In case of providing consultancy or hiring a consultant a consulting agreement is a legal document that sketches out the duties, payments and the whole scenario of the consultancy. These agreements fluctuate in size due to the nature and requirement of the project or type of the consultancy. But the similarity in all the consulting agreements is that they all include the entities’ name and address, details about the project, the type of the consultancy, payments and modes of payments.
The consulting agreement must address the following.
- Scope of project
The agreement must describe the specified services that are required from the consultant. The detail of expenses that are expected from the consultant and also define the facilities that are the responsibility of the company must be included in the agreement. Standards should be defined clearly.
- Consultant’s status
The consultant status must be mentioned in the agreement, whether the contractor is independent contractor or not. A non-independent contractor is not eligible to enter the agreement. It is important regarding the taxes and other liabilities.
- Terms and conditions
Terms and conditions for the working on the project must be well defined and agreed by both the entities.
- Terms for termination
Terms that can cause the termination of the contract during the period must be defined in the agreement. It could be a breach of confidentiality or any illegal activities by any of the entity that affects the working and progress in the project.
- Obligations and rewards
The agreement must define the duties of all the involved entities and the payments or any other reward for their working should clearly define in the agreement.
- Conflict of interest
Any of the entity can take account of the non-competition clause, at least till the term of the agreement.
- Miscellaneous provisions
Any kind of restrictions or requirements that cannot be added in the normal sequence or are vary agreement to agreement can be addressed under heading of the miscellaneous.
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