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The Bookkeeping Service Agreement is a legally binding document that outlines the terms and conditions between the Accountant (Party 1) and the Client (Party 2) for the provision of bookkeeping services. This agreement is important as it establishes the contractual relationship between the parties and sets out the rights, obligations, and responsibilities of each party.
The agreement begins with definitions and interpretation, clarifying the meaning of certain terms used throughout the document. It states that the agreement is effective from the date and will continue until terminated in accordance with the terms of the agreement.
The contractual relationship section (Clause 2) states that the Client appoints the Accountant as its bookkeeper, and the Accountant agrees to perform the services set forth in the agreement. It also specifies that any service outside the defined scope will require a new agreement.
The Services section (Clause 2) outlines the authority of the Accountant to bind the Client, stating that it is limited to the services detailed in the agreement. It also clarifies that the agreement does not create an employer-employee relationship between the parties.
The Service Fees section (Clause 3) states that the Client will pay the Accountant a service rate per hour for the services rendered. It specifies that the Accountant will invoice the Client at the end of each month and that payment is due within 30 days of the invoice date. It also addresses expenses incurred by the Accountant and the requirement to obtain the Client's written consent for expenses over a certain limit.
The Liabilities and Indemnities section (Clause 4) outlines the parties' agreement regarding the rights and benefits of the Accountant and the Accountant's indemnification of the Client against liabilities arising from negligence or wilful default.
The Term and Termination section (Clause 5) specifies the duration of the agreement and the Client's right to terminate it at any time upon written notice to the Accountant.
The Variation and Severability section (Clause 6) addresses the amendment, variation, and waiver of the agreement, as well as the invalidity or unenforceability of any provision.
The Counterparts section (Clause 7) states that the agreement may be executed in any number of counterparts, each of which is an original but together constitute one instrument.
The Governing Law and Jurisdiction section (Clause 8) specifies the jurisdiction and governing law applicable to the agreement.
The Notices and Service section (Clause 10) outlines the requirements for giving notice under the agreement, including the methods of delivery and the addresses of the parties.
In conclusion, the Bookkeeping Service Agreement is a comprehensive document that establishes the terms and conditions for the provision of bookkeeping services. It covers various aspects such as the contractual relationship, services, service fees, liabilities and indemnities, term and termination, variation and severability, and governing law and jurisdiction.
1. Review the definitions and interpretation section to understand the meaning of certain terms used throughout the agreement.
2. Read the contractual relationship section to understand the appointment of the Accountant as the bookkeeper and the scope of services to be provided.
3. Familiarize yourself with the Services section to understand the limitations of the Accountant's authority and the requirement for a new agreement for services outside the defined scope.
4. Review the Service Fees section to understand the payment terms, including the service rate per hour, invoicing process, and payment due date.
5. Understand the provisions regarding expenses incurred by the Accountant and the requirement to obtain the Client's written consent for expenses over a certain limit.
6. Read the Liabilities and Indemnities section to understand the Accountant's indemnification of the Client against liabilities arising from negligence or wilful default.
7. Familiarize yourself with the Term and Termination section to understand the duration of the agreement and the Client's right to terminate it at any time upon written notice.
8. Understand the provisions regarding amendment, variation, and waiver of the agreement in the Variation and Severability section.
9. Read the Counterparts section to understand that the agreement may be executed in multiple counterparts.
10. Familiarize yourself with the Governing Law and Jurisdiction section to understand the applicable jurisdiction and governing law.
11. Review the requirements for giving notice under the agreement in the Notices and Service section, including the methods of delivery and the addresses of the parties.
It is important to carefully review and understand the entire agreement before proceeding with the provision of bookkeeping services. Seek legal advice if necessary to ensure compliance with applicable laws and regulations.