MODUSIGN, an electronic contract service provided by Lawoafactory, together with VEAT Law Firm announced the free release of the ‘Startup Contract Kit,’ a compilation of essential contract forms for startups. The Kit is anticipated to save startups from unnecessary legal disputes.
Due to high costs, legal services were left out from startups’ priorities. However, an ill-prepared contract can lead to legal disputes in the future. As a result, many startups end up in a position against their will. Absent legal expertise, it is not evident what provisions bring about what effects. Moreover, there is not a quality model form of contracts which startups can refer to.
Hence, the free release of the Startup Contract Kit comes as a relief to startups. The Kit, which was drafted and reviewed by startup-focused attorneys, consists of five model agreements: shareholder agreement, share purchase agreement, non-disclosure agreement, share subscription agreement, and employment agreement. Furthermore, the Kit provides comprehensive guiding notes to each agreement, explaining in detail not only the effects of each provision, but also how to effectively utilize them.
Seong-ho Choi, Managing Partner of VEAT Law Firm, said: “Contracts must be drafted with the help of lawyers.” “Acknowledging difficulties startups face to cover the high legal costs, the Startup Contract Kit was produced in hopes of alleviating such burden, and will be constantly updated,” he added.
VEAT Law Firm is currently seeking startup and corporate applicants for their Free Office Hour which provide legal consultations free of charge. More information regarding Free Office Hour, together with the Startup Contract Kit, can be found here.
MODUSIGN also plans to continue its cooperation with experts and professional institutes from various fields to enhance its capabilities in helping corporations with their contract-related businesses.
Image source: MODUSIGN