standard capital grants for an individual advisor. It is not uncommon for a technology startup to award a 5% capital pool to a group of strategic advisors or an advisory committee. Another thing: the needs of startups can change quickly, so don`t hesitate to replace consultants when priorities change.