As a managing director of a company, it is crucial to have a service agreement contract in place. It defines the terms and conditions of the services that you will be providing to the company and protects both parties in case of any disputes.
Here are some important points to keep in mind while drafting a managing director service agreement contract:
1. Scope of services: The contract should clearly mention the scope of services that you will be providing to the company. This includes your roles and responsibilities, the time frame for delivering services, and the expected outcomes.
2. Compensation: Your compensation should be clearly defined in the contract. This includes your salary, bonuses, and any other benefits that you are entitled to.
3. Termination: The contract should outline the conditions under which the company can terminate your services or vice versa. This includes notice periods, reasons for termination, and any severance pay that you may be entitled to.
4. Confidentiality: As a managing director, you may have access to sensitive information about the company. The contract should include provisions for maintaining confidentiality and protecting the company`s intellectual property.
5. Non-compete: The contract may also include a non-compete clause, which prohibits you from working for competitors of the company for a certain period of time after your services are terminated.
6. Dispute resolution: The contract should specify the process for resolving any disputes that may arise between you and the company. This could include mediation or arbitration.
In conclusion, a managing director service agreement contract is a crucial document that outlines the terms and conditions of your services with the company. It ensures that both parties are aware of their responsibilities and protects them in case of any disputes. Therefore, it is important to ensure that the contract is drafted carefully and covers all the necessary provisions.