7 - Retainer Agreement
7 - Retainer Agreement
Gentlemen:
Our Firm
Our Firm is composed of twenty (20) lawyers who are assisted by paralegals and
a full complement of non-legal staff. Our main office is located in Bonifacio
Global City. We regularly correspond with many of the leading law firms
throughout the world, including those in Asia, Australia, Europe, and the U.S.A.
Our Firm provides a full range of legal services to clients. It has been involved in
the handling of many important and complicated transactions and cases. It is
divided into seven (7) Service Departments, namely: Retainer, Intellectual
Property, Corporate and Special Projects, Labor and Employment, Litigation, Tax
and Immigration.
Our Tax Department renders tax advice on the transactions arising from the
daily operations of various types of business enterprises engaged in the business
of banking, securities, energy, construction, manufacturing, technology, business
process outsourcing and telecommunications, among others. We also defend and
represent our clients against assessments received from the Bureau of Internal
Revenue and litigate any claims for refunds/credits from the administrative until
the judicial level. We also handle individual clients who require assistance on
estate planning or advice in the settlement of large estates with complex issues.
Upon the effectivity of this Agreement, our services will be made available to the
Corporation. Accordingly, the existence of a conflict of interest situation shall be
determined vis-à-vis the Corporation which is the entity covered by this
Agreement unless we have mutually agreed to expand, or to the new terms of, the
coverage.
a. Retainer Fee
P 15,000.00 per month, or P 45,000.00 per quarter, plus applicable Value Added
Tax (VAT), payable quarterly in advance within the first five (5) days of the first
month of each calendar quarter. This amount is tentatively fixed at this time
since it is difficult for you and us at this stage to determine the volume of work,
the nature of services to be rendered and the complexities of the problems that
you may be encountering. Such retainer amount will be subject to adjustment
upon mutual agreement of the parties if our periodic review of the engagement
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indicates that economic conditions or the volume of retainer work necessitate
such adjustment.
e. Out-of-pocket Expenses
Out-of-pocket expenses such as, facsimile, machine reproduction, long distance
telephone charges and transportation expenses, as well as per diems and
accommodation expenses (which are at least business class for our lawyers)
incurred in undertaking work for you outside the Metro Manila area, and other
special out-of-pocket expenses you may authorize us to incur, shall be for your
account. In this connection, we request that you remit to us the amount of P25,
000.00, plus applicable VAT, to cover such out-of-pocket expenses. We may
request that you remit to us additional amounts in the future to cover such out-
of-pocket expenses, as and when necessary.
f. Interest Charges
Unpaid legal fees shall be charged two percent (2%) interest per month starting
thirty (30) days after your receipt of the first billing. Further, any amount
advanced by the Firm for your account shall be charged two percent (2%)
interest per month from the date the amount was disbursed.
g. Conflict of Interest
In case any matter should arise between you and another client of this office, by
virtue of which we might have a conflict of interest under the Code of
Professional Responsibility which binds all lawyers, we reserve the right to
inhibit ourselves from representing you and/or our other client(s) insofar as
that particular matter is concerned.
h. Termination
Subject to the conflict of interest clause herein, this retainer contract shall have a
guaranteed term of twelve (12) months. In the event of your pre-termination of
this Agreement, the balance of the retainer fee(s) due shall be paid to the Firm.
After the initial twelve (12) month period, either party may terminate this
Agreement upon sixty (60) days prior notice in writing; Provided, however, that
in case of non-payment of our retainer fees or if a conflict of interest situation
should arise, our Firm may terminate this Agreement with immediate effect
upon your receipt of the notice and without the need to provide a prior 60-day
period.
If the foregoing meets with your approval, please indicate your conformity
in the space provided herein below and return to us a signed duplicate original of
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this letter for our files.
We look forward to being able to work with you closely and to servicing
your legal requirements
By:
CONFORME:
By:
_____________________________
MR. KEVIN BANZALI
President