Hi,
I'm going to play a live tournament with a reasonable buyin. A couple of friends of mine agreed to buy 60% of the buyin (10% each) and I'd pay the 40%.
I think it is wise to at least put down some rules, or make some sort of contract which they agree to before they pay and I play the tournament? First price money is estimated at $30k, so its definately significant money.
Does anybody know if there are examples of those kind of contracts, or can anybody cover the most important things to add in such a document? What I have been thinking of is:
- How much % somebody has bought
- What in case of sickness or anything else that prevents me from playing
- Including the deduction of taxes, this could be an issue if I cash more then a couple of thousand euros
- Timeframe of paying the profit to them
I'm grateful for any suggestion