Retainer
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PROFESSIONAL FEE, EXPENSES, WARRANTY & BILLING PROCEDURES
EXCLUSIVE SEARCH AGREEMENT
The Fee for Dennis J. Knox & Company, Inc. services is (one-third) of the first years total projected compensation, including base salary and reasonably projected bonus. Amounts of projected earnings during the first year of employment are included, regardless of any deferral of compensation.
Our fee will be payable in three installments. For billing purposes, the professional fee (excluding expense items) is initially being estimated on projected base salary and reasonable projected bonus alone. The estimated professional fee is (one-third) of the targeted compensation for this position. Payable as follows:
Thirty-three percent (33%) is payable upon acceptance of this agreement.
Thirty-three percent (33%) is payable upon second candidate's interview date or thirty (30) days, whichever occurs first.
Final thirty-four percent (34%) is payable the day the candidate commences employment.
Note: All invoices are due upon receipt.
We will re-compute our final fee based on the actual finalist’s salary and bonuses, if any, have been confirmed, and an adjusted invoice will be issued net the first two installments.
Direct out-of-pocket expenses incurred on your behalf will be substantiated and billed monthly. These costs vary depending upon the scope of an assignment, i.e., its local, regional , national or international focus, and include meals and travel-related expenses incurred by our consultants in connection with interviews and/or sourcing for this assignment, long-distance telephone calls, facsimiles, advertising, messenger/Federal-Express type services and select electronic postings.
All travel-related expenses incurred by the candidates in connection with this assignment will be directly reimbursed to the candidate by your organization upon submission of appropriate expense documentation.
In the event that more than one executive is hired or retained as a consultant as a result of work performed by us on this assignment, a full professional fee of (one-third) of each additional new hire’s first year total compensation (as defined above) will be due and payable upon receipt of invoice.
All placements for which fees are timely paid will be covered by a six-monthy (180 day) confirmation warranty and a six-month (180 day) warranty against the candidate’s voluntary termination of employment. Should a candidate be (a) terminated for failure to perform the responsibilities of his/her position or (b) voluntarily resign (other than pressure from your company or because of a failure of your company to honor its commitments to him or her within six-months (180 days),
Dennis J. Knox & Company, Inc., when notified by electronic mail to dknox@djkco.com or by Certified U.S. Mail, or Return Receipt Requested in writing within ten (10) working days, will replace the employee once, at no additional cost to your company.
