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Overview:
Terms and Conditions:
Additional Service Fees:
Initial Agreements:
Alternative Initial Agreements:
Proprietors Agreements:
Debt Reduction Agreements:
Other Services:
Cost Savings:
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Legal Fee PolicyGeneral Terms of Fee PolicyClover Law quotes a Fixed Legal Fee, if the Business and Adviser use the Questionnaire, Procedure and standard Agreement. The standard Questionnaire and Procedure are designed to reduce the cost of a Business Succession Plan. All Fixed Fees include disbursements and GST.
Scope of Standard Agreement The standard Agreement is designed to accommodate the reasonable requirements of most normal business structures involving arm’s length Proprietors within the standard Fee. The standard Fees allow for up to two (2) hours’ consultation with the Adviser or Client with respect to the Client’s needs and the completion of the Questionnaire. This might occur in a formal Meeting or Teleconference or by way of correspondence (e.g., email).
Variations of Standard Agreement Clover Law will quote a Fixed Fee with respect to more complex matters, if the standard Agreement must be amended to meet the needs of particular business structures or Clients.
Additional Fact-Finding Fees It is not always possible to complete all of the details of the Business Structure and Liabilities of the Business in the Client Meeting or Teleconference. If the information is not supplied in the Questionnaire, there will be an additional Legal Fee of $440 to collect the information from the Business or its Advisers, review it and incorporate it into the Succession Plan and Documentation. Click here to read more about the Additional Fact-Finding Fees. Draft Questionnaire Clients and Advisers should email or fax the draft completed Questionnaire to Clover Law before formally submitting it, so that Clover Law can advise what additional information still needs to be supplied. If this information is supplied with the completed Questionnaire before the Cover is applied for, this will usually avoid the need for the Fact-Finding Fee.
Any Variation of Incomplete Draft AgreementThere will be an additional Fee for the finalisation of an incomplete draft Agreement not finalised within six months of the first draft:
Failure to finalise any Agreement promptly can have serious adverse commercial, legal and taxation implications for the Business and the other parties to the Agreement. Click here for more detail with respect to the cost of Variations of the draft Agreement. Variation of Draft Agreement as a Result of Underwriting DecisionsIf a Life Insured is unable to obtain the required amount of insurance (e.g., because of health or premium cost), Clover Law will not charge for the drafting of any consequential amendments to the draft Schedules for the relevant Life Insured. Click here for more detail with respect to the cost of Variations of the draft Agreement.
Original Beneficial Ownership of Policies Click here to read about the importance of establishing the Original Beneficial Ownership of the Policies in accordance with the Clover Law Documentation Procedure.
Change of Fee PolicyClover Law reserves the right to change the Fee Structure from time to time. Any change will not affect any Fixed Fee quotation for the preparation of an Agreement that has been accepted and paid in accordance with the quotation.
Legal ConsultanciesClover Law is prepared to provide documentation and advice to other Lawyers on a consultancy basis. |
Adviser Tip The standard Fee allows for up to two (2) hours’ consultation with the Adviser or Client with respect to the Client’s needs and the completion of the Questionnaire.
Please contact us to arrange a meeting or teleconference. |
