Outsourcing: The Basics (Update)
Created on June 05, 2018
Outsourcing, originally a process used in IT, arises when a process or task which is can performed internally, is handed over to a vendor to be handled outside of the business. Outsourcing is helpful to business because it allows the business to focus on their core offerings and farm out other processes to vendors who customarily handle the specific task. Although a company will hire and pay for a vendor, outsourcing is financially beneficial because it allows a business to maximize its profits by focusing on their business model. Although outsourcing began in IT, the use of hiring subcontractors and vendors to handle responsibilities for a business has expanded to accounting, recruiting, fleet management and a host of other industries.
In this program, attorneys Larry Schultis, Managing Member and Erica Grace Martin, both of Schultis Law Group, will cover the role of the lawyer in an outsourcing deal.
- Structure an outsourcing agreement
- Discuss full process steps when approached with an outsourcing deal- from gathering requirements to selection of vendor
- Recognize the staffing and employment key considerations in an outsourcing agreement
- Identify the key contractual terms, the risks and benefits of inclusion of certain terms
- Address the common pitfalls and damages lawyers may cause from unfamiliarity with the key terms and considerations in an outsourcing agreement
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