Existing contracts for success fee
28 Existing contracts for success fee
In this section —
relevant date means the day on which section 21 comes into operation.
Section 21 applies in respect of any agreement, or any success fee receivable under an agreement, in force before the relevant date.
However, section 21 does not apply in respect of —
any success fee received before the relevant date; or
any success fee that is receivable (whether before or after the relevant date) for work carried out before the relevant date; or
the entering into, before the relevant date, of an agreement to receive a success fee.
Section 21 applies to an agreement to receive a success fee that was entered into before the relevant date to the extent that the agreement provides for a success fee to be received for work carried out on or after the relevant date.
This Act’s bill:Explanatory memorandumSecond reading speech
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