What is Consultancy Agreements?

It is a kind of service agreement between a company and a consultant which is generally a third party (appointed from outside). Under this agreement, an expert (consultant) is appointed by a company to take advice /guidance/suggestion in the area of his/her expertise. The agreement is usually secured by a written contract laying out basic and specific groundwork for the object and conditions of the work for which the expert/consultant has been assigned. These agreements not only safeguard the interests in data protection and intellectual property matters of the company but also serve as a proof in the matter of a dispute or conflict.

Why needed?

The agreement plays a crucial role in helping parties to avoid misunderstandings with respect to the intention of the contract subject to enter and work the nature of work it is being made. Such types of agreements are required in the scenarios where a company is in need of an expert for a specific work who cannot be engaged on a permanent basis. The legal binding that is created due to signing of the agreements like these helps such consultants to maintain the security where they are required to keep company information as confidential except the information already known to the general public or is under public domain.

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