Recruitment Placement Services Fee Agreement
This Recruitment Placement Services Fee Agreement (the “Agreement”), is entered into by and between a client (the “Firm”) and Inventure Recruitment (the “Agency”). WHEREAS, the Firm desires to contract with the Agency for the provision of services in connection with recruiting employees, and the Agency desires to provide such services. NOW THEREFORE, the Firm and the Agency hereby agree as follows:
From time to time the Firm may request that the Agency recruit candidates for a particular opening with the Firm or the Firm’s affiliate(s) located in the United States. Each such request shall be called a “Listing.” Each Listing shall expire on the earliest to occur of (a) the termination of the Agreement; (b) the cancellation of the Listing by the Firm; or (c) the hiring of a candidate from any source to fill opening. The Firm shall notify the Agency of the expiration of the Listing due to cancellation or filling of the opening. The Agency shall perform a commercially reasonable background check of a Referral (as defined below) in accordance with the instructions of the Firm.
Any candidate referred to the Firm by the Agency, shall be considered a “Referral” howsoever presented to the Firm by the Agency. A Referral shall become a “Placed Employee” if the Firm or an affiliate of the Firm located in the United States hires said Referral at any time during the 12-month period following the later to occur of (i) the date on which the Agency referred the Referral to the Firm, or (ii) the date on which the Firm last interviewed the Referral. In the event Firm has previous knowledge of a candidate (either directly or through a third-party other than the Agency) and the Firm provides notice to the Agency of such prior knowledge and does not engage the candidate through the Agency (via scheduling an interview with the candidate through the Agency or other similar processes through the Agency), then the submitted candidate shall not be considered a Referral and Agency shall not be entitled to any Fee.
The Firm or, as the case may be, the Firm’s affiliate(s) shall pay the Agency a fee for each Placed Employee in the amount of 25% of the applicant’s annualized starting salary only. If a hire introduced by Inventure Recruitment to The Firm leaves The Firm within 6 months after their start date, (including but not limited to quitting, termination of employment contract etc.) then Inventure Recruitment will replace the hire with a new candidate free of charge. After 6 months, the fees will be refunded in the rebate period as follows: 180-270 days: 50% of the total fee / 270-365 days: 25% of the total fee / 365+ days: 0% of the total. The placement fee will be invoiced on the date the Placed Employee begins employment with the Firm and is due within thirty (30) days from the start date.
The Agency agrees and understands that all information that the Firm provides to the Agency in connection with this Agreement is confidential and shall not be disclosed by the Agency, except to the extent required to fulfill the Agency’s obligations. Such information includes, but it not limited to the fact that the Firm is engaging the Agency for the Listing. The Agency acknowledges and agrees that all such information is secret and confidential and shall not disclose any such confidential information, directly or indirectly, or use it in any way either during the term of this Agreement or at any time thereafter, except as required in the course of its performance in furtherance of this Agreement.
5. Duration of Agreement
This Agreement may be terminated by either party upon 10 days written notice to the other. The Firm agrees and understands that any outstanding obligation for fee payments shall remain in effect after the termination of the Agreement. Notwithstanding any such termination of this Agreement, the Firm shall remain obligated to pay the Agency any Success Fee otherwise payable under this Agreement for any candidate referred prior to such termination.
6. Governing Law
The Agreement has been entered into between the Firm and the Agency in the State of New York and the laws of the state shall govern its interpretation and enforcement and the rights and obligations of the parties thereunder, without regard to choice of law principles.
All notices or demands in connection with this Agreement given or made upon either party shall be in writing and sent to that party at the following address, as modified from time to time by written notice.
154 Grand St
New York City, NY 10013
8. Entire Agreement
This Agreement contains all of the terms and conditions of the Agreement between the Firm and the Agency, and there are no representations or understandings between them except as are contained in the Agreement. The Agreement may be changed only in writing signed by the Firm and the Agency.