Thank you for your question. I am happy to assist you.
The agreement that you described appear to be legal. It is a commercial transaction and not a consumer transaction subject to strict scrutiny by the courts.
That said, the agreement is very overreaching and harsh, especially if you do not receive funds. It could be set aside by the court as unconscionable. However, you will want to clearly state a contract that you are agreeable to rather than take a chance with a court at a later date.
I hope that the information which I provided was helpful to you.
Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Please click ACCEPT so that I can get credit for my work
Bonus and Positive Feedback gratefully accepted!
THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE