Section 16Part 3 — LITIGATION FUNDING AGREEMENTS
Litigation funding agreements
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A litigation funding agreement is an agreement —
under which a funder agrees to fund in whole or in part the provision of legal services to a client by an attorney-at-law;
which relates to the provision of legal services; and
under which the client agrees to pay a sum to the funder in specified circumstances.
The following conditions are applicable to a litigation funding agreement —
the agreement shall be in writing;
the agreement shall comply with prescribed requirements, if any; and
the sum to be paid by a client shall consist of —
any costs payable to the client in respect of the proceedings to which the agreement relates, together with an amount calculated by reference to the funder's anticipated expenditure in funding the provision of the services; or
a percentage of the amount or the value of the property recovered in the action or proceedings to which the agreement relates.
The requirements which may be prescribed under subsection (2)(b) —
include requirements for the funder to have provided prescribed information to the client before the litigation funding agreement is made; and
may be different for different descriptions of litigation funding agreements.