Common use of Basis of Fees Clause in Contracts

Basis of Fees. BSBN's fees are typically based principally upon the time expended in performance of the representation, with telephone calls and travel time included in the computation of BSBN's time. Currently, BSBN's prevailing hourly rates range from approximately $565.00 per hour for a senior partner to $90.00 per hour for certain paralegals. BSBN's hourly rates are revised periodically, and BSBN reserves the right to revise said rates from time to time during the course of the representation. The Client(s) agree and acknowledge (i) that services may be performed, in BSBN's sole discretion, by attorneys and/or paralegals other than the attorney signing this Agreement and (ii) that each party comprising the Client (if more than one individual) are jointly and severally liable and responsible for any and all for any and all fees, disbursements, and expenses incurred in performing the Services. Further, unless specifically agreed to in a writing signed by BSBN and the Client, any fee or time estimate that BSBN may provide is not a commitment by BSBN to perform any services within a fixed time or for a fixed fee. Please further note that all fees incurred for the Services are subject to Bankruptcy Court approval. In order to obtain this approval, BSBN is required to make an application before the court, advising the court of the fees incurred, and seeking the Court’s permission for the Client to pay the same. Initial Retainer. BSBN shall require an initial retainer fee of $82,500.00 upon the execution of the Agreement (“Retainer Fee”), which shall be applied against our fees, disbursements, and expenses as they accrue, with the permission of the bankruptcy court. BSBN may require an additional retainer at any time, which will be applied in a manner consistent with this Agreement. Any unused portion of the Retainer Fee is fully refundable when the Services are complete, or our representation terminated. Regular Billing. BSBN shall render statements to the Client on a regular basis describing briefly the Services performed and the fee charges for such Services, expenses and disbursements paid by BSBN on the Client’s behalf, any amounts then outstanding shall be due upon the approval of said invoices by the bankruptcy court. The Client expressly agrees that these invoices may be submitted electronically via email only.

Basis of Fees. BSBN's fees are typically based principally upon the time expended in performance of the representation, with telephone calls and travel time included in the computation of BSBN's time. Currently, BSBN's prevailing hourly rates range from approximately $565.00 per hour for a senior partner to $90.00 per hour for certain paralegals. BSBN's hourly rates are revised periodically, and BSBN reserves the right to revise said rates from time to time during the course of the representation. The Client(s) agree and acknowledge (i) that services may be performed, in BSBN's sole discretion, by attorneys and/or paralegals other than the attorney signing this Agreement and (ii) that each party comprising the Client (if more than one individual) are jointly and severally liable and responsible for any and all for any and all fees, disbursements, and expenses incurred in performing the Services. Further, unless specifically agreed to in a writing signed by BSBN and the Client, any fee or time estimate that BSBN may provide is not a commitment by BSBN to perform any services within a fixed time or for a fixed fee. Please further note that all fees incurred for the Services are subject to Bankruptcy Court approval. In order to obtain this approval, BSBN is required to make an application before the court, advising the court of the fees incurred, and seeking the Court’s permission for the Client to pay the same. Initial Retainer. BSBN shall require an initial retainer fee of $82,500.00 25,000.00 upon the execution of the Agreement (“Retainer Fee”), which shall be applied against our fees, disbursements, and expenses as they accrue, with the permission of the bankruptcy court. BSBN may require an additional retainer at any time, which will be applied in a manner consistent with this Agreement. Any unused portion of the Retainer Fee is fully refundable when the Services are complete, or our representation terminated. Regular Billing. BSBN shall render statements to the Client on a regular basis describing briefly the Services performed and the fee charges for such Services, expenses and disbursements paid by BSBN on the Client’s behalf, any amounts then outstanding shall be due upon the approval of said invoices by the bankruptcy court. The Client expressly agrees that these invoices may be submitted electronically via email only.