Contingency In Agreement In Houston

State:
Multi-State
City:
Houston
Control #:
US-00442BG
Format:
Word; 
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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

In Texas, it would not violate any law to adopt a policy such as the following: "XYZ Company prohibits any activity or exchange of goods, property, or services that significantly promotes, supports, or enables any business activity of a competitor, unless such activity or exchange has been discussed and approved in ...

Absolutely. Texas businesses can and should continue to protect their interests through legally compliant nonsolicitation and nondisclosure agreements. The key is ensuring that these agreements are drafted to meet legal standards for reasonableness and necessity.

Unless the agreement is required to be in writing under Texas' Statute of Frauds, a verbal agreement is enforceable under Texas law.

Contingency Contract Examples If you fail to secure the financing within the stipulated period, either party may terminate the contract without any legal consequences. Another simple example is a child who agrees with their parent that they would receive a new bicycle if they receive an A in a specific class.

Contingencies. Contingent contracts, like contingencies themselves, cannot occur unless a certain condition is met. For instance, the sale of a home cannot take place without a prior home inspection, and an aircraft cannot leave the hangar without a thorough walk-around inspection by the pilot.

A contingency is a potentially negative event that may occur in the future, such as an economic recession, natural disaster, or fraudulent activity. Companies and investors plan for various contingencies through analysis and implementing protective measures.

What are the most common contingencies? Some of the most common real estate contingencies include appraisal, mortgage, title and home inspection contingencies.

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.

More info

A contingency fee is a type of payment arrangement in which an attorney agrees to represent the client in exchange for a percentage of any settlement or award. A contingency fee is an arrangement where the client will only pay the lawyer if they get money for their case.Mortgage contingency is a vital clause in real estate contracts that allows cancellation or renegotiating if certain conditions are unmet. A contingency is a clause or condition in a purchase agreement that specifies what must happen or needs to be done for the contract to be legally binding. The standard home purchase contract lists several conditions that must be met before the closing date, which as a buyer, you can choose to include or not. Contingencies allow buyers and sellers an opportunity to thoroughly evaluate the home, finances, and more. The home sale contingency clause can be complicated to both structure and present to your buyer or seller. A real estate contract is a formal agreement between two or more parties. It is legally enforceable and involves a property transaction. A contingency contract is a legal document that sets a condition that needs to be met before it can be concluded.

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Contingency In Agreement In Houston