It covers all the aspects related to the tasks to be performed within said timelines. Termination: The agreement specifies the right of either of the parties to terminate the contract and notice period if required.Ĭonsultancy agreement benefits both the company and the consultant.Confidentiality: The consultant is expected to keep company information as confidential except the information already known to general public.Also, if any out of pocket expenses are allowed to them will be mentioned in the agreement. Payment terms: The payment terms include the amount of compensation to be paid to the consultant, when to pay (monthly, quarterly, etc.) and the mode of payment.Term: The time period for which the services of the consultant is required by the company is also mentioned in the contract.The consultant can exercise their sole discretion in performing such work. The methods of work are generally not defined. Scope of work: The consultancy agreement clearly specifies the duties, obligations, and services to be performed by the consultant.Major elements of the consultancy agreement are :
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