A written mentoring agreement sets expectations, protects both parties, and makes the relationship more effective. Unlike coaching (which focuses on performance), mentoring shares experience and provides guidance on longer-term development. A formal agreement is especially important for paid mentoring relationships.

• Clarify: is this paid or voluntary mentoring?
• Confidentiality both ways: mentor may share confidential business info too
• IP: business ideas discussed in mentoring remain the mentee's unless otherwise agreed
• Not an employment relationship — confirm self-employed status if paid
• Dispute: simple escalation path prevents relationship breakdown

Legal reference: Contract law; IR35 if paid via limited company; Equality Act 2010 (must not discriminate in selection)