Terms and Conditions Retained Executive Search Assignment

Professional Fees

Mancano’s professional fees for this assignment will be twenty-eight percent (28%) of the candidate’s first year remuneration package (remuneration package includes annual basic salary, anticipated minimum bonus, and any other cash allowances inclusive of housing and transportation allowances, as outlined under ‘Compensation’ in this proposal. (We will use SGD$150,000.00 as a billing fee base for this assignment).

• 1st Installment: Equal to one third (1/3) of our fee
  Will be payable when the client authorizes the search.
   

• 2nd Installment: Equal to one third (1/3) of our fee
  Will be payable upon submission/presentation of the shortlist candidates, or THIRTY days from date of this proposal.

• 3rd Installment: Outstanding amount based on actual annual remuneration package, accepted by the successful candidate.
  Will be payable upon the candidate signing the Letter of Offer.

During the course of the search, the client will be invoiced, at cost, for out-of-pocket expenses incurred, directly related to this assignment, (i.e. international telephone and facsimile charges, courier charges, and other miscellaneous interview expenses. Mancano will be pleased to elaborate on these at any time.

This does not include any travel and accommodation expenses that may be incurred by Consultants of Mancano and/or candidates, will be cleared with the client in advance, and these are then itemized and billed at a letter date. Although fees and expenses are billed over the first three months of an assignment, Mancano will continue to work on it until it is complete, thereafter charging only for out-of-pocket and/or travel expenses.

If this assignment is terminated by the client for reasons beyond the control of Mancano, the following will be applied accordingly (pro-rated only where necessary), based on the installment payments.

• Under thirty (30) days from the date of this proposal
  1st installment is chargeable and invoiced
   

• Between thirty (30) and forty five (45) days from the date of this proposal
  2nd installment is chargeable and invoiced
   

• After sixty (60) days from the date of this proposal
  3rd installment is chargeable and invoiced
   

If, within one year of signing this proposal, the client employs any candidate recommended by Mancano or recommended by a candidate of Mancano on this assignment, a separate professional service charge of twenty eight (28) percent will be payable to Mancano And Associates signing the letter of offer for employment.

Note: All invoices are to be settled within thity (30) days from the date of the invoice.

CONFIDENTIALITY

Confidentiality is an integral part of Mancano And Associates “Strictly Private & Confidential” search procedure. Usually Mancano will not (unless approved) reveal the name of its client, until the client has seen formatted resumes and selected interviewees. Therefore candidates selected never know the identity of the client. Mancano will follow this procedure on this search for the client.

All information regarding candidates for the position will be treated as “Strictly Private & Confidential” and no independent reference checking will be done without written request/consultation and written approbation by Mancano And Associates.

This agreement is governed by the legal jurisdiction of the Republic of Singapore.

We are pleased to have the opportunity to undertake this assignment for the client. You can be sure of our commitment to the assignment’s successful conclusion, as promptly as possible.

For good order’s sake, please sign and return to us the enclosed copy of the proposal authorizing us to proceed together with payment for the first installment of SGD$ 14,000.00

Please do not hesitate to contact me should you require any clarification.