Professional Services Defined: Highly specialized functions, typically of a technical nature, performed by a supplier that, with respect to the services to be rendered, most commonly;
- Has a professional license;
- Licensed by a regulatory body; and/or
- Able to obtain professional errors and omissions insurance.
Consulting services are generally not professional services unless the services are required to be performed by State-licensed persons.
Consult with your Buyer for any services over $100,000 as they may require competition by law.
Examples of Professional Services:
- Medicine and related medical services
- Engineering services