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Structuring the Relationship – What to Expect
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Posted On: Tuesday December 30th, 2003 at 12:00am EST
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It is most likely that a written agreement which identifies the objectives of the relationship, type and quantity of assistance to be provided, timelines for providing that assistance, assessing progress, and terminating the relationship will be executed. A written agreement eliminates the need for either side to depend on memory later in the relationship should any conflicts arise.
Participants stress the importance of a carefully structured termination clause. If termination is “for cause,” safeguards such as prior notices are typically built in to afford the other party an opportunity to respond to the alleged reasons for premature termination and determine if appropriate adjustments can be made to accommodate the split. This is particularly critical in mentorships where the protégé is serving as subcontractor for the mentor or where the mentor has loaned capital to the protégé. A termination period, usually a minimum of 90 days, will enable the parties to determine how to handle the contract and outstanding loans once the mentoring relationship ceases. |
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