Links from this article:
Read the article here.

While it seems obvious that billing and payment of expenses should be clearly dealt with in consulting contracts, many parties fail to address such details as: What happens if expenses are submitted late? Are original receipts required? How will payment be made? What types of expenses are covered? What is the procedure for authorizing expenses? Will verbal authorizations be accepted?

Other key concepts for consulting contracts include: ownership of IP, warranties by the consultant of the quality of their work, confidentiality, and cancellation/termination of the contract. Consultants should carefully review the contractual description of the project. It is important that both parties are clear on the extent of the work to be done. Equally important are any schedules to the agreement. These schedules often contain some of the most important details.

Read the article here.

Take away:

  • One of the key elements of a consulting contract deals with expenses. It should clearly define expenses and set out any budget restrictions, as well as a schedule for billing and payment.

 

–  –  –

This article is provided for informational purposes only and does not create a lawyer-client relationship with the reader. It is not legal advice and should not be regarded as such. Any reliance on the information is solely at the reader’s own risk. Clausehound.com is a legal tool geared towards entrepreneurs, early-stage businesses and small businesses alike to help draft legal documents to make businesses more productive. Clausehound offers a $10 per month DIY Legal Library which hosts tens of thousands of legal clauses, contracts, articles, lawyer commentaries and instructional videos. Find Clausehound.com where you see this logo.

What you don't know can hurt you! Subscribe to stay informed.

Sign up now and receive an email when we publish new content.

We will never give away, trade or sell your email address. You can unsubscribe at any time.