Contingency Agreement Sample For Construction In Hillsborough

State:
Multi-State
County:
Hillsborough
Control #:
US-00442BG
Format:
Word; 
Rich Text
Instant download

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 purpose of retention — also known as retainage — is to incentivize contractors to complete a job ing to the contract terms by withholding a portion of their payment until all agreed-upon project milestones have been met. It's like a risk management strategy to ensure job completion.

Retention in construction is a financial security usually held by the principal against the head contractor and by the head contractor against subcontractors.

Retention is security held by a procuring contractor to guarantee the performance of a suppling contractor and in particular to safeguard against defects in the event that the supplying contractor fails to satisfactorily rectify them.

Retainage is the withholding of a portion of the final payment for a defined period to assure a contractor or subcontractor has finished a construction project completely and correctly.

A Simple Example of Fixed-rate Retainage To calculate your expected holdback, simply multiply the scheduled payment amount by the retainage rate. In this case, a $30,000 payment x 10% retainage would equal $3,000 in holdback for each payment.

Retainage usually depends on substantial completion Most contracts base the deadline for retainage payments on the date of a project's substantial completion.

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Contingency Agreement Sample For Construction In Hillsborough