Finance and Contract Law Anyone?

I don't know how much help this is, but, you definitely need a lawyer. I would go online and look for ratings for lawyers in your area. Meet with them face to face. Check with state bar association for complaints before hiring anyone. Ask for references, lawyers that do a good job will be more than happy to provide you with contact info for happy clients. If these people are so eager to help you, a good lawyer will be able to tell you if the contract is good, another possibility, since this is your product, is to have a lawyer draw up a contract for you. This will put you in the drivers seat and the contract will be drawn up on your terms. If your product is a good one, there will be no shortage of,"honest" people that are willing to sign on and help you move it forward. These angel investors could very well be legitimate. Get references from them also, i.e.- I appreciate your interest in my product, do you mind if I speak to some other companies/people that you have helped?

Call you local bar association and explain your circumstances. They will give you at least three names of practitioners who are very well accustomed to the level of services that you need. Meet with each of them and explain your needs / wants. (that will not cost you anything) Then select the one you are most comfortable with for you required results- it does not need to be the one you like the best but it DOES NEED to be the one you believe will represent you interests the most effectively.

Every contract that I have reviewed has been written to favor the creator of the document. There will nearly always be ambiguous language in it somewhere. IE: words have multiple meanings and statements can readily be created so as to lead one's thought process in a planed direction. I can readily make assorted statements intended to lead you into believing that I am saying what you are wanting to hear and actually saying just the opposite by using these multiple meaning words. The process is to get for me what I want out of the contract. Generally these very generalized statements have no other purpose but to tell you what you want to hear, will not be specific, and are my way of defending in a legal proceeding. Courts cannot create contract language that does not exist, however the more language that you place into such a document, the greater opportunity the court will have in determining the "INTENT" of the contract. I suggest that you remember always that the creator of a contract is responsible for it's content. If you go over board with the deception it can become the dog that bites you. Generally what will happen with contractual disputes, is the party that realizes that they are in the weakest position will offer to settle the dispute, "OUT OF COURT" and this means that you get to pay your Attorney, and expenses, and the other side pays their Attorney. Both sides lose, something and the only winners are the "dambed Lawyers". If you are foolish enough to consider arbitration to resolve, you will be sharing the cost of the arbitrator in addition to your other legal fees. If you are uncomfortable with the language in these documents, you had better find a really good Contract Lawyer. Do not agree to paying retainer fees. Simply pay for the service on a, "I only need you one time basis", "I ani't marrying your ass attitude."

TMF

Once you do get a contract be sure it contains a clause like:

"This contract supersedes any and all previous understandings and /or agreements between or amongst the undersigned parties or their representatives."

I've seen this clause left out unintentionally (or not) by the attorney.

Not a lawyer,

corelite