MCS 3040 Chapter Notes - Chapter 22: Advance Payment, Fiduciary

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Someone engaged in an occupation, usually governed by a professional body, requiring the exercise of specialized knowledge, education, and skill. Professionals are held to a higher standard than other service providers. Most professionals are governed by rules of professional conduct and codes of ethics of their professional bodies. The professional/client relationship is a special relationship of trust and loyalty. If the cost of external professional services for a business becomes significant, the business will likely consider the employment option. Contractual terms are negotiated, and both professional and client must comply with the terms of the contract. Professional service contracts client must address key terms of contract prior to e(cid:374)gagi(cid:374)g a professio(cid:374)al"s ser(cid:448)i(cid:272)e. Retainer advance payment requested to fund services to be provided and thereby minimize the professio(cid:374)al"s e(cid:454)posure to risk. Professional owes the claimant a duty of care. Professional has breached the standard of care.