I run my own small business - basically building websites. I am always on the lookout for side projects, where I build and manage a site and the other person brings something equally valueable to the table (marketing or access to information or unique access to products to sell etc). These are done on a 50:50 profit share.
Recently someone approached me with a great idea for a site, but involved massive amounts of up front work, as it would have been a particularly complicated idea to implement. We had met to discuss the agreement, 50:50 was agreed, we set out a basic plan and the other party said he would put the agreement in writing for us to sign.
When the agreement arrived, it said initially it would be a 0:100 split, where I would have 0, until the site as planned was up and running. Clearly annoyed by this we spoke again and he said it was because he wanted to protect his idea, and that previously a developer had committed to it and then dropped out. He apologized and said he didn't want to be a 'dick' about it but it would end up 50:50 if everything went to plan. I questioned who would decide when that happened, and that basically he wanted me to work for free, with no ownership, on the basis he might be pleased and some day give me the 50%. I also explained that this is not what we discussed.
Clearly the project never went ahead. I could no longer trust the person.
My question is, after a long winded explanation, is, was he right to want to protect his idea? Did he have a point, or was he just being unreasonable. How should I proceed in a given situation and does anyone know of any resources for the sort of agreement we should be using for such a project.
I know this is an opinion based question, I hope I don't get penalized for that. But any opinions would be very warmly welcomed.
Thank you in advance,