Important Details
Posted on 23. Aug, 2010 by admin in Personal Finance
The Condition Fee Agreement is better known to many as the no win no fee agreement. This agreement means that the solicitor only gets paid if he wins your case or if the claim turns out to be successful. There is a fee known as the Success fee and the solicitor is entitled to this. This fee is actually a way to compensate the solicitor for the risk he or she is taking for not being paid. If he loses the case, this fee covers him while he waits for the payment from the opposite party.
This fee has no set price. The amount will depend on the chance of winning the case and the type of case it is. If the case does not go to trial, the success fee will be less than for a trial case. This fee and a basis fee are both paid by the other party and can be done in installments or paid all at once.
If you choose to use this type of agreement and you sign a Conditional Fee Agreement, be sure to ask up front what the possible costs could be and get it in writing. Getting this estimate is a good idea and should be done before any work is done on your case. Financial risks can be removed by using this legal agreement.