The Advisory Board Agreement is a crucial document for Nigerian companies seeking to formalize relationships with external advisors who provide strategic guidance and expertise. This agreement is particularly important in the Nigerian business context, where corporate governance and transparency are increasingly emphasized. The document addresses key aspects required under Nigerian law, including appointment terms, compensation structures, confidentiality provisions, and compliance with corporate regulations. It's typically used when companies want to benefit from external expertise while maintaining clear boundaries between advisory roles and executive management. The agreement ensures protection for both the company and advisor while complying with relevant Nigerian legislation, including the Companies and Allied Matters Act (CAMA) 2020 and other applicable corporate governance frameworks.
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1. Parties: Identification of the company and the advisor, including full legal names and addresses
2. Background: Context of the appointment and brief description of the company's business and advisor's expertise
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment to the advisory board and duration of the appointment
5. Role and Responsibilities: Detailed description of advisory duties, meeting attendance, and time commitment
6. Compensation: Details of fees, payment schedule, and reimbursement of expenses
7. Confidentiality: Obligations regarding confidential information and trade secrets
8. Intellectual Property: Ownership and assignment of intellectual property created during the advisory relationship
9. Conflicts of Interest: Declaration and management of potential conflicts
10. Independent Contractor Status: Clarification that the advisor is not an employee
11. Termination: Circumstances and process for ending the agreement
12. General Provisions: Standard clauses including governing law, notices, and entire agreement
1. Non-Competition: Restrictions on competing activities - include if advisor has access to sensitive competitive information
2. Insurance: Requirements for professional liability insurance - include if advisor provides specialized technical advice
3. Indemnification: Protection for advisor against claims - include if high-risk advisory services
4. Share Options: Details of any equity compensation - include if part of compensation includes shares/options
5. Anti-Corruption Compliance: Specific anti-corruption obligations - include if advisor deals with government entities
6. Data Protection: Specific data handling obligations - include if advisor processes personal data
1. Schedule 1 - Services: Detailed scope of advisory services and specific responsibilities
2. Schedule 2 - Compensation: Detailed breakdown of fees, payment terms, and expense policies
3. Schedule 3 - Meeting Schedule: Expected frequency and format of advisory board meetings
4. Appendix A - Confidentiality Agreement: Detailed confidentiality terms and requirements
5. Appendix B - Conflict Disclosure Form: Template for declaring potential conflicts of interest
6. Appendix C - Code of Conduct: Advisory board ethical guidelines and behavioral expectations
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