Contingency In Law Terms In Collin

State:
Multi-State
County:
Collin
Control #:
US-00442BG
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Description

There are various types of attorney fee arrangements such as time based, fixed, or contingent. Time based means a fee that is determined by the amount of time involved, such as so much per hour, day or week. Fixed means a fee that is based on an agreed amount, regardless of the time or effort involved or the result obtained. Contingent means a certain agreed percentage or amount that is payable only upon attaining a recovery, regardless of the time or effort involved.


With a contingent fee arrangement, the lawyer receives no fee unless money is recovered for the client. Upon recovery, the lawyer is paid an agreed-upon percentage, usually ranging from an amount equal to 25 to 50 percent of the amount recovered. A written fee agreement should specify the costs and expenses to be deducted and whether such costs and expenses are to be deducted before or after the contingent fee is calculated. Contingent fee agreements are generally not permitted for criminal cases or domestic relations matters.


Even if there is no recovery, however, the client is still responsible for court costs (filing fees, subpoena fees, etc.) and related expenses, such as telephone charges, investigators' fees, medical reports, and other costs.


This form is a fairly typical contingent fee agreement

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FAQ

The contingent period usually lasts anywhere from 30 to 60 days. If you have a mortgage contingency, the buyer's due date is usually about a week before closing. Overall, a home stays in contingent status for the specified period or until the contingencies are met and the buyer closes on their new house.

You can calculate a contingency budget by identifying project risks, estimating their potential impacts, and assigning probabilities and dollar amounts to each. Multiply impact by probability to find the priority level, then sum their estimated costs based on your level of risk tolerance.

2 How to calculate project contingency One method is to use a percentage of your total project budget or duration, based on your level of confidence or risk tolerance. For example, if you are confident that your project will not face many risks or changes, you can use a low percentage, such as 5% or 10%.

(a) "Contingency," as used in this subpart, means a possible future event or condition arising from presently known or unknown causes, the outcome of which is indeterminable at the present time.

Steps in Creating a Contingency Plan Create a contingency policy. Identify resources. Identify key risks. Prioritize risk impact. Draft a contingency plan. Share the plan. Test the plan. Review and update the plan.

Something that might possibly happen in the future, usually causing problems or making further arrangements necessary: You must be able to deal with all possible contingencies. contingency plan Have you made any contingency plans? Synonym. eventuality.

What Is a Contingency? A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic.

A contingency is an event you can't be sure will happen or not. The noun contingency describes something that might or might not happen. We use it to describe an event or situation that is a possible outcome but one that's impossible to predict with certainty.

Contingency | Intermediate English something that might possibly happen in the future, usually causing problems or making further plans and arrangements necessary: We must prepare for all possible contingencies.

Contingent means that an event may or may not occur in the future, depending on the fulfillment of some condition that is uncertain. This term is often used in contracts where the event will not take effect until the specified condition occurs.

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Contingency In Law Terms In Collin