Consulting Agreement by Cofounders
This document is a Consulting Agreement that outlines the terms and conditions for a consultant to provide services to a client. It details payment structures, intellectual property ownership and licensing, and provisions for suspension and termination. The agreement clearly defines the roles and responsibilities of both parties in a professional service engagement.
Consulting Agreement
This agreement (the Agreement) is made on [Date].
Between
[Consultant Company's Name] (Registration No. [Consultant Company's UEN]), a company incorporated in Singapore, and having its registered office at [Consultant Company's Address] (the Consultant).
And
[Client Company's Name] (Registration No. [Client Company's UEN]), a company incorporated in Singapore, and having its registered office at [Client Company's Address] (the Client).
The Consultant and the Client are collectively the Parties and each a Party.
The Parties agree as follows:
Interpretation
In this Agreement, the definitions set out in Schedule 1 apply.
Engagement
The Client has engaged the Consultant, and the Consultant has agreed to such engagement, to provide the Services set out in Item 2 of Schedule 2 to the Client upon terms and conditions set out in this Agreement.
Payment Terms
The Consultant will invoice the Client at the end of every Billing Cycle for Services rendered. The Client shall pay the Fees set out in the invoice within seven (7) days of receiving the invoice, together with the goods and services tax if applicable, to the Consultant. The Fees are calculated based on the Hourly Rate specified in Item 2 of Schedule 3 and are pro-rated to the time spent by the Consultant in providing the Services rounded up to the nearest Time Unit specified in Item 3 of Schedule 3. All Fees paid are deemed as fully earned and are non-refundable.
The Client shall pay the Consultant the Security Deposit specified in Item 4 of Schedule 3 on the Commencement Date. The Security Deposit shall be refunded without interest to the Client within thirty (30) days of the termination of this Agreement, less all and any monies due and payable by the Client to the Consultant.
The Client agrees and undertakes to reimburse any expenses incurred by the Consultant in performing the Services for the Client within seven (7) days of the Consultant's invoice of the same.
The Client shall pay Prescribed Interest to the Consultant on any monies due but unpaid under this Agreement, to be computed from the due date of the payment until all such money is paid in full.
All payments shall be in Singapore dollars.
Intellectual Property
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