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Conditional Fee Agreement
"I need a Conditional Fee Agreement for a commercial litigation case in Lagos, Nigeria, where our law firm will represent a manufacturing company in a contract dispute, with a success fee of 25% only payable if we secure damages exceeding 50 million Naira."
1. Parties: Identification of the legal practitioner/law firm and the client
2. Background: Context of the agreement, including the nature of the legal matter for which services are being provided
3. Definitions: Definitions of key terms including 'success', 'basic fees', 'success fee', and other relevant terms
4. Scope of Legal Services: Detailed description of the legal services to be provided under the agreement
5. Success Criteria: Clear definition of what constitutes 'success' in the matter and triggers the conditional fee
6. Fee Structure: Breakdown of basic fees, success fee percentage, and calculation method
7. Payment Terms: Terms and timing of payment, including when success fee becomes payable
8. Costs and Disbursements: Treatment of court fees, expert fees, and other disbursements
9. Client's Obligations: Client's responsibilities including providing information and cooperation
10. Termination: Circumstances under which the agreement can be terminated and consequences
11. Governing Law: Confirmation that Nigerian law governs the agreement
1. Counsel Fees: Include when external counsel may be required, detailing how their fees will be handled
2. Insurance Arrangements: Include when after-the-event insurance is being arranged for the case
3. Multiple Proceedings: Include when the matter might involve multiple proceedings or appeals
4. Third Party Funding: Include when third-party funding might be involved in the case
5. Settlement Provisions: Include detailed settlement provisions when the case is likely to settle
6. Multi-Party Proceedings: Include when multiple clients are party to the same CFA
7. Risk Assessment: Include when a detailed risk assessment has been conducted and needs to be referenced
1. Schedule 1 - Scope of Work: Detailed breakdown of the legal work to be undertaken
2. Schedule 2 - Fee Calculations: Detailed methodology for calculating basic fees and success fees
3. Schedule 3 - Disbursements: List of anticipated disbursements and their treatment
4. Schedule 4 - Risk Assessment: Detailed risk assessment and justification for success fee percentage
5. Appendix A - Client Care Letter: Standard client care information and complaints procedure
6. Appendix B - Case History: Summary of case history and work done to date, if applicable
Authors
Legal Services
Financial Services
Insurance
Oil and Gas
Banking
Manufacturing
Real Estate
Construction
Technology
Healthcare
Telecommunications
Mining
Retail
Agriculture
Transportation
Legal
Finance
Risk Management
Compliance
Operations
Business Development
Corporate Affairs
Strategy
Commercial
Procurement
General Counsel
Legal Director
Chief Legal Officer
Head of Legal
Legal Operations Manager
Chief Financial Officer
Risk Manager
Compliance Officer
Business Development Director
Contract Manager
Finance Director
Managing Partner
Litigation Partner
Senior Associate
Legal Project Manager
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