Partnership Profit Sharing

[cprince]

I am a software developer that is working right now part-time as an Independent Contractor. I have not incorporated yet but plan on shortly.

First question is I have a client that wants me to develop a software product. He wants to pay me a reduced amount in exchange for 50% of the proceeds from the sale of the product. The product will likely sell for around $6k per license.

I don't have a lot of startup money but I want to get this kind of agreement right so that I can ensure he pays me my share and that I don't get screwed.

What kind of advice can anyone offer?
What should I expect for the cost of someone to assist with the write up of this agreement?

What should I keep in mind for something like this. The client is located in California and I am located in Massachusetts.

Thanks, Chris

 

[JETX]

"What kind of advice can anyone offer?"
*** At a minimum, include the right to inspect ALL sales records, profit reports, acounting records, etc.

"What should I expect for the cost of someone to assist with the write up of this agreement?"
*** Depends entirely on what you are looking for. You might be able to find a 'template' on the internet for free.

"What should I keep in mind for something like this. The client is located in California and I am located in Massachusetts."
*** In this case, be sure to include a jurisdiction clause that any and all disputes will be heard in YOUR state and that the prevailing party recovers reasonable attorney fees.