A foundation contract is an official contract signed between all the co-founders of a company. This document contains all the responsibilities, responsibilities and initial investments of each founder of the company. It is recommended to enter into a creative agreement during the creation phase of a business, as it defines the responsibilities and roles of each co-founder. The assignment. This agreement cannot be ceded by any party without the written consent of all the founders. Successors/endowments. This agreement binds and depends on the founders, the company, their successors and their approved beneficiaries of the transfer. By signing below, each founder indicates that he accepts the terms of this agreement in its entirety at the time of the first written time and assures the company and any other founder that he has read and understood the agreement in its entirety and that, to the knowledge of any founder, no law or third-party commitment would prevent any founder from concluding and implementing the agreement in its entirety. For simplicity`s sake, this agreement can be executed electronically and in your counterparties. Each counterparty is binding and all constitute the same instrument. Developing a business contract model can be difficult, especially for those with no experience. The good news is that there are models that you can use as a reference to establish your own founder contract for your business.
To guide you, here are some tips for establishing a good agreement: severability. If a provision of this agreement is found to be invalid or unenforceable in a jurisdiction, the validity and applicability of all other provisions contained in it are in no way affected or affected, and the invalidable or unenforceable provisions are interpreted and applied in such a way as to bring the economic outcome sought by the parties as close as possible. The Company will allocate items of income and losses as if the company were liquidated, sold its assets at fair value and the resulting proceeds (excluding liabilities) are distributed to the founders in accordance with this agreement. The current legislation. This agreement is governed by the laws of the State of New York and is interpreted accordingly for contracts signed and executed exclusively within that state. Before you establish your proposed business agreement, you should discuss with your co-founders to finalize key topics such as management, ownership, compensation, the board of directors, investments and more. They have to resolve all of these issues to include them in the document. Change/renouncement. This agreement can only be amended with the written agreement of all the founders, and none of its provisions can be repealed, except with the written agreement of the party that renounces to respect it.