GM Web3 Founders & community members
I’ve been a legal counsel for online start-ups and scale-ups for the past 10 years. Working in-house for small, big and companies, I learned a very important thing: Having the right legal agreements will save your business money
So here’s a post about essential contracts for Web3 companies
INTRO
Every Web3 business runs into problems at some point, from unhappy customers to disgruntled employees to founder issues. I’ve seen many projects ending up fighting over leadership, money, stocks, IP etc., which distracts them from building and growing their business. So instead of putting time and money into lengthy negotiations or dispute resolutions, make sure you have all the right contracts in place from the start.
Below an overview of the essential contracts for Web3 businesses.
WEBSITE
• Terms of Use – What visitors can/cannot do on your site
• Privacy Policy/Cookie notice – What, why and how you process personal data
• Disclaimers – not financial advice, all rights reserved etc.
NFT SALE
You want to make sure people know before the sale what they are buying and which conditions apply to the NFTs and their participation in the project
• Terms of Sale
• IP License Agreement
• KYC policy (if any)
TEAM
Building a start-up is cool, but often includes inexperienced people with different expectations, which always ends up in discussions. You need:
• Work-for-hire/freelancer agreement for outsourced work (!)
• Employment agreement
• Code of Conduct
FOUNDERS
Shareholder agreement – Every jurisdiction has their own legal and tax rules, but you will absolutely need a document that describes the shares distribution, what happens when you raise money, the decision making, what happens when a founder leaves etc.
ADVISORS
Advisor agreement – In exchange for help from external advisors, projects usually pay a % from mint, a fee, tokens or shares. You absolutely need to write down what you expect from them, set up a vesting schedule, set rules for when they don’t perform or leave early etc.
CUSTOMERS & PARTNERS
Web3 partnerships are too often based on trust, which is dangerous. Make sure to not sign anything without a legal review and create your own contracts to avoid problems, such as:
• Partnership agreement
• Customer/Services agreement
• NDA
MISCELLANEOUS
Obviously there are a lot of specific documents that could apply, such as GDPR Compliance, KYC procedures, IP infringement policies etc. Also you might need legal assistance for e.g. trademark registration, cease and desist letters, IP checks, contract reviews etc
CONCLUSION
I’m happy to help with any questions about contracts or legal things concerning your business. I know everything about the market, as I have been creating, advising and investing in the Web3 space for the last 3 years.
Contact me via DM on Twitter (@John_ACW) or via info@web3legal.xyz
Thank good readable posts and tips
Merci
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