What is a partner carrier relationship????????

First off, I apologize if I'm posting this in an incorrect forum--as you will see, I'm not the most knowledgeable on "all things trucking." I would appreciate if anybody would be able to provide me clarity onto what a partner carrier relationship entails? From what I've read so far, an O/O--also a power only driver if I'm not mistaken--essentially works with or for a larger carrier to transport a shipment using another carrier/shippers trailer. With this partner carrier relationship, are O/Os literally leasing their vehicles and services to the larger carrier? Or are O/Os receiving a percentage of the haul? Or maybe both? Do these vary from relationship to relationship? Are O/Os allowed to do independent work and/or work with other carriers while being signed on with a certain carrier?

Basically to sum it all up, what does a typical partner carrier relationship look like--insurance/financially, liability, etc.

Any help is appreciated! Thank you!

 

Thanks! So if I sign on to be a partner carrier with another company, would I be strictly working for that sole company or could I venture out and work on my own/work with other carriers? Also, would I be compensated by leasing my truck/services or through a percentage of the haul? Or does each partner carrier relationship differ in terms of forms of payment?

 

Do you mind sharing the way in which you are compensated (i.e., by leasing your truck/services, by a set rate for the haul, or through any other way)?