Engagement letter
Also known as: letter of engagement, retainer letter, terms of engagement
An engagement letter is a formal written agreement between a professional services firm and its client that sets out the scope of the services to be provided, the fees, the respective responsibilities of the parties, and other terms governing the relationship. Engagement letters are considered best practice across all professional disciplines and are required by some regulators. They also serve as a record of the consent given by the client at the outset of the relationship.
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The natural person who ultimately owns or controls a legal entity.
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