Contingency Agreement Example In North Carolina
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For instance, a home seller may agree to an offer with the contingency that they must find a new home before they sell. If they are unable to find another home within a specified time frame, they may cancel the deal without penalty — so long as this contingency is spelled out in the contract.
The average contingency rate falls between 20-40%, with most lawyers charging around 33% to 35% of the total amount recovered in a case. The exact percentage can vary depending on the complexity of the case, the lawyer's experience, and the stage at which the case is resolved.
The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions occurring. A contingent contract can also be viewed as protection against a future change of plans.
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.
One frequent question we receive is whether you can recoup your attorneys' fees spent pursuing or defending a lawsuit. The well-established rule in North Carolina is that each party bears its own costs of litigation, unless a statute specifically awards attorneys' fees.
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
