Nobody can deny that the wave of startups has been increasing the demand of professions like Chartered Accountants, Lawyers, Company secretary and any other financial consultant expert in their field or work. But the startups which are cash-strapped cannot afford the full time services of the consultant who has the expertise as well the experience as per the requirements. Thus come in picture the consulting agreements. It is drafted between the consultant and a company outlining the scope terms and conditions of working together.
An expert is brought as an external consultant for his professional services for a specific nature of work and not as a full-time employer. A consultant’s services are governed by the consulting agreement which lays down the terms of scope of work to be performed, a specific term period, if mutually agreed upon, payment terms, confidentiality clauses, and the termination clause with a notice period mentioned therein
Consulting agreements benefit both the consultants and the company since it covers all the aspects of the work to be performed in specific timelines and the payment methods. The consulting agreement being a legally enforceable document may also mention a clause of dispute resolution.
It is preferred that a startup must keep a draft of consulting agreement as per their requirements at hand to be able to use it whenever it requires and negotiate with the draft as the base.
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