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A consultancy agreement allows a client to contract a consultant for services or a deliverable which will be defined in the statement of work. A consultant is not an employee of the client.
A part-time consultant will work a couple of hours a day or a couple of days per month to deliver the services to the client.
A UX consultant helps clients define and improve the user experience of their digital products. The consultant will help the client improve the usability of their products by suggesting improvements which will make the product intuitive to the client's target users.
The client will usually own the intellectual property rights of the work produced by the UX consultant and they will be bound to confidentiality under the terms of the consultancy agreement.
Whilst a product's UX needs to be constantly improved, most companies can only justify a UX lead in the early ideation and product development phases which is why many companies prefer to contract a UX consultant on a part-time basis.