This document serves as a Contingency Agreement under Malaysian law, typically used when parties wish to establish a relationship where payment or obligations are conditional upon specific outcomes or achievements. It is particularly relevant in professional services, consulting arrangements, and performance-based contracts where compensation is tied to success or specific milestones. The agreement ensures compliance with Malaysian legal requirements, including the Contracts Act 1950 and relevant regulatory frameworks, while providing clear guidelines for determining when and how contingent obligations are triggered. This type of agreement is essential for businesses seeking to align incentives with performance and manage risk in conditional arrangements.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of services to be provided under the agreement
5. Contingent Event: Clear definition of the event or condition that triggers the payment obligation
6. Payment Terms: Structure and calculation of contingent payments, including timing and method
7. Obligations of Service Provider: Duties, responsibilities and commitments of the service provider
8. Client Obligations: Duties, responsibilities and commitments of the client
9. Term and Termination: Duration of agreement and circumstances for termination
10. Confidentiality: Protection of confidential information exchanged during the engagement
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
12. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Success Criteria: Detailed metrics or benchmarks for measuring success, used when the contingent event needs specific measurement criteria
2. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration, used in high-value or complex arrangements
3. Performance Monitoring: Procedures for tracking and reporting progress, used when regular monitoring is required
4. Intellectual Property: Protection and ownership of IP rights, used when services involve creation of intellectual property
5. Force Majeure: Provisions for unforeseen circumstances, used when external factors could significantly impact performance
6. Non-Competition: Restrictions on competitive activities, used when protecting business interests is crucial
7. Insurance: Insurance requirements and obligations, used in high-risk or regulated services
8. Assignment: Rights and restrictions regarding transfer of rights, used when assignment possibilities need to be controlled
1. Schedule 1 - Payment Calculation: Detailed formula and examples for calculating contingent payments
2. Schedule 2 - Service Specifications: Detailed description of services, deliverables, and standards
3. Schedule 3 - Key Performance Indicators: Metrics and measurements for evaluating service performance
4. Schedule 4 - Reporting Requirements: Templates and procedures for progress reporting
5. Schedule 5 - Contact Details: Key contact persons and communication protocols
6. Appendix A - Required Forms: Standard forms and documents required for service delivery
7. Appendix B - Compliance Requirements: Specific regulatory or industry compliance requirements
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Legal Services
Management Consulting
Business Advisory
Real Estate
Investment Banking
Sales and Distribution
Technology Services
Healthcare Services
Construction
Project Management
Relevant Teams
Legal
Finance
Business Development
Operations
Commercial
Risk and Compliance
Sales
Project Management
Executive Leadership
Relevant Roles
Legal Counsel
Contract Manager
Business Development Manager
Chief Financial Officer
Operations Director
Project Manager
Sales Director
Risk Manager
Compliance Officer
Managing Director
Commercial Manager
Finance Manager
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