TERMS OF BUSINESS
Providing added transparency to institutional buyers at all stages of the tendering and procurement cycle
Our Terms & Conditions of Business
For Internal Use Only
For the Introduction of Permanent and Temporary Contractors
- For all retained executive search assignments, IB Recruitment Services Limited shall work on an exclusive basis. The Company shall handle the entire assignment and will not share assignments with other recruitment or search firms.
- For all contingent recruitment assignments, the Company shall handle the assignment with a maximum of 2 other contingent agencies.
- The Company shall use in-depth research to build the strongest possible long list and short list. The final decision to employ a particular candidate rests with you, the Client.
- Our process is transparent for both you and our candidates, and the Company comply with relevant data protection laws. The Company will only provide you with detailed information on individual candidates once they have given their permission.
- You agree to maintain control over the information supplied to you in connection with this assignment, not to divulge such information to any unauthorised person, and to indemnify us or the candidates against any loss or expense which may result from a breach by you of this undertaking. No candidate names should be mentioned to anyone other than those individuals directly involved in the search effort.
- The Company will not be liable to you, the Client, for any loss, liability, damage, costs, claims or expenses suffered or incurred by you arising from or connected with any candidate however arising.
- Allowing time for you to interview candidates and to make the final selection, the Company would expect an assignment to be completed within three months. More time may be required in the case of international assignments and those with an element of exceptional difficulty. Unless specific provisions to the contrary are agreed with you at the outset, the assignment period will be three months or 90 days. In the unlikely event that the search is not completed within the assignment period, the Company will review with you the basis on which the assignment period may be extended. Where appropriate, the Company will amend the terms of the original agreement.
- Unless otherwise agreed the Company charge an initial fee ("the Retainer") of either one third or one fifth of the estimated first-year remuneration receivable by the candidate, depending on the level of remuneration. This includes but is not limited to the base salary, anticipated first-year bonus and any sign-on bonus.
- For all retained recruitment assignments, the retainer must be billed in three equal instalments: (a) when you the Client authorise the assignment, (b) 30 days later, and (c) 60 days later. A final instalment is expected at the fulfilment of the assignment. If the date of completion is more than 90 days after the first instalment, additional charges shall apply as agreed.
- For all contingent recruitment assignments, the charges to be invoiced to the Client, unless otherwise agreed, will be a maximum of 30% for assignments with base salaries under the £80,000 threshold, and a maximum of 35% for all base salaries that are above £80,000.
- For all contract and temporary assignments, the Company will charge a fee to the Client, unless otherwise agreed, of 20% for contract rates below £300 and 25% for contract rates above £300.
- In the event of a further appointment, including appointments with an organisation associated or connected with you or your organisation, of a candidate introduced by us, a further fee will become payable by you. This fee will be one quarter of the anticipated first-year remuneration payable to the person appointed.
- Our fee structure applies regardless of when or how the candidate/person appointed is or was introduced to you and notwithstanding any initial rejection.
- In the course of an assignment the Company may be asked to alter the terms of our brief, for instance to change the position profile, causing further work for us. In such cases the Company may agree a further fee to reflect our additional work and responsibilities.
- Upon completion of the assignment the Company issue a fourth invoice to reconcile the total fee to one-third of the successful candidate's first-year cash remuneration, including base salary and anticipated bonus. You will also allocate to IB Recruitment Services Limited at nil cost an amount of equity equal to one-third of the placed candidate's first-year equity vesting in the same form and on the same terms as that received by the placed candidate. This applies to any form of equity vesting including but not limited to shares, share options and equity warrants. IB Recruitment Services Limited will pay any tax due as the recipient of this equity.
Our charge for office services is 5% of the billed fee or retainer fee, invoiced in accordance with the schedule described in (10) above.
For retained assignments, Out-of-pocket expenses are itemised and invoiced separately. Exceptional items such as international travel will be agreed with you beforehand. At the end of the initial billing period the Company will continue to invoice incurred expenses until the assignment is completed
VAT is charged at a flat rate of 20% on all amounts invoiced, where applicable.
If any invoice is not paid within 30 days, the Company reserve the right to cancel the assignment immediately but without prejudice to our right to submit further invoices in relation to the assignment.
If unforeseen or other circumstances affecting the assignment make it unworkable, or require it to be substantially modified, our retained fees for any work carried out remain payable. The Company also reserve the right to charge our remaining fees in full, although as a matter of practice, depending on the amount of work the Company have carried out on the assignment, the Company may agree not to do so. Any expenses will be payable in full.
The Company provide you with candidates' details in strict confidence and on the understanding that you and your colleagues will not disclose their existence or contents to anyone without our written agreement. If you or your colleagues pass on the details of a candidate to another organisation which subsequently engages the candidate, this will be treated as a further appointment: a fee equal to one quarter of the total first-year remuneration will be payable by you.
If for any reason the successful candidate ceases to be employed by you at any time within 6 months of starting employment the Company shall use all reasonable endeavours to find free of charge a suitable replacement in the same manner as set out in these Terms of Business.
In the event of any dispute in relation to an assignment, you and IB Recruitment Services Limited agree to submit to the non-exclusive jurisdiction of the English courts. These Terms of Business shall be governed by English law.
Last Reviewed on December 06, 2021