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Director Service Agreement & Independent contract agreement


23-Feb-2023 (In Corporate Law)
I am a director for an OPC company as well as a full shareholder. Do I need a Director''s service agreement? My client in the US will decide the amount to be paid for the contractors I am hiring in India.If let's say he is agreeing for $7/hr. How do I mention that in the contractor agreement as I think all the agreement and payment should be mentioned in Indian rupees.Can I say the following "The payment will be transferred to Contractor’s bank account in Indian Rupees(INR)(Final transaction amount will vary based on USD to INR conversion rate during the transaction period)"
Answers (2)

Answer #1
610 votes
hi since you are a director cum shareholder, you will need a remuneration agreement plus roles and responsibilities document signed by board of directors. with reference to you hiring indian staff for your us client, actually you should bill your us client either based on time and material or on cost basis in USD as all exports are to be billed in overseas currencies your client will pay you in USD and your bank will remit equivalent Indian rupees based on prevalent exchange rates
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Advocate Rajagopalan

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Answer #2
747 votes
good morning sir service agreement is required and is mandatory I drafted many service agreements between US based company and Indian company if an opportunity given to me I will talk to service agreement and if required other agreements also
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