FAST Agreementswith expert lawyers

A FAST Agreement, or Founder Advisor Standard Template, is a legal document used in the UK to formalise the relationship between a startup and its adviser. It sets out the terms on which an adviser will provide guidance and support to the startup, often in exchange for equity.

It typically covers key points such as the scope of the advisory services, the length of the engagement, and the equity vesting schedule. Using a FAST Agreement helps both parties clearly understand their roles and expectations, which can support a productive working relationship.

This type of agreement is particularly popular with early-stage companies looking to benefit from experienced advice while conserving cash flow. If you’re considering using a FAST Agreement, it’s a good idea to consult a legal professional to tailor it to your needs and ensure compliance with UK law.

A FAST Agreement in the UK is a streamlined legal document that helps define the relationship between a startup and its adviser. It typically includes several key components to provide clarity and mutual understanding.

First, it sets out the scope of advisory services, detailing the areas where the adviser will provide guidance. This helps both parties understand the adviser’s role and responsibilities.

It also specifies the duration of the engagement, which sets the timeframe for the advisory relationship and helps manage expectations.

Another important element is the equity vesting schedule, which explains how and when the adviser will receive equity compensation. This is often linked to the adviser’s continued involvement and contribution to the startup.

By including these components, a FAST Agreement helps startups and advisers build a productive working relationship. It’s a good idea to consult a legal professional to tailor the agreement to your needs and ensure compliance with UK law.

A FAST Agreement can be a valuable tool for startup founders and advisors in the UK, as it offers a simple way to formalise their relationship. It provides a clear framework for exchanging equity for advisory services, which can help startups conserve cash while still accessing valuable expertise.

By setting out the scope of services, the length of the engagement, and the equity vesting schedule, both parties can align expectations and reduce the risk of misunderstandings or disputes.

Its simplicity also means startups can engage advisors more quickly, without lengthy legal negotiations, so they can stay focused on growth. However, it is still sensible to get legal advice to make sure the agreement suits your circumstances and complies with UK law.

A FAST Agreement differs from many other equity agreements because it is designed to be simple and focused on advisory relationships. While traditional equity agreements can be more detailed and involve longer negotiations, a FAST Agreement is intended to provide a straightforward framework for exchanging equity for advisory services.

This can make it especially useful for early-stage startups that want to engage advisors quickly without a lengthy legal process. It will usually set out the scope of services, the length of the engagement, and the equity vesting schedule, so both parties understand their roles and expectations.

For startups, this can help conserve cash while still giving access to valuable expertise. As with any legal document, it is sensible to get legal advice to make sure the agreement suits your needs and complies with UK law.

In the UK, equity in a FAST Agreement is usually structured to align the adviser’s interests with the startup’s success. The agreement often includes an equity vesting schedule, so the adviser earns equity over time based on their continued involvement and contribution.

This vesting is often time-based, with equity granted in stages over the course of the engagement. For example, some arrangements include a one-year cliff, where no equity is granted until the adviser has been involved for a year, followed by monthly vesting after that. This helps protect the startup by linking equity to ongoing value.

The exact terms will depend on the startup’s needs and the adviser’s role. It’s a good idea to get legal advice so the FAST Agreement is tailored to your circumstances and complies with UK law.

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