Mib Contingency Fee Agreement
As a professional, I am happy to provide you with an article on “mib contingency fee agreement.” MIB, or the Motor Insurers` Bureau, is an independent body that was established in the UK in 1946. Its primary purpose is to compensate victims of accidents involving uninsured or untraced drivers. In other words, if an individual […]
As a professional, I am happy to provide you with an article on “mib contingency fee agreement.”
MIB, or the Motor Insurers` Bureau, is an independent body that was established in the UK in 1946. Its primary purpose is to compensate victims of accidents involving uninsured or untraced drivers. In other words, if an individual is involved in a car accident and the other driver does not have insurance or cannot be traced, MIB will step in to provide compensation.
If you have been involved in an accident with an uninsured or untraced driver and you are looking to make a claim through MIB, you may be wondering how their contingency fee agreement works.
A contingency fee agreement is a type of payment arrangement for legal services, where the lawyer`s fees are contingent upon the outcome of the case. In other words, if the case is successful, the lawyer will receive a percentage of the compensation awarded to you. If the case is not successful, you will not owe the lawyer any fees.
MIB`s contingency fee agreement works in a similar way. If you choose to use a lawyer to help you make a claim through MIB, the lawyer`s fees will be paid by MIB if the claim is successful. However, there is a cap on the amount of fees that MIB will pay.
The current cap for MIB claims is £5000. This means that if your lawyer`s fees exceed £5000, you will be responsible for paying the additional amount. It is important to note that this cap applies to the lawyer`s fees, not to the total amount of compensation awarded to you.
In addition to the cap on fees, MIB may also deduct an excess amount from your compensation award. The excess amount varies depending on the type of claim you are making and the circumstances of the accident.
It is important to understand the terms of the contingency fee agreement before hiring a lawyer to help you with your MIB claim. Make sure you understand how much you will be responsible for paying in fees and what the potential excess amount may be.
In conclusion, MIB`s contingency fee agreement can be a helpful option for individuals who have been involved in accidents with uninsured or untraced drivers. However, it is important to fully understand the terms of the agreement before proceeding with a claim. An experienced lawyer can help guide you through the process and ensure that you receive the compensation you are entitled to.