The Board of Advisor Agreement is essential for companies operating in India that seek to formally engage experienced professionals in advisory capacities. This document is particularly relevant when companies need specialized expertise, industry insights, or strategic guidance without creating a formal board position. The agreement, governed by Indian law, typically includes comprehensive terms covering appointment, services, compensation, confidentiality, and fiduciary duties, ensuring compliance with the Companies Act, 2013 and other relevant Indian legislation. It's commonly used by startups, growing companies, and established organizations looking to enhance their strategic decision-making through external expertise while maintaining clear boundaries and expectations in the advisory relationship.
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1. Parties: Identifies the company and the advisor, including their full legal names and addresses
2. Background: Explains the context of the agreement, the company's desire to engage the advisor, and the advisor's qualifications
3. Definitions: Defines key terms used throughout the agreement for clarity and precision
4. Appointment and Term: Specifies the appointment of the advisor, role title, and duration of the engagement
5. Scope of Services: Details the advisory services to be provided, including specific responsibilities and expectations
6. Time Commitment: Specifies the expected time commitment, including meeting attendance and availability
7. Compensation: Details the advisor's fees, payment terms, and reimbursement of expenses
8. Confidentiality: Defines confidential information and establishes obligations for maintaining confidentiality
9. Intellectual Property: Addresses ownership and rights to any intellectual property created during the advisory relationship
10. Fiduciary Duties and Conflicts: Outlines the advisor's fiduciary responsibilities and process for handling potential conflicts of interest
11. Representations and Warranties: Contains standard representations from both parties regarding their capacity and authority
12. Termination: Specifies conditions and procedures for ending the advisory relationship
13. Indemnification: Details mutual indemnification obligations and liability limitations
14. General Provisions: Contains standard boilerplate clauses including notices, amendments, governing law, etc.
1. Equity Compensation: Include when the advisor will receive stock options or other equity-based compensation
2. Insurance: Include when specific insurance requirements are needed for the advisor
3. Non-Competition: Include when advisor is restricted from working with competitors
4. International Travel: Include when the role requires international travel and related arrangements
5. Board Observer Rights: Include when advisor has rights to attend board meetings as an observer
6. Compliance with Company Policies: Include when advisor needs to comply with specific company policies
7. Data Protection: Include when advisor will handle personal data subject to privacy laws
1. Schedule A - Services Description: Detailed description of advisory services and specific areas of expertise
2. Schedule B - Compensation Terms: Detailed breakdown of fees, payment schedule, and expense reimbursement policies
3. Schedule C - Company Policies: Relevant company policies that apply to advisors
4. Schedule D - Equity Compensation Terms: Details of any stock options or equity compensation, including vesting schedule
5. Schedule E - Conflict Disclosure Form: Form for disclosing potential conflicts of interest
6. Appendix 1 - Confidentiality Agreement: Detailed confidentiality terms and procedures
7. Appendix 2 - Meeting Schedule: Proposed schedule of regular advisory meetings and commitments
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