ISM fees and expenses policy All general expenses relating to the project are included in the fees, with the exception of recruitment advertising, travel & accommodation, and any extraordinary items, all of which will be pre-approved by the client. All fees and expenses are subject to Vat at 17.5% ISM fees for permanent, full-time directors and managers The total fee for completing the project to the satisfaction of the client is based on an agreed X% of the total first year compensation package offered to the candidate by the client. The compensation package consists of the annual basic salary plus budgeted annual bonus. The total fee payable is normally divided into three equal stages: Acceptance of TOR by client Up to five ISM recommended candidates presented to client One ISM recommended candidate recruited by client. Recruitment advertising and travel & accommodation expenses agreed by the client are payable against a monthly invoice. In consideration of additional projects which may be contracted with the client, ISM is pleased to offer a fee calculation reduced from X% to Y%, being the special contract rates for preferred clients. ISM will be pleased to discuss details with any new or existing client. ISM fees for both permanent and temporary, interim directors and managers The ISM search process is identical for interim candidates. Thereafter interims are effectively rented from ISM for a fixed-term, typically 13-26 weeks. Once selected, the annual basic salary of the interim is agreed between the client, the interim, and ISM. The interim may be employed on the ISM payroll or be self-employed. ISM will pay the interim the working week figure for days actually worked. The working week figure is calculated by dividing the annual basic salary by 45. The 7 week reduction from a full year takes into account 25 days holiday, 8 bank holidays and 2 days of sickness. The working week figure is increased by employer's NI of 12.8% and ISM fees of 20% and the total becomes the all-inclusive weekly fee invoiced to the client for days actually worked. The client has no direct employment liability for the interim and pays no other charges except pre-approved expenses.