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Vector Resourcing - Contract terms raise red flags- has anyone experience with them

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    Vector Resourcing - Contract terms raise red flags- has anyone experience with them

    Hello Guys,
    It is my first post ! And coincidentally I just received an offer from Vector Resourcing/ Vector UK after interview with their Client.

    I find them different in a odd way and found the recrutment consultant a bit forceful
    This why I find them odd is
    1. They insisted on a fixed daily rate at the start of discussion which seems low for the type of work (That said the now sometimes the agencies let you a lower day rate and invoice the client more)
    2. Tell tell me that they have a 45 day payment term that means they pay almost 2 months in arrears ...I think I can manage thes as they made me aware of this before I met with the Client
    3. Thirdly upon the Client wanting to work with me, they have now made an offer of a 6 months contract but not at the fixed rate they initially told me but they have now said that I'll be paid a completion bonus at the end of the 6 months contract to the sum of £25 per day if the contract is complete or if I was extended under the same rate .
    4. Lastly I know for IR35 purposes a Bonus pay makes it sound like I am employee and not a contractor so I unsure of the implications this may have as this contract is outside of the IR35

    I have this weekend to confirm if I will be accepting the offer as they have a 2nd option


    Has anyone worked through this company or had any dealings with them? I feel red flags have been raised and I want to be sure before I accept the offer and regret my decision.

    Do you think this is a reasonable ? Does anybody have a bad experience of dealing with contracts with this type of 'completion bonus'? Any ideas whether this would be a potentially bad contractual agreement
    Thanks in advance for your help.

    #2
    Vector Resourcing - Contract terms raise red flags- has anyone experience with them

    Remember 45 day payment terms is 45 days after you have worked a month and submitted your invoice (and it’s working days)

    So if you start 1st April you will get paid 3rd July


    Explain your 1st point again ?



    Sent from my iPhone using Contractor UK Forum

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      #3
      Originally posted by Doer Donna View Post
      Hello Guys,
      It is my first post ! And coincidentally I just received an offer from Vector Resourcing/ Vector UK after interview with their Client.

      I find them different in a odd way and found the recrutment consultant a bit forceful
      This why I find them odd is
      1. They insisted on a fixed daily rate at the start of discussion which seems low for the type of work (That said the now sometimes the agencies let you a lower day rate and invoice the client more)
      2. Tell tell me that they have a 45 day payment term that means they pay almost 2 months in arrears ...I think I can manage thes as they made me aware of this before I met with the Client
      3. Thirdly upon the Client wanting to work with me, they have now made an offer of a 6 months contract but not at the fixed rate they initially told me but they have now said that I'll be paid a completion bonus at the end of the 6 months contract to the sum of £25 per day if the contract is complete or if I was extended under the same rate .
      4. Lastly I know for IR35 purposes a Bonus pay makes it sound like I am employee and not a contractor so I unsure of the implications this may have as this contract is outside of the IR35

      I have this weekend to confirm if I will be accepting the offer as they have a 2nd option


      Has anyone worked through this company or had any dealings with them? I feel red flags have been raised and I want to be sure before I accept the offer and regret my decision.

      Do you think this is a reasonable ? Does anybody have a bad experience of dealing with contracts with this type of 'completion bonus'? Any ideas whether this would be a potentially bad contractual agreement
      Thanks in advance for your help.
      What happens if you are binned 5 months 10 days into your contract.

      Personally, I would be rejecting it on the 45 days terms as that is placing all the risk on you.

      For reference, The factoring firm we are looking at do payment (both to the contractor and to our consultancy) 5 days after signed timesheet - which as we are small means I can offer reassurance that contractors are paid and won't be left waiting for 3 months of money they won't ever see.
      merely at clientco for the entertainment

      Comment


        #4
        According to their accounts they turned over £23m last reported year, so certainly not small fry. 45 days is the highest I have seen in the industry but you have a commercial decision to make as a business whether to accept.
        https://uk.linkedin.com/in/andyhallett

        Comment


          #5
          I have had (somewhat bigger) completion bonuses in the past. The risks are around actions outside your control. With the first of mine, the IT director suddenly increased the scope making it - in my opinion - impossible to achieve so I just walked out after two weeks. In your case it looks like they are more withholding payment. I say this because they talk about being extended so it suggests you are not completing anything apart from the term of the contract. That begs the question of what happens if the client terminates early.

          I would be disinclined to accept this but maybe times are hard.
          "Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark Twain

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            #6
            On the positive side it sounds like it is outside IR35. I would check the conditions as to what happens if the client cancels i.e. the contract can't be completed through no fault of your own. In that case I would expect the bonus to be paid out. If the bonus is assured as long as you don't leave early then it's more annoying than a serious problem.

            The market isn't good at the moment, so even calculating the potential loss you may well be better off accepting.
            I'm alright Jack

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              #7
              Hold on, is the £25 a day on completion a bonus or a retention? They're two completely different things so you should probably clarify which it is.
              If you don't have anything nice to say, say it sarcastically

              Comment


                #8
                Vector Resourcing?

                Yes they have been going for a long time. I wonder if you searched this site for threads about them would you find anything about them lying to clients, lying to contractors, failing to pay and taking 25%+ in commission.
                {emotionless greeting}

                Three Word Slogan

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                  #9
                  Originally posted by WTFH View Post
                  Vector Resourcing?

                  Yes they have been going for a long time. I wonder if you searched this site for threads about them would you find anything about them lying to clients, lying to contractors, failing to pay and taking 25%+ in commission.
                  Polite way of saying run away.
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #10
                    Originally posted by SueEllen View Post
                    Polite way of saying run away.
                    Yes. Now I'm back at my computer, I thought I'd run a quick search on here...
                    https://www.contractoruk.com/forums/...ml#post2170175

                    https://www.contractoruk.com/forums/...ence-them.html

                    If you do choose to use them, I can recommend a solicitor who has had to deal with all their tricks. He's not cheap, but he is good.
                    They sometimes make rash decisions, such as settling out of court the week before the case was to be heard, but failing to put terms in the settlement around discussing what they did and how bad they are.
                    {emotionless greeting}

                    Three Word Slogan

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