Rhode Island accounting independent contractor agreement template

Rhode Island Accounting Independent Contractor Agreement

This Rhode Island Accounting Independent Contractor Agreement (the "Agreement") is made and entered into as of [Date] by and between:

• [Client Name], located at [Client Address], hereinafter referred to as "Client," and
• [Contractor Name], located at [Contractor Address], hereinafter referred to as "Contractor."

1. Services

• The Contractor shall provide the following accounting services to the Client:
  • Option A: Bookkeeping services, including but not limited to recording transactions, reconciling accounts, and preparing financial reports.
  • Option B: Payroll processing, including calculating wages, withholding taxes, and preparing payroll tax returns.
  • Option C: Preparation and analysis of financial statements, including balance sheets, income statements, and cash flow statements.
  • Option D: Tax planning and preparation services for federal and Rhode Island tax obligations.
  • Option E: Compliance consulting with Rhode Island business regulations.
  • Option F: Audit support.
• Performance standards: Contractor shall perform services according to generally accepted accounting principles (GAAP) and in compliance with all applicable Rhode Island laws and regulations.
• Reporting formats: Contractor shall provide reports in [Report Format].
• Service timelines: Contractor shall adhere to the timelines outlined in [Project Schedule].
• Milestones: Contractor shall achieve the following milestones: [List Milestones].
• Regular status updates: Contractor shall provide status updates to Client on a [Frequency] basis.

2. Place of Performance

• Option A: Services shall be performed at the Client's address in Rhode Island.
• Option B: Services shall be performed at the Contractor's premises.
• Option C: Services shall be performed remotely.
• Access Requirements: [Specify access requirements, e.g., building access, software access].
• On-site visit protocols: [Describe on-site visit protocols].
• Client data transfer: [Describe how client data will be transferred securely].
• Data security mandates: Contractor shall comply with the Rhode Island Personal Data Privacy and Security Act and all other applicable data security regulations.

3. Compensation

• Option A: Hourly rate of [Hourly Rate] per hour.
• Option B: Per-project fee of [Project Fee].
• Option C: Fixed retainer of [Retainer Amount] per [Retainer Period].
• Payment schedule: Client shall pay Contractor [Payment Schedule, e.g., bi-weekly, monthly].
• Billing intervals: Contractor shall invoice Client [Billing Interval, e.g., monthly].
• Detailed invoicing: Invoices shall include a detailed description of services rendered, dates of service, and hours worked (if applicable).
• Reimbursement of expenses: Client shall reimburse Contractor for approved expenses as outlined in [Expense Reimbursement Policy].
• Rhode Island sales and use tax: [Specify whether sales tax applies and who is responsible for collection/remittance].
• Withholding requirements: Contractor acknowledges responsibility for all federal and Rhode Island income taxes.
• Late/non-payment: Late payments shall accrue interest at a rate of [Interest Rate]% per month, as permitted by Rhode Island law. Client shall be responsible for collection costs.

4. Ownership of Work Product

• All deliverables, records, and intellectual property, including but not limited to electronic accounting data, reports, and working papers, are the exclusive property of the Client.
• Handling of records: Contractor shall handle client records in accordance with Rhode Island Board of Accountancy rules and AICPA standards.
• Return/Destruction of records: Upon termination of this Agreement, Contractor shall promptly return or destroy (as directed by Client) all Client records.

5. Confidentiality

• Contractor agrees to maintain the confidentiality of all Client financial information and proprietary materials.
• Nondisclosure: Contractor shall not disclose Client information to any third party without Client's prior written consent.
• Non-use: Contractor shall not use Client's proprietary materials for any purpose other than providing services under this Agreement.
• Data privacy compliance: Contractor shall comply with the Rhode Island Personal Data Privacy and Security Act.

6. Independent Contractor Status

• Contractor is an independent contractor and not an employee, partner, or agent of the Client.
• Contractor is responsible for all federal and Rhode Island income taxes, self-employment taxes, unemployment contributions, and insurance.
• Contractor shall obtain a Rhode Island Taxpayer Identification Number as required.

7. Compliance with Laws and Standards

• Contractor shall comply with all applicable professional and legal standards, including licensure or certification under Rhode Island General Laws Title 5, Chapter 3 (Regulation of Accountants).
• Contractor shall adhere to ethical guidelines issued by the Rhode Island Board of Accountancy.
• Option A: Contractor shall maintain professional liability insurance with coverage limits of [Coverage Amount].
• Contractor shall notify Client of any changes in professional standing.

8. Liability and Indemnification

• Contractor shall be liable for breach of this Agreement, professional negligence, data loss, or security breach.
• Contractor shall indemnify Client from and against any claims arising from Contractor's errors, as per Rhode Island tort and contract liability principles.

9. Termination and Suspension

• Option A: This Agreement may be terminated by either party upon [Number] days' written notice.
• Option B: This agreement may be terminated immediately by the Client for cause, including but not limited to breach of contract, professional negligence, or violation of confidentiality.
• Grounds for termination: [Specify additional grounds for termination].
• Notice period: [Specify the required notice period for termination].
• Final compensation: Client shall pay Contractor for all services performed up to the date of termination.
• Effect of termination: Termination shall not affect the Client's ownership of work product.
• Return of materials: Contractor shall return all Client materials upon termination.

10. Dispute Resolution

• The parties shall attempt to resolve any disputes through good faith negotiation.
• If negotiation fails, the parties shall attempt mediation.
• If mediation fails, any dispute shall be resolved through arbitration or litigation with exclusive venue in Rhode Island courts.
• Rhode Island law shall govern this Agreement.

11. Anti-Money Laundering, Anti-Fraud, and Know-Your-Customer Provisions

• Contractor shall comply with all applicable anti-money laundering, anti-fraud, and know-your-customer provisions.

12. Continuing Professional Education

• Contractor shall maintain continuing professional education as required for continued good standing with the Rhode Island Board of Accountancy.

13. Amendments

• This Agreement may be amended only by written agreement signed by both parties.
• Electronic execution: This Agreement may be executed electronically if permitted under Rhode Island law.

14. Insurance

• Contractor shall maintain professional liability (errors & omissions) coverage with policy limits of [Policy Limits].

15. Non-Solicitation

• Contractor shall not solicit the Client's employees or interfere with the Client's clients during and for a period of [Number] months after termination of this Agreement, as per Rhode Island's enforceability standards for restrictive covenants.

16. Rhode Island Legal Notices

• Contractor shall comply with all mandatory reporting obligations concerning suspected fraud or criminal activity.

17. Maintenance and Retention of Accounting Records

• Contractor shall maintain accounting records as required by Rhode Island regulations for a period of [Number] years.

18. Severability

• If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

19. Assignment

• Contractor shall not assign this Agreement or delegate any services without Client's prior written consent, in accordance with Rhode Island contract law.

20. Force Majeure

• Neither party shall be liable for any delay or failure to perform its obligations under this Agreement due to force majeure events, as defined by Rhode Island standards.

21. Counterparts

• This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

[Client Name]

By: [Client Signature]

[Contractor Name]

By: [Contractor Signature]