Contractors should work carefully with consultants. Just because someone has a good name or domain expertise doesn`t mean they`re a good advisor or there`s the right level of chemistry. The founding institute recommends that a contractor work with a potential consultant for at least one month and spend at least 8 hours together before discussing the FAST agreement. The FAST agreement includes a three-month “stumbling block” on share participation, which allows an unproductive advisory relationship to end without having the weight of the capital allocation in the first three months. 2. Compensation. In return for the services provided by the consultant and other obligations, the entity compensates the advisor with equity funds as defined in Schedule A, subject to a blocking plan defined in Appendix A and the agreement to grant or issue equity to the advisor. A consulting agreement should be reached between a company and its advisor. The agreement puts the expectation of the relationship as the work done on behalf of the advisor and compensation.
The agreement should also define some key concepts, such as confidentiality and the allocation of work products. 13.2. Exclusive agreement. This agreement, including exhibitions, constitutes the exclusive consent of the parties and replaces all oral proceedings and prior writings relating to the purpose of this agreement. 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. The founder/consultants default model (“FAST”) was developed by the founding institute to assist future entrepreneurs in the start-up programs we implement and implement around the world and in contact with the mentors with whom they interact throughout the program.
In 2011, the founding institute published the public FAST agreement, and we have since undergone gradual updates to version 1 of the agreement. On August 1, 2017, the Founders` Institute released a preview version of Version 2, which contains a number of improvements: 8.