Payment Terms

Fixed Fees

Morgan & Westfield may offer fixed fees for specific services, as described in an Addendum to the Consulting Agreement. Unless agreed otherwise, half of the fixed fee is due upon Client’s signing of the Addendum. The remaining half of the fee shall be due upon completion of the services, or upon 90 days from the signing of the Addendum, whichever is earlier.

Hourly Rates

With respect to services not covered by a fixed fee arrangement, Morgan & Westfield shall charge fees for services on an hourly basis at the following rates: 

Businesses with $0 - $999,999 in Annual Revenue

  • Senior officer – $250 per hour. 
  • Staff member – $50 per hour.

Businesses with $1,000,000+  in Annual Revenue

  • Senior officer – $350 per hour. 
  • Staff member – $75 per hour.

Time is billed in increments of 0.1 hour (6 minutes) and includes any time spent by Morgan & Westfield working on Client’s matter, whether by email or phone.

 

Mode of Payment

Client shall provide Morgan & Westfield with their credit or debit card number, expiration date, and any other information necessary for Morgan & Westfield to charge Client’s card. Morgan & Westfield shall keep the foregoing information strictly confidential. Client authorizes Morgan & Westfield to, without further notice, charge Client’s card for fees agreed upon, on or after the due date of such fees. If the total fee is greater than $5,000, Morgan & Westfield may require Client to pay the fees via wire transfer to the account designated by Morgan & Westfield.

Service Delivery

Client acknowledges that Morgan & Westfield is able to offer competitive rates because it performs its Services via phone, email or online, which eliminates travel time. Non-remote work, which includes without limitation, face to face meetings, physical visits or investigations in government offices or third party premises, and any travel time, shall be charged on an hourly basis unless agreed otherwise.

Extensive Contract Revisions

Morgan & Westfield’s fees assume minimal changes to its standard contract forms, which are designed to be fairly neutral between buyer and seller.  If a party requires extensive changes to Morgan & Westfield’s forms, Client should engage his own attorney to review such changes.  Alternatively, Client may engage Morgan & Westfield to review such changes, at Morgan & Westfield’s standard hourly rates.  Morgan & Westfield shall require a minimum of 48 hours to respond to any requested revisions. 

Express Services

Any requests that occur outside of business hours or requires a response in less than 24 business hours are billed at a base rate of 1.5 x our current hourly rate with a one hour minimum.

Escrow-Related Services

Fixed fees do not include any facilitation or coordination with escrow services, or any services normally performed by escrow agents. Escrow-related services are billed separately at our current hourly rates.  Our escrow-related services include the following:

  • Assistance with collecting and disbursing funds
  • Prorating of revenue or expenses
  • Filing and recording liens
  • Assistance in complying with Bulk Sales Laws
  • Notifying taxing authorities and obtaining Tax Clearances
  • Preparation of settlement statements and proration calculations
  • Performing UCC lien searches
Discounts

Morgan & Westfield may provide discounts as described in an Addendum or a separate document. These discounts may include fee reductions for using an escrow service, or for making full payment on the day of closing. In any case, all discounts shall be conditional on making timely full payment. If no deadline is otherwise specified, “timely full payment” shall be no later than seven calendar days from the due date stated in the relevant Addendum. If payment is made later than seven days from the due date, or if Client violates the Consulting Agreement, all discounts shall be deemed automatically revoked.  

Late Penalty and Default

If Client fails to make any payment when due, Client shall be deemed late and in default upon the lapse of 7 calendar days from the payment’s due date. On all late payments, Client shall be liable for a late fee of 20% of the late payment, and monthly interest of 1.5% on the principal amount. In case Client issues a bad check, or a check otherwise rejected by the bank, Client shall be liable for an additional bad check fee of $40.

Upon Client’s default, Morgan & Westfield may suspend any service to Client, or by notice to Client, treat such default as a Client’s cancellation of any portion of Morgan & Westfield’s services not yet performed. Any cancellation under this clause shall not release Client from liability for fees for services already performed. Client may also be liable for any balance that includes unperformed services, when any addendum or separate agreement with Morgan & Westfield provides the same. To the extent of the Morgan & Westfield’s Fee, Client hereby irrevocably assigns to Morgan & Westfield any sales proceeds and makes Morgan & Westfield a party to any escrow. If Morgan & Westfield retains a collection agency and/or attorney to collect overdue amounts, Client shall be liable for all collection costs, including attorney’s fees and any court costs, without prejudice to any other applicable liability.