A virtual assistant is like a personal secretary. They provide customer support, write, answer calls, transcribe, do research, etc. They basically work at home and communicate with their Employer through the Internet or through phone. One method many companies take to maximize the likelihood of having a positive experience in retaining a virtual assistant is by going through a virtual staffing agency. These virtual staffing agencies operate similarly to conventional staffing agencies. When setting up the structure of a virtual assistant business, the owner must decide how he or she will collect the money earned for the services performed.
Traditional Invoicing/Net 30 Days If the virtual assistant does a lot of work for larger corporate clients, she may find that her clients will only do business with her if she extends Net 30 Day terms. With this arrangement, the virtual assistant will issue an invoice at the specified time periods or at the end of a project, whatever is agreed to prior to starting the project.
Traditional Invoicing/Due Upon Receipt Issuing the purchase order or having an agreement where the terms are Due Upon Receipt will help the virtual assistant to get paid much quicker. Just like Net 30 Day terms, the virtual assistant will send an invoice at specified times or at the end of the project and wait for the company to send a check.
Credit Card Payment The virtual assistant can set-up a merchant account and collect payment from the client using a credit card. An invoice will usually still need to be given to the client, but payment can be processed immediately at specified times. The virtual assistant can keep the clients credit card number on file and charge it as soon as a project is completed and the invoice is approved. Credit card payments can also be processed through PayPal without setting-up a merchant account.
Retainer Many virtual assistants collect a retainer from their clients. Often a discount is given when the client agrees to a certain number of hours of work per month charged if it is used or not. Since the client has already paid, they will most likely use the time, however, this is a nice way for the VA to estimate how much he or she will work in a month because the client as already committed to a certain number of hours.
A retainer agreement for virtual assistant services in Illinois is a legally binding contract that outlines the terms and conditions for the services provided by a virtual assistant. This agreement is crucial for establishing a clear understanding between the virtual assistant and the client regarding the scope of work, responsibilities, payment terms, and confidentiality. The Illinois Retainer Agreement for Virtual Assistant Services can be customized to suit the specific needs of both parties involved. It is important to note that there may not be different types of retainer agreements, but rather variations in the clauses included based on the preferences and requirements of the client and the specific services provided by the virtual assistant. Key elements typically included in an Illinois Retainer Agreement for Virtual Assistant Services may consist of: 1. Parties Involved: Clearly identify the client and the virtual assistant, including their legal names and contact information. 2. Scope of Work: Provide a detailed description of the services to be rendered by the virtual assistant. This section should specify the tasks, deadlines, and any limitations or exclusions. 3. Compensation and Payment: State the agreed-upon fee structure, method of payment, and billing frequency. It is common for virtual assistants to charge a retainer fee, which is paid in advance to ensure availability for a certain number of hours or a specific time period. 4. Termination and Cancellation: Specify the circumstances under which either party may terminate the agreement, as well as the notice period required for such terminations. Address any penalties or refunds related to cancellations. 5. Confidentiality: Establish the level of confidentiality required for the virtual assistant when dealing with sensitive client information and data. It is essential to include provisions that protect intellectual property and prohibit the virtual assistant from disclosing confidential information to third parties. 6. Intellectual Property: Clarify ownership rights of any work performed or materials created by the virtual assistant during the contract period. This section may outline that the client retains full ownership of any intellectual property or copyrights related to the work produced. 7. Indemnification: Define the responsibilities and potential liabilities of each party, ensuring that the contract includes a provision holding the virtual assistant harmless from any claims, losses, or damages resulting from their actions or omissions within the scope of their work. 8. Governing Law: Specify that the agreement will be governed by the laws of the state of Illinois and identify the county or district in which any disputes will be resolved. While there may not be distinct types of Illinois Retainer Agreements for Virtual Assistant Services, variations can arise based on factors such as the nature of the services provided (administrative, marketing, social media management, etc.), the duration of the contract, or whether the virtual assistant is an independent contractor or an employee. However, any retainer agreement should protect the interests of both parties and establish clear guidelines for a successful working relationship.
