Some friends and I are putting together a web site and we have already targeted one site that would be competition for us. We have made an offer to acquire that competing site and have come to an agreement with the owner of that site on paying them a portion of the profits on the site they own (not of our site) with no money up front. The reason for this is we actually plan to leave it running as it is not direct competition but somewhat of a compliment to what we are building. Can anyone point me in the direction on what kind of an agreement I need to draft that will cover the transfer of the intellectual property, the domain name, the portion of profits owed to them and a non-compete after the sale? Is there any kind of a template anyone knows of I could get that I could base our agreement off of? Any help is greatly appreciated.
Is there any particular reason you are not using a lawyer? A qualified lawyer who is experienced in this area will think of a lot of things that you probably haven't thought of.