Fee structure is basically the way that compensation is expressed. The two most common fee structures are lump sum and time and materials. With a lump sum fee structure, you are asking your vendor to complete a defined scope of work for a fixed fee. With the time and materials fee structure you are asking your vendor to complete work for an hourly fee or per unit fee. This video reviews these two types of fee structures and discusses the importance of considering the incentives and disincentives that the choice of a fee structure will create.
Francis X. Taney, Jr.
Taney Legal LLC
- 25 years of experience with both negotiation of professional service contracts and litigation arising from such contracts
- Tried approximately 50 cases to verdict or award in bench and jury trials, arbitrations, and other administrative proceedings
- Has coordinated the legal strategies for close to 100 technology-based startup companies
- Recognized by The Legal Intelligencer with the Lawyer on the Fast Track award, named as a Pennsylvania Super Lawyers Rising Star, and named to the SmartCEO's Legal Elite list
- Featured legal commentator on Fox Business Network “Money for Breakfast” and CNBC “Power Lunch” segments
- Selected published works include: "Technology Transactions and Effective Litigation Management," chapter, Inside the Minds: Technology Law Client Strategies, 2007; "Navigating the IT Outsourcing and Procurement Process," chapter, CIO Wisdom II: More Best Practices – Harris Kern Enterprise Computing Institute, 2006; and "Securing the Whole Enterprise: Business and Legal Issues," an article he co-wrote with Thomas Costello, IT Professional, 2006
- Can be contacted at 215-514-8736 or [email protected]
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