Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fees definition

What does Fees mean? In legal practice, Fees are the sums payable by one party to another for goods, services or rights under a contract, together with any agreed charges or other amounts. The term is descriptive rather than statutory; while specific legislation prescribes particular court or registry fees in England & Wales, Scotland, Northern Ireland and Ireland, in private agreements Fees is a contract-defined term. Usage is broadly consistent across these jurisdictions. Key features in contracts include whether Fees cover one-off, periodic, retainer or success-based payments; whether expenses/disbursements are included or separate; whether VAT/sales taxes are excluded or included; timing and invoicing; indexation;...

Are personal guarantees for consumer client legal fees regulated?

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Q&As

Key legal issues for guarantees

Guarantees constitute contracts and must accordingly meet the four essential elements of a contract, namely:

offer
acceptance
consideration
the intention to create legal relations

As a rule in law, consideration given in the past is ordinarily insufficient. A firm ought not to take a guarantee once it has already agreed to supply services to a client in question. The guarantee must also comply fully with s.4 of the Statute of Frauds 1677. It must thus be recorded in writing and properly signed by the guarantor as required. The Firm should also be alert to potential claims of misrepresentation, duress, and undue influence. It is sound practice to see that the guarantor receives independent legal advice on the implications of giving the guarantee.

Is the guarantee a regulated credit agreement?

Where undertaken by way of business in the United Kingdom, entering into a regulated credit agreement may potentially amount to a regulated activity under the Financial Services and Markets Act 2000...

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Russell Kelsall

Walker Morris

Russell is a Partner at Walker Morris LLP and its Head of Consumer & Motor Finance. He leads an experienced team of non-contentious and contentious lawyers specialising in consumer, motor and asset finance. He has market-leading expertise in regulated financial products with a particular specialism in consumer credit, mortgages, payment services and savings. He is often instructed to advise on sensitive regulatory issues, including interactions with the Financial Conduct Authority and the Financial Ombudsman Service. Russell is the author of 'Consumer Credit: Law, Practice and Precedents', an editor of 'Goode: Consumer Credit Law and Practice', 'Goode: Consumer Credit Reports', ‘Butterworths Financial Regulation Service’ (on CONC, MCOB and BCOBS), ‘Asset and Project Finance’ (on equipment leasing) and ‘Practical Lending and Security Precedents’ (on debentures). Industry guides describe him as an "expert in the industry who knows exactly what to do in any given...

Web page updated on 27/05/2026

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