Contingency By Law Definition In Wake

State:
Multi-State
County:
Wake
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

Free preview
  • Preview Contingency Fee Agreement with an Attorney or Law Firm
  • Preview Contingency Fee Agreement with an Attorney or Law Firm
  • Preview Contingency Fee Agreement with an Attorney or Law Firm

Form popularity

FAQ

A good contingency plan should include a comprehensive business impact analysis, identifying key risks and their potential effects on normal operations. It must also outline actionable response plans, recovery strategies, and the roles and responsibilities of team members during an emergency.

They include: Develop the contingency planning policy statement. Conduct the business impact analysis (BIA). Identify preventive controls. Create contingency strategies. Develop an information system contingency plan. Ensure plan testing, training, and exercises. Ensure plan maintenance.

Scenario 1: A weather disaster takes place unexpectedly during the event. Contingency plan: Understand exactly what weather factors may cancel the event and have a plan to efficiently communicate this cancellation if necessary. Organisers include the right to cancel the event in the case of an emergency like this.

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.

How to write a contingency plan Make a list of risks. Weigh risks based on severity and likelihood. Identify important risks. Conduct a business impact analysis. Create contingency plans for the biggest risks. Get approval for contingency plans. Share your contingency plans. Monitor contingency plans.

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.

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.

(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.

: dependent on or conditioned by something else. Payment is contingent on fulfillment of certain conditions. a plan contingent on the weather. 2. : likely but not certain to happen : possible.

Trusted and secure by over 3 million people of the world’s leading companies

Contingency By Law Definition In Wake