▇▇▇▇▇▇ Rates and Fee Arran ements Sample Clauses

▇▇▇▇▇▇ Rates and Fee Arran ements i. FAFAA expects to be charged reasonable fees for the Legal Services, pursuant to the applicable code of professional conduct. A reasonable fee is considered to be the product of: a) the amount of time reasonably necessary to devote to the matter by appropriately qualified legal professionals, and b) the customary or previously agreed to billing rates (the "Billing Rates") of those legal professionals involved in the rendering of the Legal Services. Furthermore, FAFAA expects Outside Counsel to use prudence and reasonableness :in rendering the Legal Services, refraining from providing more legal services than are actually needed to complete the same. ii. Under no circumstance will FAFAA pay for Outside Counsel's overhead expenses, as they are generally categorized :in accordance to applicable accounting principles. iii. Legal Services will be billed in increments of 6 minutes or 1/10 of an hour. iv. Unless otherwise agreed upon in advance, all hourly billing rates shall be solely on the basis of the Billing Rates. Absent a specific agreement for an alternative fee arrangement for a specific legal service, Outside Counsel's fees shall be computed by applying the Billing Rates to the reasonable time actually incurred in rendering the Legal Services. v. The level of expertise of the lawyer assigned to a matter referred by FAFAA shall be appropriate to the complexity of the legal issue therein. Therefore, partners in the law firm shall not ▇▇▇▇ for tasks that can be performed by an associate at a lower cost. Furthermore, FAFAA requires Outside Counsel to assign less demanding legal tasks to less senior lawyers in order to minimize legal expenses. Additionally, for matters of similar nature occasionally referred to Outside Counsel, FAFAA expects Outside Counsel to assign an attorney with prior experience with such matter. Outside Counsel shall ensure that the worked performed by the assigned lawyer(s) is reasonable, useful, and done efficiently. vi. In the event that Outside Counsel anticipates incurring in significant billable hours or expenses in excess of the normal amount within a particular month, Outside Counsel shall contact FAFAA to notify of the anticipated excess amount of billable hours or expenses during that month and shall include a reasonably detailed explanation of the reasons for such additional costs. ▇▇ ▇▇▇ ▇▇▇▇▇ • ▇▇▇ ▇▇▇▇, PR ▇▇▇▇▇-▇▇▇▇ • Telephone {787) ▇▇▇-▇▇▇▇