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The client has made the following changes to the job.
Client prefers freelancers from:
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The client prefers freelancers from
a different location.
Here is the situation:
Basically the customer does not have the operating capital to pay us in full for this development. So we have agreed to accrue a loan to them based on billing rates and part of the loan can be converted into equity in their company or they can pay the loan off over a period of year. We have some milestones that they have to hit in terms of their sales and if they don't hit them we can either agree to give them more time or terminate the agreement.
I'm thinking that we can use the standard MSA with this client and include the following special provisions in the Statement of Work (SOW) associated with this particular project. Does this make legal sense to you? Also, because of the loan, i think we will need some additional documents to go with this such as a separate loan and promissory note with the terms as specified below, a personal guarantee for each of the principals to sign in conjunction with the note, and a confession of judgement for each one of t...
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