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In the business world, an endorsement can be of huge benefit to your company. Creating a legally-sound Endorsement Agreement will help both parties understand their responsibilities and ensure no one breaches the contract terms.
Read on to find out more about how this legal document works and how to write yours. Plus, where to find free customisable legal templates to help you kick-start your agreement.
Put simply, an Endorsement Agreement is a legal contract between a business and a public figure. This could be a figure like a celebrity, an influencer or an athlete who you're looking to hire in order to endorse your company or product.
This type of legal document can outline all the key terms and conditions, the compensation the public figure will get and their key duties. It may also include some details on how the company should be promoted by the public figure.
Every agreement drafted between a business and an individual endorsing a product is, to a certain degree, unique to the specifics of that situation. Although it's important your contract is unique, there are some areas that need to be covered. These may include:
With an endorsement, a public figure backs or promotes a company's product or service. Whereas with a licensing agreement, the product or service is typically portrayed as being owned by the public figure. In reality, it is in fact under the terms of a business license for the company.
The terms of a Licensing Agreement often last longer than an Endorsement Agreement and usually involve a cash advance that is recoupable against royalties. Regardless of the level of the talent's personal involvement, the public figure will generally be contracted to participate in media and promotional material.
An effective Endorsement Agreement will help to secure revenue streams, limits your liability and ensures the commercial relationship stays positive throughout the agreement. An effective Endorsement Agreement also covers protections, rights and responsibilities.
By including a moral clause in your Endorsement Agreement, you can ensure the endorses doesn't do anything harmful that may reflect badly on you or your brand.
A lawyer is not strictly needed to draw up an Endorsement Agreement, but having an agreement that is legally binding is key. Ultimately, a poorly drafted Endorsement Agreement could lose your company money and its reputation in the long run. So, many people decide it is worth hiring a lawyer to check over their legal drafts to get a level of peace of mind.
In addition to using a lawyer for an Endorsement Agreement, there are templates that could help you to start the writing of your agreement.
There are a number of places to get customisable templates to help get you started with an Endorsement Agreement. These include: