Terms and Conditions – Cowork Incubation Services
Founders Cube Incubation Centre
1. Introduction
These Terms and Conditions govern the use of CoworkIncubation services provided by Founders Cube Incubation Centre, originally established under Finmatrix Strategic Consulting Private Limited on 27 March 2014.
To formalize incubation activities and obtain recognition under the Government of India’s startup framework, a separate entity, Founders Cube Cowork Incubation Private Limited, was incorporated on 13 April 2018 and recognized under Startup India.
By accessing or using the services, the startup (“Member”) agrees to be bound by these Terms.
2. Scope and Objective of Services
The primary objective of the incubation services is to provide end-to-end support to startups from ideation to funding through:
• Mentorship and knowledge sharing
• Access to professional expertise
• Registration and licensing services
• Shared resource support for critical financial management functions
• Co-working infrastructure
• Exposure to legal, financial, and compliance frameworks
• Business Valuation, Funding assistance, due diligence support, and accelerator program.
The incubation model is designed to enable founders to independently manage and make decisions for their business with minimal resource dependency.
3. Membership and Onboarding
3.1 Access to services is granted upon execution of a CoworkIncubation Rental Agreement.
3.2 Startups may be onboarded directly or through the Startup India portal.
3.3 Members may use the incubation centre’s premises as their registered office in compliance with the Companies Act, 2013.
3.4 Membership grants access to shared infrastructure and a network of independent professionals.
4. Nature of Relationship
4.1 The incubation centre acts solely as a facilitator and enabler.
4.2 No partnership, agency, or employment relationship is created between the incubation centre and the Member.
4.3 All decisions and actions of the startup remain under the control and responsibility of its directors or management.
5. Service Delivery Model
5.1 Services are delivered through a shared resource model comprising independent professionals, including but not limited to Chartered Accountants, Company Secretaries, Cost Accountants, CPAs, CMAs, Insolvency Professionals, Valuers, Actuaries, legal professionals, IP attorneys, investors, academicians (including professors from premier institutions), retired government officials, and other domain experts.
5.2 All activities are undertaken strictly based on written instructions from the Member (via email or other documented communication).
5.3 The incubation centre and its shared resources do not assume responsibility for decisions taken by the Member.
5.4 Professional liability, if any, is limited to certifications or attestations issued in accordance with applicable laws.
6. Fees and Concessional Pricing
6.1 Services are offered at concessional rates, generally up to 50% of prevailing market rates or applicable professional pricing guidelines.
6.2 Such concessions are part of the incubation support extended to startups and may be subject to review or adjustment.
7. Roles and Responsibilities of the Member
The Member agrees to:
• Provide accurate and complete information
• Issue clear written instructions for services required
• Ensure compliance with all applicable laws and regulations
• Bear full responsibility for business decisions, statutory compliance, and financial matters
8. Exit, Termination, and Handover
8.1 Upon exit, investment, or termination of services, the Member shall execute a Termination and Handover Agreement.
8.2 The Member shall:
• Valuation of incubation support may be structured either through an equity-based arrangement or a fee-based model.
• Settle all outstanding dues
• Change its registered office and update all statutory registrations
• Obtain necessary No Objection Certificates (NOCs) from professionals engaged
• Notify stakeholders of the change in registered office
8.3 The incubation centre shall facilitate the transition in its capacity as a liaison platform.
9. Valuation of Incubation Support
9.1 The value of concessional services provided during the incubation period may be mutually agreed upon between the parties.
9.2 Such value may, where applicable, be structured or recognized through instruments such as ESOPs, sweat equity, or similar mechanisms, subject to applicable law.
9.3 In case of disagreement, an independent third-party valuer may be appointed, whose determination shall be considered final for settlement purposes.
10. Liaison Role
The incubation centre acts as a liaison between the Member and various stakeholders, including:
• Investors and financial institutions
• Government authorities and regulators
• Vendors, customers, and service providers
However, the incubation centre does not assume liability for the actions, omissions, or outcomes related to such interactions.
11. Limitation of Liability
11.1 The incubation centre shall not be liable for:
• Business decisions made by the Member
• Non-compliance with statutory or regulatory requirements
• Outcomes arising from instructions provided by the Member
11.2 Shared resources act strictly on instructions and do not assume independent liability beyond their professional obligations.
12. Governing Law and Dispute Resolution
12.1 These Terms shall be governed by the laws of India.
12.2 Any disputes shall first be resolved through mutual discussions.
12.3 Failing amicable resolution, disputes shall be subject to applicable legal proceedings under Indian law.
13. Amendments
The incubation centre reserves the right to modify these Terms and Conditions at any time. Continued use of services shall constitute acceptance of such changes.
14. Acceptance
By availing the services of Founders Cube CoworkIncubation, the Member acknowledges that it has read, understood, and agreed to these Terms and Conditions.
For further information or clarifications, please contact the Founders Cube Incubation team.