A consulting agreement for advisers who bill by the hour: what you'll advise on, your hourly rate, a cap on hours the client must approve before you exceed it, and clear limits on what your advice promises.
Clients hesitate to sign an open-ended hourly engagement because they can't predict the bill. A cap - say 60 hours - that you can only exceed with written approval gives them a budget, while you're still paid for every hour worked. When you approach the cap, send a short note on progress and what more time would achieve.
A consultant's work is only as good as the information the client provides, and the client decides what to implement. Say so in the contract: it sets realistic expectations and protects you if a recommendation isn't followed or doesn't deliver the result the client hoped for.
If you'll travel to the client's sites, agree how travel time is billed - many consultants charge it at a reduced rate - and keep receipts for any expenses the client approves.
A contract signed by both parties is generally binding if they agreed to its terms freely. These templates are a well-structured starting point, not legal advice: for high-value or unusual agreements, have a lawyer review the final version.
It varies widely with experience and field. Work back from the annual income you need, allowing for the fact that only part of your time is billable, and check what clients in your sector pay. Agree the rate in writing before you start.
Many agreements in India attract stamp duty, which varies by state and type of agreement. You can print on stamp paper or pay e-stamp duty for your state; an unstamped agreement may not be admissible as evidence until the duty and any penalty are paid.
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