A ________ Is a Form of Compensation That Involves the Agency

question 120

Multiple Choice

A ________ is a form of compensation that involves the agency billing the client each month based on the projected amount of work and the hourly rate charged for that work.

• A)set fee system
• B)value bill
• C)commission
• D)retainer
• E)performance incentive

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Definitions:

Legal Action

The process of seeking judicial intervention to enforce or protect a right through a lawsuit or other legal means.

Surety

A guarantee, typically by a third party, ensuring the fulfillment of an obligation or the performance of a contract.

Guarantor

An individual or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.

Lienholder's Claim

The right of a creditor to retain possession of a debtor's property until the debt is settled.