What does a terms and conditions agreement cost? This is a question that many people may ask when drafting a legal agreement. Let’s explore this question and also review some general information about terms and conditions.
How Much Does a Terms and Conditions Agreement Cost?
It is common to find terms and conditions sections in the following legal contracts:
Getting help from a business lawyer to draft terms and conditions is highly encouraged to ensure that the contract is legally enforceable and adheres to all governing laws surrounding terms and conditions agreements. Based on ContractsCounsel’s marketplace data, the average cost of a project involving terms and conditions is $812 .
The cost of terms and conditions depends on several variables, which includes the complexity of the contract, and the location of the business requesting the terms and conditions agreement.
Do You Need a Lawyer to Write Terms and Conditions?
Terms and conditions can cover many agreement areas and will vary depending on the industry and parties and involved in the contract. Terms and conditions are highly customizable, and it is a good idea to hire a lawyer to draft this document.
Only an attorney experiences with local laws and terms and conditions agreements can ensure that your contract is legally binding and enforceable in court.
Examples of Terms and Conditions Projects
Terms and Conditions Drafting
Many people who need a contract that includes a terms and conditions section will hire a knowledgeable lawyer to draft the contract. Typically, the lawyer will consult with the party requesting the contract to find out exactly what it must include. Terms and conditions contract costs can vary based on how many custom terms need to be included in the document.
Although terms and conditions can be customized to fit various situations and business industries, it is important to include the following provisions in a terms and conditions draft:
- Intellectual property rights
- Termination clause
- Governing law clause
- DMCA notice clause
- Limitation of liability
- Enforceability clause
- Arbitration clause
- Confidentiality clause
- Indemnification clause
- Severability clause
- Definitions clause
Without each of these vital sections, your business and intellectual property may not be properly protected by your terms and conditions.
Terms and Conditions Review
In some circumstances, a party may have an existing terms and conditions template that they want reviewed by a lawyer to ensure it is legally binding. A lawyer will ensure the contract includes all the essential provisions and terms and follows local contract laws.
An experienced lawyer will review your terms and conditions to make sure the contract lays out the rights and obligations of each party, contains adequate consideration, includes contact information of both parties, and includes the following essential elements:
- Signature lines
- Important dates
- Payment terms
The terms and conditions within the contract will need to include these important elements to be legally enforceable.
Terms and Conditions Disputes
With any contract, even ones that are well-written and include all essential elements, disputes can arise if there is a breach of contract. A breach occurs when one party fails to meet their obligations as described in the agreed upon contract.
If there is a dispute over a terms and conditions agreement and you believe the other party has breached the terms of the contract, it is important to consult with an attorney. Your attorney will help determine if there was a valid breach and if you are eligible for any legal relief.
An attorney will help facilitate a mediation to try and rectify the contract issue, and if that doesn’t work, they can represent you in court in a breach of contract claim.
Drafting Terms and Conditions Cost
Drafting terms and conditions comes with costs because it requires the time of a trained lawyer to complete the project.
ContractsCounsel’s marketplace data shows the average terms and conditions drafting costs to be $975 across all states and industries.
Reviewing Terms and Conditions Cost
Hiring a lawyer to review terms and conditions will also come with fees. The attorney will need to take their time reading over the provisions to ensure they are fair and legal.
ContractsCounsel’s marketplace data shows the average terms and conditions review costs to be $485 across all states and industries.
How Do Lawyers Charge for Terms and Conditions?
Business and contracts lawyers charge for services in a variety of ways. Depending on the complexity of the project, the lawyer will typically suggest several fee options to the client.
Hourly Rates for Terms and Conditions
Hourly rates are the most common way that attorneys charge for their time. The lawyer will provide an hourly rate to be approved by the client and log time in a timesheet to be invoiced at the end of the project for time spent on the terms and conditions agreement. This is the safest way for the lawyer to charge clients because they are covered if the project takes more time than expected.
ContractsCounsel’s marketplace data shows the average hourly rate for a contract lawyer ranges from $250 - $350 per hour.
Flat Fee Rates for Terms and Conditions
Flat fee billing structures are becoming more popular for contract drafting projects. Lawyers will provide the client with a flat fee rate for the requested services. The benefit of flat fee billing is it provides certainty to the client on the total cost of the project. It is important to make sure the client knows what’s included with the fee before starting the project, as it may not include rounds of revisions or consultations.
ContractsCounsel’s marketplace data shows the average flat fee rate for terms and conditions costs to be $812 .
Get Help with Terms and Conditions
Do you need help with a terms and conditions project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from contract lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.