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I'm offering my new partner space on that website to place an Adsense ad -- with
partner's Adsense account number.
This solves several problems at once. It doesn't cost me anything out-of-pocket (Google pays them!) Compensation is directly tied to results -- more visitors to
site (the object of promotion)
more clicks they will get on
Adsense ads,
more
partner earns.
The partner is highly motivated to do a good job,
better they do
more they earn. I get traffic to my new site (of course it has to rely on something other than ads for revenue) at
cost of forgone advertising income.
The partner does not have to worry about not being paid, Google pays him, not me. I do have to worry about
partner not doing a fair share of work on promotion -- no promotion, no earnings, but no penalty either. So our agreement has to include an option for termination for non-performance.
But performance can be measured, and an acceptable level agreed upon from
start. Traffic is not a good measure since a click-bot could be set up to generate useless traffic. But sales, memberships, or other criteria may be appropriate, depending on
nature of
site.
I checked with Google and this does not conflict with their Adsense terms of use policy -- so long as ads from two different accounts do not appear on
same page (which leads to double-serving, and is against policy) I can even have my own Adsense ads elsewhere on
site.
So
agreement with
partner may specify his/her ads appear only on certain pages within
site. So long as
expected revenue is sufficient to compensate for
effort, everybody wins.
There are lots of variants on this idea that might be tried, depending on circumstances. Just be careful to abide by
Adsense terms of service agreement, be fair to all parties, and be creative.

To see this process in action (and even apply yourself if you read this in April 2005) see: http://www.qanswered.com/partner.htm