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F@B Virtual Professionals

F@B PARTNER ENGAGEMENT AGREEMENT

Dear F@B Partner,

We are excited to have you as our F@B Partner! Our stated goal is to make your partnership with a F@B VP a raging success.

Here are the Terms and Conditions of the services that Kind Equity Partners dba Freedom and Balance Virtual Professionals (F@B VP) will provide to you, together with our schedule and fees:

We shall provide the following services:

F@B VP will provide Philippine home-based virtual professionals to undertake the role of “Virtual Assistant.” Since our Virtual Assistants are trained to do so much more, we prefer to call them as “Virtual Professionals” or VPs.

The Virtual Professional referred to on this Agreement resides in the Philippines and will be contracted to work for your company through F@B VP as per your request.

F@B VP provides virtual Human Resource services of your Virtual Professional, including monitoring their timesheets, conducting evaluations and other HR functions as required. Our goal is to ensure success and a smooth process of both our VPs and our F@B Partners.

F@B VP does not provide Project Management of your Virtual Professional. However, maximizing their knowledge of a Project Management platform is part of their training, which can be applied to your business.

Invoice Sequencing:

  • Two (2) weeks after the Virtual Professional’s Start Date, F@B Partner will start receiving the 4-week invoicing period invoices which are due five (5 calendar days) from the date it is sent.
  • The account for F@B Partner’s Virtual Professional will always be pre-funded.

Minimum Contract Period:

This Agreement requires a minimum of three (3) months commitment. Contract automatically continues unless terminated. See Termination clause below.

Termination:

F@B Partner may terminate the contract any time after the minimum contract period requirement. Termination requires at least two (2) weeks’ notice and immediate payment of F@B Partner’s Virtual Professional’s 80 hours of the two weeks.

The One-time Placement Fee is non-refundable should F@B Partner decide to terminate the contract after F@B has hired and trained a VP to compensate for the vetting, hiring and training expenses. However, if after 3 months, you don’t see the value of the VP service, we either withdraw the placed VP, cancel the agreement, and refund your One-Time Placement fee OR replace the virtual professional at no additional costs.

Late Payment Policy:

Payment is due within five (5 calendar days) of invoicing. F@B Partner must send an email to finance@fabvp.com so the payment can be confirmed and tracked. Current preferred funding method is via credit card however, you may also pay via check. For check payments, you may send it to

Erik Jackson
Kind Equity Partners
7543 15th Ave., NW
Seattle, WA 98117

A 5% Late Payment Fee will be applied if the payment verification is not sent on the fifth (5th) calendar day which is the due date.

If payment is not made within ten (10) calendar days after invoicing, we will require full payment plus the 5% Late Payment Fee.

If payment is still not made after the tenth (10th) calendar day of invoicing, F@B Partner’s Virtual Professional will be removed from service and may be assigned to other clients. F@B Partner will still be liable to pay the outstanding invoice per this Agreement. If F@B Partner pays the total balance on or before the 15th calendar day of invoicing, F@B Partner will have the option to proceed with the service, however, may be given another Virtual Professional who is available during the time of payment. If F@B Partner pays at a later date, this Agreement is deemed automatically terminated once payment is verified.

Safeguarding our Virtual Professionals from non-payment is very important to us.

Rate Increase

On the sixth (6) month, there is an automatic 4% increase in the rate which will be used for best-in-class Virtual Professional Benefits (HMO, Tech incentive, Home Development Mutual Fund). On the twelfth (12) month, there will be an automatic 4% increase in the rate which will be used for the Virtual Professional’s rate increase. You have the option increase the Virtual Professional’s rate sooner based on the VP’s performance. On each subsequent anniversary, there will be an increase in the rate for the for VPs salary. This will be discussed with you prior to the increase.

Virtual Professional Services

Your Virtual Professional will be hired for specific skills based on what you shared with F@B during the Discovery Call and the Client Intake Form you filled out. Below are the regular Virtual Professional Services:

  • Executive Admin Virtual Professionals help out in maintaining a company’s files, emails, meeting minutes, customer and vendor correspondence, lead management, and other admin tasks.
  • Executive Admin Finance Virtual Professionals primarily assist clients on bookkeeping and any number-specific tasks. These VPs are certified in QuickBooks.
  • Executive Admin Marketing Virtual Professionals help out on email campaigns, landing pages, social media management, creation and maintenance of YT channels and FB/LinkedIn pages), content creation, video editing.

We also have Virtual Professionals with specialized skills such as Architect, and Website Developer/Designer Virtual Professionals. These have higher rates compared to the regular Virtual Professional Services.

Company Holidays

Virtual Professionals do not follow US-Based holidays, unless otherwise advised. All permanent full-time Virtual Professionals will be paid the equivalent of 8 hours at their current rate for each Company Holiday.

Company Holidays (provided that the date does not fall on a weekend):

  • New Year’s Holiday – Dec 31 and Jan 1
  • Good Friday
  • All Saints Day – Nov 1
  • Christmas Holiday – December 24 and 25

These dates are considered automatic PTO (Paid Time Off). All Virtual Professionals are on mandatory OFF during Company Holidays (even if they decide to log in without prior authorization, they will not get extra pay unless F@B Partner requires them to work). If the Company Holiday falls on a weekend or a non-working day, it will be treated as an unpaid, regular Rest Day.

Paid Time Off

PTO benefits accrue based on time worked and Virtual Professionals can start filing for Paid Time Off after three (3) months from their Hire Date[1]. PTO can be used for vacations: a time to rest, relax, and pursue personal interests. The chart below serves as a guide on how the F@B VPs earn their PTO.

Years Of Employment*

                               Total Accrual

First and second years

1 hour/40 hours worked OR 1 hour per work week

Third and fourth years

1.6 hours/40 hours worked OR 1.6 hours per work week

Fifth year and beyond

2.5 hours/40 hours worked OR 2.5 hours per work week

No Staff Hires

 If F@B Partner uses or pays the services of any Virtual Professional directly, or through any person or firm during the contract, or for a period of two (2) years following the contract, F@B Partner must notify F@B Virtual Professionals via email at info@fabvp.com and pay the balance of the amount due to the remaining contract, plus an additional $5,000.00.

VP Equipment Upgrade

All our Virtual Professionals are pre-screened for computer specs and internet speed. In the event that you will require your Virtual Professional to upgrade their equipment, please understand that you will shoulder the expenses for the upgrade and if in the future, you decide to stop using our services, the equipment cannot be returned.

Thank you for your trust and support. We are excited for your accelerated success with the help of a Virtual Professional.

All the best,
Freedom and Balance Virtual Professionals (F@B VP)

____________________________

[1] Hire Date is when the VP signed the contract with us, not when they were onboarded to your business.