Executive Search
Terms & Conditions
Scope It is understood by Client that Talbott Talent will provide Retained Executive Search services for this position.
Fee The fee for Retained Executive Search with all 3 phases (as outlined in the proposal is 35% of the candidate’s accepted compensation, including salary and estimated bonus. The candidate’s anticpated compensation is outlined in the proposal.
Retainer A non-refundable retainer equal to one-third of the estimated fee will be due upon signing this agreement and is necessary to begin the project. The retainer amount due is 15% of the anticipated compensation outlined in the proposal.
Exclusivity: 180 Days Retained Searches with Talbott Talent are exclusive engagements. This means Client will not give the assignment to another firm or consultant or hire through any source other than Talbott Talent throughout the exclusivity period. Any candidates resulting from Client’s job posting or other referrals will be put through the same process used to evaluate recruited candidates, ensuring a consistent approach is used. Should Client hire a candidate from another source during the search exclusivity period or cancel or postpone the search, through notification or unresponsiveness, prior to expiration of that period, Talbott Talent will be entitled to the full search fee. Exclusivity begins on the date this agreement is executed and expires 180 days following Client’s approval of the Position Profile. If the search extends beyond the period of exclusivity and both parties agree to continue partnering on the search, the exclusivity period may be renewed and no additional fee will be required to continue the project.
Guarantee: 365 Days Talbott Talent guarantees that if the candidate hired for this position, under the terms of this agreement, leaves voluntarily or is discharged due to misconduct or good cause within the guarantee period, the entire search process will be repeated for no additional fee. The guarantee is activated upon timely payment of the final billing, is effective upon the new hire’s first day of work and will remain active throughout the guarantee period as long as the Client abides by the terms of this agreement. To trigger the guarantee, Talbott Talent must be notified in writing within five working days of the new hire’s last day of work. Good cause is defined as documented, unsatisfactory performance of reasonable standards for any person in the same position. The guarantee does not apply if the termination is a result of a layoff for economic reasons, elimination of the position, a substantial change in the job description or reporting structure, a significant shift within the board(s) of directors outside of typical turnover, or any other reason beyond Talbott Talent’s or the new hire’s control. Client will not be entitled to any refund of fees or costs and Talbott Talent shall not be liable for any compensatory or other damages resulting from the employment of the candidate.
Client Responsibility For a successful outcome, Talbott Talent asks that Client give full cooperation, making leadership, stakeholders and other personnel available for phone and video conferences and candidate interviews when scheduled, and responding to requests for input, feedback and information in a timely manner. This includes providing detailed and accurate information about salary, benefits, and everything a successful candidate is expected to have in the way of experience and qualifications. If at any time, the position, title, responsibilities or job description for this position are altered so significantly that it changes the position profile, causing the search to be restarted, a new agreement must be signed, and a new retainer will be due to commence the revised search. The Client will not be entitled to any refund of the prior retainer or other costs. If any candidate is hired as a result of Talbott Talent’s referral within one year of the date upon which the candidate was presented, for any position within Client’s organization or with any subsidiary, affiliate or related organization, Client is obligated to pay Talbott Talent a full search fee based on that position’s salary and estimated bonus.
Confidentiality Client will keep all Talbott Talent’s strategy, process, work product, agreement terms and fees confidential from outside parties. Talbott Talent will keep all information provided by and collected from Client and Client’s employees completely confidential from outside parties and will only share activities and information as designated by Client.
Expenses Expenses for travel within Central Indiana, materials and handouts for meetings, and technology costs to deliver services are included in the fee. Any additional expenses incurred will be reimbursed by Client to Talbott Talent, upon prior written approval by Client.
Terms Payment of the retainer must be submitted for the project to begin. Upon presentation of the first candidate for Client’s consideration, the second installment, also equal to one-third of the estimated fee, will be invoiced. The third and final installment will be invoiced upon the selected candidate’s acceptance of the employment offer. The final amount due is calculated as 35% of the candidate’s accepted compensation, including salary and estimated bonus, less any prior payments made. Invoices are due within 10 days and all fees are non-refundable. To avoid late feed, it’s encouraged to pay the retainer and subsequent installments via ACH using the link provided on each invoice. Invoices not paid in full by the date due are subject to a late fee charge of 1.5% per month on the unpaid balance until paid in full. In the event a third party is required for collection of a debt, Talbott Talent will be entitled to collection, court costs, and reasonable attorney fees in the State of Indiana.