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[roadhand]

What is the name of your state? Texas

I own a small surveying business, one of my competitors approached me about an oppurtunity to assume some of his client base. He has the ability to ensure that I do the work for these clients. We have agreed that 10% of the monthly billings for these clients for a term of 1 year is appropriate compensation for his effort. The yearly revenue for these clients will be in the $150,000 range. What kind of agreement is it that I am looking for to get this in writing. I am a sole proprietorship, he is a corporation. Any help would be appreciated.

 

[Beth3]

roadhand, you absolutely need to see an attorney and have him or her draft an agreement that will define the business relationship between you and your competitor. A good attorney will think of things that would never have occurred to you and will make sure your interests are protected.

Handling this as a "do it yourself" job is the stuff of which lawsuits are made. A few dollars spent now to make sure this is handled properly could save you tens of thousands down the road.