Page 12 - VIT Consultancy Policy

· While entering into consultancy agreements, only the standard contract terms & conditions of VIT's
consultancy agreement model shall be used. This is to ensure that the legal and statutory requirements like
applicability of duties, taxes, and other statutory levies are complied with by the contracting authority.

· The Head of the Department / Dean / Director as appropriate can recommend work that can be undertaken
under the VIT's standard terms and conditions. A copy of the recommendation/request must be forwarded to
the Office of the SpoRIC. The office shall then evaluate the recommendation and accord approval in line
with this policy. The information of the approval will be recorded by SpoRIC and shall arrange for the
appropriate approval to enable invoice(s) to be raised.

· SpoRIC may be involved in the contract negotiations and shall advise on key issues arising from the terms of
the contract. Where issues are considered problematic, approval of the Pro-Vice- Chancellor / Vice-
Chancellor shall be sought before final sign-off.

· Where a client insists on an Agreement on the client's terms, SpoRIC will review the client's terms and
conditions, in consultation with the Legal Department of VIT through the Registrar, for acceptance of the
Client's terms or request renegotiation. Any agreement with the client, outside of the approved Standard
Terms and Conditions can be entered into only after approval of the Registrar and shall be done through
SpoRIC.

14. Earnings Distribution Model

n
C
Sl.No. Earnings Consulltant VIT
n
t
o
t
a
l
s
u
Team**
& & Team**
1 Personal Consultancy 70% 30%
2 VIT Consultancy 60% 40%
3 Testing, Evaluation, Standardization and Calibration 30% 70%
4 Retainership fee 70% 30%

** Statutory deductions for income tax and other such taxes will be made, and faculty/ staff will receive only the

net amount after the applicable deductions. Amounts payable to the faculty and staff cannot be drawn in
cash or as a cash alternative for an individual's benefit and shall be paid only electronically into the salary
bank account of the individual. The share is exclusive of the salary payable to the Individual.

· Distribution model is based on income per consultancy

· Retainership: In case the client offers to pay a salary or fee to avail the services of the consultant and co-
consultant, the retainership may be accepted with the written permission from the respective School Dean

and Director- SpoRIC. The Retainer fee thus earned will be shared by the consultants and VIT as mentioned
above. The consultant may engage fulltime with the client during his/her summer/winter vacation with the
written permission of the Dean/Director/Section Heads and Director- SpoRIC

· The price of any consultancy agreement contract shall be on a contract-by-contract basis, depending on the

nature of the client and project.

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