Independent Contractor Agreement for Professional Services. An Independent Contractor Agreement is a contract between a company and an independent contractor to hire the contractor without them becoming an employee.A new BidenHarris regulation would make it illegal for companies to do business with many independent contractors, freelancers, and gig workers. It affirms that the client and contractor are not in an employer-employee relationship. The misclassification of employees as independent contractors may deny workers minimum wage, overtime pay, and other protections. It is vital that you understand the distinction between independent contractors and employees.