What is a Consultancy Agreement?

A Consultancy Agreement is an agreement between two individuals or Companies wherein one party acts as a Consultant and the other as the Client. This Agreement basically lays down the details in regard to the services that shall be provided by the Consultant, term or duration for which such services shall be provided, rights and obligations of both the parties, and the payment structuring.

When is a Consultancy Agreement needed?

A Consultancy Agreement is needed when an individual or Company wishes to engage another Company or individual as a Consultant for the performance of any specified services.

Why is a Consultancy Agreement needed?

  1. A Consultancy Agreement is needed so that both the parties think upon in detail over all the aspects of the Consulting services and put in writing all the information in regard to the term of the services, scope of services, rights and obligations and payment structuring.
  2. The interest of both the parties are protected as every detail is in writing so none of the parties can back out from their share of duties and obligations.
  3. A procedure for dispute resolution is mutually decided and put into writing well in advance so the potential for any prospective disputes is minimized.

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