An agreement of Term of Service is used in almost every kind of mobile app or website that one is developing such as Android apps, blogs, or simple websites. It lays down guidelines and rules that are to be followed by its visitors or users to get the benefit of a mobile app or a website. It is not required in law that one has to sets general rules and guidelines in the agreement for his website, mobile app, etc. Get agreement of Term of Service Agreement drafted with the help of Company Vakil Drafting Experts
WHAT ARE TERMS OF SERVICE
TERMS OF SERVICE DRAFTING PROCESS
- It is important to have such an agreement but one needs to keep in mind that these are legal agreements and are enforceable. Terms of Services that can be made enforceable are dependent on one’s mobile app, website, and a lot of other factors including one’s app/website design, business model, etc.
- It depends on what one is interested to cover or on what he wants to put a ban, the industry in which one operates, his business model, and on all these basis Terms of Service may exclude or include more rules.
- If many third parties are involved in one’s mobile app or website making it complex, one can split the legal agreements to make users understand well the agreements with which they are bound.
It is a contract governing the business relationships of the company’s founders who enter into such a contract to regulate uncovered matters in the company’s agreement. It sets out the responsibilities, rights, obligations, and liabilities of every founder.
It is essential to enter into such agreements to solve issues in case any difficulty arises. In absence of an agreement to this effect, one partner may walk away and use
Knowledge of the business and know-how for competition.
One may also get into a situation where one partner takes a back step and just reap the benefits of hard labour of the other partner.
None of these positions are favourable for the business and are undesirable. Thus if one does not engage in future planning, he/she might end up jeopardizing the business even before it starts.
- The responsibilities and roles of each co-founder are to be established to have a well-functioned management system.
- Allocation of ownership of new enterprise amongst the founding team. Upfront splitting up of equity between the founders is imperative to ensure that there are no hurt feelings or misunderstandings after things come into play and this exercise is to be nailed down very carefully.
- Implementation of terms for market vesting for all founders’ equity so that future planning can be done.
- When co-founders start reiterating an idea and come up with a business plan or start developing and building a platform or a product, intellectual property (IP) is created. It is necessary to ensure that whatever developments are done in IP do not belong to an individual but the entity.
WHAT WILL YOU GET AFTER COMPANY REGISTRATION?
What is a Founder’s Agreement?
It is an agreement that gives an outline of various roles and responsibilities of the founding members of a Company, the amount of equity vested in it and the ownership of intellectual Property formed by them plus their roles and responsibilities. It even takes into consideration their departure or Death.
What are the benefits of having a Founder’s Agreement in India?
The following are the benefits of having it:-
1. It Clears the Air on many matters that may be undiscussed between the co-founders
2. It gives an opportunity to early team members to discuss important matters and clear their doubts and have a better relationship.
3. Further on it defines the roles of all the co-founders and early team members.
4. It leads to a good understanding amongst the founding members.