An advisory board contract template is a legal document that outlines the terms and conditions between an advisory board and the organization that it advises. It provides a framework for the relationship between the two parties and helps to ensure that expectations are met on both sides.

Advisory boards are commonly used by businesses, nonprofits, and other organizations to provide guidance and expertise to help them achieve their goals. The advisory board members are typically individuals who have specific skills or experience that are relevant to the organization’s needs. They may serve as mentors, provide industry insights, or help with fundraising.

To ensure that the relationship between the advisory board and the organization remains productive and professional, it is important to have a contract in place. The contract should include the following key elements:

1. Scope of Services: This section should describe the services that the advisory board will provide to the organization. It should be clear and specific about the areas where advice will be given, the frequency of meetings, and the expected contributions from each member.

2. Term of Agreement: The contract should specify the length of the agreement, including the start and end dates. This will help to ensure that both parties have a clear understanding of when the contract will expire and what their obligations are during that time.

3. Compensation: Advisory board members may receive compensation in the form of a stipend, reimbursement for expenses, or other benefits. The contract should spell out the terms of compensation, including the amount and timing of payments, and any conditions that must be met to receive the compensation.

4. Confidentiality: Advisory board members may have access to confidential information about the organization. The contract should include provisions that require the members to maintain the confidentiality of such information and prohibit them from using it for personal gain.

5. Termination: The contract should specify the circumstances under which either party may terminate the agreement. This may include reasons such as breach of contract, non-performance, or change in circumstances.

6. Governing Law: The contract should specify the laws that will govern the agreement, as well as the jurisdiction where any legal disputes will be resolved.

By having an advisory board contract in place, both the advisory board and the organization can be confident that their relationship will be productive and mutually beneficial. It helps to clarify expectations, align objectives, and promote accountability. It is always advisable to consult a legal professional when drafting an advisory board contract to ensure that all relevant legal requirements are met.