Advisory Board Member Agreement
An Advisory Board Member Agreement allows you to engage an advisor for your business. It gives you the option to offer either financial compensation or equity in exchange for advice.
4.7 (39 reviews)
Last updated December 16, 2024
Under 10 minutes
Suitable for Australia
Written by
Edwin Montoya Zorrilla
Reviewed by
Damin Murdock
Document Overview
You can use your Advisory Board Member Agreement to engage an advisor for your business. A board of advisors can help in hearing out ideas or playing devil's advocate for key decisions. This way you can ensure that any decisions you make in the course of your business are well-advised. The assistance of an advisor can help you make better, more effective, lower risk decisions for your business.
The Legal Risk Score of a Advisory Board Member 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.
Advisory Board Member Agreement Checklist
Complete your free Advisory Board Member 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
What does the Advisory Board Member Agreement cover?
- Services to be provided;
- Term and commencement date;
- Minimum hours of service;
- Advisor fee, advisor equity and vesting arrangements;
- Independence of advisor, expenses, GST and responsibilities of advisor; and
- Termination, IP, confidentiality and assignment.
Other names for Advisory Board Member Agreement include:
- Advisor's Agreement; and
- Advisor Contract.
Further information
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