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Have a startup company with written agreement for stock ownership in exchange for work. Below indicates contract.

He disappeared before completion without saying a word then emailed 1 ½ years later inquiring ownership after site was completed. Did he forfeit ownership ?

Labor in return for a (10) ten percent total will provided any and all services in which I am capable of providing, and to the best of my ability, unitl completion of a fully operation interactive website. I will provide all service that I am capable of to the best of my ability. I will make all deadlines that are set by the team leader, unless I notify in advance that I will not be able to make the deadline for reasons out of my control, or current employment work load demands such. My work ethic will be exceptional, and I my performance will be beyond that of the normal expectations of a paid employee.

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Attorney answers (2)

Reputation Level 19
Generally, if he disappeared before he completed the terms of the contract, he is in breach. Of course your circumstances could be different and you should consult an attorney.
2 people marked this answer as good

Reputation Level 12
From the information provided, if the intent of the agreement was "ownership in exchange for work," and the person didn't do any work, the agreement fails for lack of performance. In other words, he doesn't own any stock. He can't enforce the ownership agreement without having done the work.

Read your entire agreement carefully to find out if there are any exceptions to typical contractual requirements written into the agreement, or ask a qualified attorney to review the agreement for you.

Good luck, Mark Arend.

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