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Directors Service Agreement |
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This does not have to be a complicated document as it is not too dissimilar to a contract of employment, it just happens to be more comprehensive and occasionally has additional appendices such as a share holder agreement or a complex restraint of trade agreement. Employers often invest heavily in their directorships, but quite often it seems forget to protect their investment, particularly in family firms and SME's. Service agreements should have key provisions including the scope of duties, remuneration and benefits, termination provisions, confidentiality agreements and obligations under appropriate restrictive covenants to fully protect the business. These needn't cost the earth so please don't be ripped off by your solicitor/advisor, and when you get one make sure your solicitor or advisor does not retain the copyright forcing you to pay the same rate each time you appoint a new Director.
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