Directors’ Service Agreements
At London-based Adam Bernard Solicitors, we understand the important role that directors play within a company. They often have access to confidential information such as the state of finances, customer queries and employment issues. Therefore, a specific agreement is needed to encompass their special role within a business.
A Directors’ Service Agreement is a service agreement that is suitable for a director of a private limited company or a public company. It sets out various rights and obligations that arise as a result of appointing a director. Although it is not a legal recommendation, it creates certainty for the director and the business, allowing both parties to be protected in situations of dispute of disagreements.
A Directors’ Service Agreement is very similar to an employment contract. However, it can be more detailed and extensive, given their specialist role within the business and obligations. Even if a director is not a company employee, e.g., a non-executive director, they can also enter into a director’s service agreement to cover their duties.
Directors’ Service Agreements typically include:
- Pay and benefits
- Duration of contract
- Fiduciary duties of directors
- Voting rights in board meetings
- Statutory obligations under the Companies Act 2006
- And termination clauses
Why Adam Bernard’s?
At Adam Bernard Solicitors, we believe a Directors’ Service Agreement is very much an essential safeguard to ensure that the interest of the business is protected during the appointment of the director in question. We are aware that different businesses have different needs and requirements; therefore, our commercially aware lawyers can expertly tailor these Directors’ Service Agreements to reflect your specific industry concerns.
To see our range of Employment Contracts visit: Employment Contracts.
We can also review and advise on agreements you are being asked to sign, renegotiate new terms on existing agreements and contracts or draft entirely new contracts.
For more information, please get in touch with our expert Commercial Contract Lawyers on 0207 100 0505.