Are there any specific clauses that should be included in an Advisory Agreement to protect my interests as an advisor?

I am currently in the process of entering into an Advisory Agreement as an advisor for a startup, and I want to ensure that my interests and rights are protected. I have heard that there are certain clauses that should be included in such agreements, such as confidentiality, non-compete, and indemnification clauses, but I am not sure which clauses are essential and how to draft them effectively. I would appreciate your guidance on what specific clauses should be included in the Advisory Agreement to safeguard my interests and ensure a fair and mutually beneficial relationship with the startup.

Merry K.

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If you are a non-attorney who will be entering into a contract to be an advisor for a start-up, I cannot urge you strongly enough to have an experienced business contract attorney draft the agreement for you so that it strongly benefits and protects you, and also advises you on the business structure for your business, as well as what type(s) of business insurance you should buy to protect yourself. Some of the clauses you mentioned, such as a non-compete, protects the business, not you. The contract you submit to the startup should attempt to protect you to the fullest extent possible, not the other way around. The startup (if the people behind it are smart/and or being advised by an attorney) will attempt to negotiate some terms that benefit them. Also, be aware that certain provisions in contracts, such as non-compete clauses, are covered by statutes, and must be followed to be enforceable. I have been an attorney since 1986, yet I would never attempt to write a contract from scratch - even I would hire an experienced business contract attorney to handle this to protect me. I am not trying to "sell" legal help - there are many things lay people can handle successfully on their own. This, however, is not one of them. An experiened business contract attorney will have a boilerplate/well used template that he or she can pull out of their computer that will have a zillion provisions in it that won't occur to you, and will be in the contract as a result of the outcome of endless years of court decisions. It will actually cost you less to have the attorney come up with something for you than to try and write something yourself and have an attorney review it and try to edit it, or to represent you in court if things go sideways. I apologize - I don't at all mean to sound harsh in any way - consider my comments to be a "red alert" warning you of the danger you could be facing trying to draft something like this for yourself, especially if you're to be an advisor for a startup business of any sort. If you were merely trying to write a contract for the sale of a lawn mower for $100, I wouldn't have said anything but "find something on the internet." This is a far more dangerous situation than that. Best wishes to you, Merry PS These comments are submitted for educational information only; no attorney/client relationship has been formed, and taking on this matter is not something suitable for me.