Independent Contractor

ˌin.də.ˈpen.dənt ˈkɑːn.ˌtræk.tər / Independent Contractor

Definition

An independent contractor is an individual or an agency that provides work to another person or company under a written contract.They have specialized knowledge and skills that companies only need on a per-project basis. They have their own tools and equipment, compared to full-time employees, whose company provides their supplies.Businesses who hire an independent contractor don't control how the latter perform their work. All that matters is their output.Plus, with an independent contractor, businesses tend to have more savings as they wouldn't need to cover employee benefits such as retirement plans and paid leaves.

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