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The purpose of the Controlling Legal Costs Procedure is to describe the methods for managing and controlling your company’s legal costs.
The Legal Cost Control Procedure applies to all individuals with the responsibility for contracting legal services and/or approving agreements, contracts, or any other legally associated transactions. (4 pages, 1001 words)
Controlling Legal Costs Responsibilities:
The Controller will resolve, negotiate, and examine all legal expenses.
Legal Counsel should provide the estimated costs of legal engagements and the most likely outcome.
Controlling Legal Costs Definitions:
Arbitration – a private, informal process by which all parties agree, in writing, to submit their disputes to one or more impartial persons authorized to resolve the controversy by rendering a final and binding award, which is enforceable in court. Accounting control procedures can be used for a wide variety of disputes from commercial transactions to labor grievances.
Declaratory Judgment – a binding judgment issued by the court that defines the legal relationship between the parties and their rights with respect to the matter before the court. Commonly used in contract disputes (especially useful if no physical agreement exists and or a suit has not been filed yet) to clarify what conduct is permitted or prohibited by the contract or to clarify the contract if necessary.
A declaratory judgment provides the opposing party (defendant) with the opportunity to pick and chose the venue or jurisdiction, and the parties to the litigation. In this manner the opposing party can steal the initiative, direct the litigation, and maximize its chances of winning.