Settlement agreement and mutual release for a business dispute
Settlement terms and a release to close a commercial dispute without going to court.
What is included
- Confirms the scope of the work with you in a written retainer
- Discusses your goals, the parties involved and the risks to address
- Drafts, reviews or negotiates the agreements or corporate documents needed
- Explains the key terms, obligations and options in plain language
- Prepares and files government forms and registrations where required
- Coordinates with your accountant or other advisers where the work calls for it
What is not included
- Government filing, search and registration fees and other disbursements
- Tax, accounting or valuation advice, unless the lawyer agrees to provide it
- Disputes or litigation that arise later
- Work by NEO Legal Services: NEO is a paralegal firm and only makes the referral
Who this service is for
- Business owners and founders
- Companies entering a contract, deal or reorganization
- Buyers and sellers of a business
- Directors and officers who want advice on their duties
Information to have ready
- 1Your corporate name, number and minute book, if incorporated
- 2Names and roles of the owners, directors and officers
- 3Any draft agreements, term sheets or letters of intent
- 4Financial statements or key figures relevant to the work
- 5Your accountant's contact details
How a referral works
- 1Tell us in a few words what the matter is about, and who else is involved, so we can check for a conflict of interest.
- 2We recommend an Ontario lawyer for your matter, and at least one other you could choose instead.
- 3The lawyer runs their own conflict check, confirms the scope and quotes the fee, normally in a written retainer agreement.
- 4You pay the lawyer's fee to the lawyer. Any referral fee comes out of it, is disclosed to you in writing, and never increases what you pay.
NEO Legal Services Professional Corporation is a licensed paralegal firm, not a law firm. Every step of a referral, and your rights
Frequently asked questions
What does the lawyer charge?
A typical Ontario fee for this service is $800–$3,000, plus HST. The lawyer quotes the actual fee before any work starts. You pay the lawyer directly; the referral itself costs you nothing.
Should I involve my accountant?
Often, yes. Many corporate steps, such as share structures, reorganizations and business sales, have tax effects, and the lawyer may work with your accountant on them.
Can one lawyer act for both sides of a deal?
Usually not when the parties' interests differ. Each party to a business sale, shareholders' agreement or major contract usually has a separate lawyer.
What is a minute book and why does it matter?
It is the corporation's record of its articles, by-laws, resolutions and registers. Buyers, lenders and the Canada Revenue Agency may ask to see it, so keeping it up to date avoids delays later.
General information only, not legal advice. NEO Legal Services Professional Corporation is a licensed paralegal firm regulated by the Law Society of Ontario.
Important limitations
- No particular commercial result can be guaranteed
- Government approvals and third-party consents are outside the lawyer's control
- The work is limited to the scope the lawyer confirms in writing
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