If you are running a company and do you need an external consultant for the benefit of your business or company? Then, consultant agreement plays a major role between the company and a consultant.
The consultancy agreement is formed between the consultant and the company. It describes the scope of work to be executed by them and other terms and conditions associated with their appointment in the company.
Why consultant agreement?
A consultancy agreement is required when the firm or company appoints an external consultant. The company may choose to avail their services to do some particular work so they hire someone who has expertise in that field. In such cases, it’s always more beneficial to enter into a contract with the consultant.
Tips for Consultant agreement
Setting out the services to be implemented and the standards expected to avoid errors by either party about what is to be delivered. It minimizes the risk of creep, where the list of services increases without a similar change to the price or timescales. Alternatively, as the consumer, it guarantees you to get all the assistance you are demanding. Describe how the information will be put directly if the services are not up to the standard required.
Consider who is liable for each part of the scheme and what each party requires to provide. For the client, responsibilities may be to grant access to some specific property and information, respond instantly to requests from the consultant and select someone to take charge of the project and liaise with the authority or consultant agreement for services. Setting out each individual’s responsibilities in writing draws them to those responsibilities.
- Time frame
Any time frame or milestones for the services should be made clear in the agreement, with a method for dealing with any slippage or adding additional services through the period of the contract.
Make clear what payments are expected and when the process for getting the payments and what happens if they are not paying on time. If the payments are subject on certain services being provided or time frames being done, make this clear.
- Confidentiality and Intellectual Property
Define both the parties obligations concerning private and confidential information and define what are the steps needed to be taken to protect that information. Make sure who will own any intellectual property associated with the services and when will this transfer. Consider whether you are a consultant and want to retain any rights to use information about the services in your forthcoming marketing. Most intellectual property rights will continue with the consultant unless it is specifically specified to the client.
- The end of the contract
How can both parties conclude the contract? Is the contract for the life of the project or will it remain until both the party gives notice to the other party? Make sure you can end the contract if the other party does not follow the contract or fix a mistake, or their business gets into financial difficulty.
- What happens after the contract closes or ends
If there are any responsibilities after the contract ends, for instance, to make certain adjustments or payments, and return any materials or information, incorporate these in the contract.