How is 'Legal and Professional Fees' defined in a legal contract?
- Legal and Professional Fees means the charges that a hired lawyer reasonably applies for necessary actions to safeguard the insured's interests related to a legal issue. This definition includes reasonable out-of-court costs and fees for expert witnesses that are not paid back by the opposing party. Seen in 1 SEC filing.
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of legal and professional fees' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Legal and Professional Fees means reasonable charges by a hired counsel for necessary actions to protect [party]'s interests, including out-of-court costs and expert witness fees not reimbursed.
Relevant Contract Types
- Employment Agreement
- Consultancy Agreement
- Partnership Agreement
- Lease Agreement
- Merger and Acquisition Agreement
Relevant Circumstances
- When engaging a lawyer for a corporate law dispute
- When engaging a lawyer for labor disputes
- When dealing with a litigation
- When consulting an expert for an audit
Relevant Sectors
Are you creating, reviewing or negotiating a document?
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Legal and Professional Fees means reasonable charges by a hired counsel for necessary actions to protect [party]'s interests, including out-of-court costs and expert witness fees not reimbursed.
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