GEMS will customize its engagement terms to meet the requirements and scope of the project. Generally, terms will be set at hourly billing rates based upon the agreed staffing and skill levels required for a successful engagement. While billing rates will be quoted based on hourly rates, other options may be available depending on the nature of the project, such as monthly or annual retainers or “success”-type arrangements (see below). In all cases frequent client updates are provided, and all substantive decisions are subject to client approval.
GEMS’ most demanding role is to serve as a GP for hire, oftentimes leading an operational restructuring. In these instances engagements begin with an initial contract covering the preparation of a Recovery Implementation and Exit Plan. Following field study, a detailed work plan is prepared outlining the critical recovery steps, key milestones, timing, risks and potential exit scenarios. This is presented to the client and discussed in depth. Once the plan is approved by the client, a separate agreement is created covering the implementation phase of the engagement.
GEMS is confident in delivering quality, value and satisfaction to its clients. As such, standard engagement contracts may be terminated by either party upon 30 days written notice. Under selected circumstances, GEMS will consider success-fee based arrangements consisting of reduced billing rates and long term performance-based incentives. Success-fee based contracts are generally non-cancellable.
Out of pocket expenses are billed to the client at cost. Any third party vendors required as part of the engagement are for the account of the client and subject to client approval.