What is Independent Contractor ?
‘Independent Contractor’ refers to a third party who would be doing the work of the company who is providing the contract work. In this case, the company providing the work would not have any say in how many people are working on the project or how the project is being completed.
The independent contractor is bound to complete the task or project within the period mentioned in the contract while assuring that the necessary quality of work is maintained. In order to fulfil both of these criteria, specialists are required who undertake these kinds of contract jobs.
Another significant aspect of an independent contractor is that they are defined as a contractor and not as an employee even though they are doing the work of the company. They are not defined as employees for legal reasons and tax savings too.