Definition of 'Engagement Letter'
The engagement letter is an important document because it establishes a clear understanding between the client and the professional services firm. It helps to avoid misunderstandings and disputes down the road.
The engagement letter should be drafted by the professional services firm and sent to the client for review and approval. The client should carefully review the engagement letter and make sure that they understand all of the terms before signing it.
The engagement letter should include the following information:
* The name of the client and the professional services firm.
* The scope of work to be performed.
* The fees to be charged.
* The terms of the engagement, such as the start and end dates, and the payment terms.
* Any other relevant information, such as confidentiality agreements or intellectual property rights.
The engagement letter is a legally binding document. Once it is signed by both parties, it cannot be unilaterally modified. If either party wants to make changes to the engagement letter, they must do so in writing and get the other party's consent.
The engagement letter is an important document that protects both the client and the professional services firm. It helps to ensure that both parties understand their rights and obligations, and that the work is performed in a professional and timely manner.
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