Got questions about what Deel Contractor of Record (COR) is all about? We have answers.
This article covers some of the most Frequently Asked Questions from clients about Deel Contractor of Record (COR).
How much does Deel COR cost?
Deel COR pricing comes with a monthly management fee. Please speak to your account manager or contact us for details.
Is a deposit required for Deel COR?
For Deel COR, deposits are only required for Fixed Rate contracts, not for Pay As You Go or Milestone contracts.
Since Deel takes on all the liability and the indemnification for this contractor, we are obligated to the pay the contractor their wages even if a client does not make the payment to us.
For the deposits, we require a one month security of the contractor wages plus the Deel fee to hold in case of emergency.
Deposits are held on the balance sheet of Deel Inc., in our bank accounts with JP Morgan Chase at 270 Park Avenue, New York, NY.
How is Deel COR different than Deel Premium?
With Deel COR, Deel legally hires the contractor on your behalf.
With Deel Premium, you still hire the contractor and sign the contract with them, but you are protected in the event of misclassification legal action.
Can contracts be backdated for Deel COR?
No, we can not backdate any contracts when using Deel COR.
Can I offer stock options for contractors on Deel COR?
No, it is not possible to issue stock options to contractors hired through the COR model.
What payment cycles can I use?
If a fixed rate Deel COR management fee is negotiated, the client would be charged the Deel COR management fee once a month.
For % based, the client will be charged the Deel COR management fee on every payment made in Deel (bi-monthly, weekly, monthly and for salary, bonus, expenses, etc.)
Is there a minimum notice period for Deel COR?
No, there is no minimum notice period for Deel COR Contracts.
Can contractors sign the COR Contract before I do?
Yes, clients can switch the signing order on their COR Contracts, and invite the contractor to sign before the client signs.
Can we offer Deel Leased Equipment for contractors on COR?
COR contractors can rent computing devices through Deel Leased Equipment like mobile devices, laptops, tablets, and desktops. Peripheral equipment like desks will not be available for rental.