A consulting agreement is created between twi parties – a consultant and a client. The consultant provides advice, knowledge and any professional services in exchange for payment. A consultant is chosen based on his specialised skill set, experience and extensive knowledge.
Under a consulting arrangement, the consultant is working as an independent contractor and any work that is provided falls under the ownership of the other party (client) unless otherwise agreed upon.
Retainer agreements usually created with a pre-decided number of hours is required and done for long-term contracts. Whereas, Non-Retainer agreements are done for short-term projects and the consultant usually has less than 5+ years of experience.
4 types of clauses should be included in this agreement – confidentiality, non-compete, indemnification and termination. There should be a mention of any of these applicable clauses on the agreement.
The agreement can be structured in 2 ways. The most common structure is the client agrees to pay the consultant on an hourly basis. And the other way is to pay the consultant a fixed amount to complete the project.
Here’re some of the important components of the agreement – The Parties, Services, Term, Compensation, Retainer, Contingency etc.
This works when the consultation will occur for a myriad of work. In that case, the main agreement can be used to outline the scope of the agreement between the involved parties while the Statement of Work would specifically give details of a specific work as and when required.
" Undoubtedly one of the best eSignature application available in the market right now. Would love to recommend Fill. "
Ready to get started
with this template?