Advisor Agreement
An Advisor Agreement allows you to engage an advisor for your business.
(0 reviews)
Last updated December 20, 2024
Under 10 minutes
Suitable for Australia
Written by
Edwin Montoya Zorrilla
Reviewed by
Damin Murdock
Document Overview
This document outlines the terms and conditions of a formal agreement between a business or organisation and an advisor. The purpose of the template is to clearly define the expectations and obligations of both parties and to protect the interests of the organisation or business. It should be customised to meet the specific needs of the organisation and the advisor, and reviewed and approved by legal counsel should there be any issues or added complexity.
The Legal Risk Score of a Advisor Agreement Template
Our legal team have marked this document as low risk considering:
- The agreement can be terminated for convenience.
- The advisor is required to maintain confidentiality on potentially broad categories of information, posing a risk of liability if any information is unintentionally disclosed.
- The advisor's status as an independent contractor means they may not receive benefits or protections typically afforded to employees, which could affect their financial and professional security.
This document sets out clear terms that can help prevent misunderstandings and ensure both parties are aware of their obligations, which is generally beneficial in professional agreements. However, the significant transfer of rights and responsibilities primarily towards the company might present higher risks for the advisor compared to agreements that offer more balanced protections and benefits.
Advisor Agreement Checklist
Complete your free Advisor Agreement with our checklist
Review and Sign
Ensure all parties review the final version of the agreement, understand their rights and obligations, and sign it to indicate their acceptance.
Record Keeping
Each party should keep a copy of the executed agreement for their records to refer back to if needed.
Notice of Commencement
Notify all relevant parties of the commencement date of the agreement to ensure all are aware of the start of the obligations and services.
Monitor Compliance
Regularly check compliance with the terms of the agreement, including the minimum hours of service, confidentiality obligations, and intellectual property assignments.
What are the benefits of having an Advisor Agreement?
- It outlines the terms and conditions of the advisory relationship, helping to prevent misunderstandings or disagreements between the advisor and client.
- The agreement provides legal protection for both the advisor and the client by outlining the scope of services, fees, and other important provisions.
- Having an Advisor Agreement in place demonstrates a level of professionalism and can help to build trust between the advisor and client.
- It can help to mitigate risk for both parties by specifying the conditions under which the advisory relationship can be terminated or other legal recourse that can be taken in the event of a dispute.
What does the Advisor Agreement cover?
- Services to be provided;
- Term and commencement date;
- Minimum hours of service;
- Advisor fee;
- Independence of advisor, expenses, GST and responsibilities of advisor; and
- Termination, IP, confidentiality and assignment.
Use this Advisor Agreement if:
- Your organisation is seeking advice or consulting services from an advisor.
Examples of situations where an Advisor Agreement may be useful include:
- Your organisation seeks advice from an advisor on matters such as strategic planning, financial analysis, website development or social media management.
- Your organisation seeks advice from an advisor on matters such as tax planning or investment management.
- Your startup organisation seeks advice from an advisor on matters such as fundraising, product development or business strategy.
- Your non-profit organisation seeks advice from an advisor on matters such as program development, grant writing or fundraising strategies.
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