The Business Engagement Letter is a crucial document in Philippine business practice, used to formalize professional service relationships and ensure clear understanding between parties. It serves as the primary document establishing the terms of engagement between service providers and their clients, incorporating essential elements required under Philippine law. This document is typically used when engaging professional services, consulting arrangements, or any formal business advisory relationship. The Business Engagement Letter must comply with Philippine regulations, including the Civil Code, Corporation Code, and relevant professional services regulations. It should detail the scope of work, professional fees, timeline, deliverables, and terms of service while addressing specific requirements of Philippine business law such as tax implications and professional liability considerations. The document is particularly important for maintaining professional standards and protecting both parties' interests in the engagement.
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1. Letter Header: Includes date, recipient's name, title, company name, and complete address
2. Salutation: Professional greeting to the recipient
3. Introduction: Opens the letter and identifies the parties involved
4. Purpose of Engagement: Clearly states the purpose and scope of the business engagement
5. Scope of Services: Detailed description of services to be provided
6. Terms of Engagement: Key terms including duration, fees, payment terms, and basic obligations
7. Professional Fees: Detailed breakdown of fees, payment schedule, and billing arrangements
8. Timeline: Expected duration and key milestones of the engagement
9. Confidentiality Statement: Basic confidentiality obligations of both parties
10. Signature Block: Space for signatures, names, and titles of both parties
1. Team Composition: Details of key team members and their roles, used when specific personnel are critical to the engagement
2. Conflict of Interest Disclosure: Statement regarding any potential conflicts, included when relevant to the specific engagement
3. Limitation of Liability: Clauses limiting professional liability, used in high-risk engagements
4. Termination Provisions: Detailed termination clauses, included for longer-term engagements
5. Insurance Coverage: Details of professional insurance coverage, included for regulated or high-risk services
6. Data Privacy Statement: Detailed privacy provisions, required when handling personal or sensitive data
7. Anti-Money Laundering Compliance: AML compliance statements, required for financial or regulated services
8. Force Majeure: Provisions for unforeseen circumstances, included for longer-term or complex engagements
1. Schedule A - Detailed Scope of Work: Comprehensive breakdown of services, deliverables, and methodologies
2. Schedule B - Fee Structure: Detailed breakdown of fees, expenses, and payment terms
3. Schedule C - Project Timeline: Detailed project schedule, milestones, and deadlines
4. Schedule D - Team Profiles: Detailed information about key team members and their qualifications
5. Appendix 1 - Standard Terms and Conditions: Firm's standard terms and conditions applicable to the engagement
6. Appendix 2 - Compliance Requirements: Specific regulatory or compliance requirements applicable to the engagement
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