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A consultancy agreement is required when the company appoints an external consultant. The company may like to avail their services to do some specific work so they hire someone who has expertise in that field. In such cases, it’s always better to enter into a contract with the consultant.
The consultancy agreement is made between the company and consultant. It outlines the scope of work to be performed by them and other terms and conditions related to their appointment in the company. It is a kind of service agreement only.
Major elements of the consultancy agreement are :
Consultancy agreement benefits both the company and the consultant. It covers all the aspects related to the tasks to be performed within said timelines. The agreement helps to avoid misunderstandings on the part of both the consultant and the company. It also serves as a legal document in the event of any dispute between the consultant and the company.