What are the key elements of a good interim contract?

1 Scope and deliverables

The scope and deliverables of the interim contract should describe the objectives, tasks, responsibilities, and outcomes of the interim manager's role. They should be specific, measurable, achievable, relevant, and time-bound, and aligned with the client's needs and expectations. The scope and deliverables should also include any milestones, reporting, feedback, and evaluation mechanisms to monitor and measure the interim manager's performance and progress.

2 Duration and notice

The duration and notice of the interim contract should specify the start and end dates of the interim assignment, as well as the expected working hours, days, and availability of the interim manager. They should also indicate the notice period required for either party to terminate the contract, and the conditions and consequences of doing so. The duration and notice should be realistic, reasonable, and adaptable, and allow for some flexibility and contingency in case of unforeseen circumstances or changes in the client's situation.

3 Fees and expenses

The fees and expenses of the interim contract should state the amount, frequency, and method of payment for the interim manager's services. They should also cover any expenses incurred by the interim manager in relation to the interim assignment, such as travel, accommodation, equipment, or training. The fees and expenses should be fair, transparent, and competitive, and reflect the interim manager's skills, experience, and value-added. They should also include any taxes, deductions, or withholdings applicable to the interim manager's income.

4 Terms and conditions

The terms and conditions of the interim contract should outline the legal and ethical obligations, rights, and liabilities of both parties. They should address issues such as confidentiality, intellectual property, indemnity, insurance, dispute resolution, and force majeure. The terms and conditions should be comprehensive, consistent, and compliant with the relevant laws and regulations. They should also be reviewed and agreed upon by both parties before signing the contract.

5 Signature and acceptance

The signature and acceptance of the interim contract should confirm the mutual consent and understanding of both parties to enter into the contract. They should also indicate the date and place of signing, and the names and titles of the authorized signatories. The signature and acceptance should be formal, valid, and binding, and follow the proper procedures and protocols. They should also be accompanied by any supporting documents or evidence required by the contract.

6 Review and revision

The review and revision of the interim contract should allow for regular and constructive communication and feedback between the interim manager and the client. They should also enable the parties to make any necessary adjustments or amendments to the contract in response to changing needs, expectations, or circumstances. The review and revision should be collaborative, respectful, and transparent, and follow the agreed-upon processes and criteria. They should also be documented and signed by both parties to ensure clarity and accountability.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?