The author received a threatening phone call from the CEO of one of the companies. The CEO threatened a lawsuit if the author did not remove this article.
Legal contracts are an integral part of conducting business, as they help define the terms and conditions under which parties agree to work together. However, some contracts can be overly complex, containing terms that may not be immediately apparent to the signatory.
Some companies contractual language has raised eyebrows due to their contingency fees, which are set at a staggering 25% of the refund amount. Additionally, if the business does not pay the fees within five days of receiving the refund, they are charged a late fee of 1.5% per month.
One of the most egregious clauses in their contract is the section that grants them a first lien security interest in the client's tax refund claims, as well as any proceeds and collections related to those claims. This means that if the client defaults on payment, the ERC preparer has the right to seize their tax refunds as collateral.
Furthermore, the company explicitly states that they are not providing any legal, tax, or accounting advice in connection with the agreement, leaving clients to navigate the complicated world of tax refunds on their own.
Another company offering cost-reduction services for businesses, has contractual contain clauses that allow them to charge fees for any savings they generate, even if those savings were the result of the client's own efforts. Additionally, their contracts contain a confidentiality clause that prevents clients from disclosing any information about the services they received from Bottom Line Concepts, effectively silencing any negative feedback or reviews.
Check out the raw feedback on these companies in this thread:
Additional contractual language includes a clause that states they are not providing legal or accounting advice. Instead, they position themselves as consultants, suggesting they are not responsible for any issues that may arise from their services.
This lack of accountability can be concerning, especially for businesses that rely on the services of consultants to manage their finances. By not providing legal or accounting advice, clients maybe exposed to unnecessary risk, leaving them vulnerable to legal and financial repercussions.
In conclusion, businesses must exercise caution when signing contracts with with any ERC company. It is essential to carefully review the terms and conditions to understand the risks involved and seek legal advice if necessary. Remember, signing a contract is a legally binding agreement, and it is essential to fully understand the terms and conditions before committing to them.
