Payment terms refer to the conditions under which a freelancer is to be paid for their work. This could include the payment amount, payment schedule, or any applicable fees or taxes. Payment terms are typically discussed and agreed upon before starting a project.
Payment terms can vary from client to client, but some of the most common payment terms include hourly payments, milestone payments, and lump sum payments. Hourly payments refer to the payment rate for each hour of work that a freelancer completes. Milestone payments are payments for each completed stage of a project. Finally, lump sum payments are one-time payments for the completion of the entire project.
It is important to note that payment terms should also include any applicable taxes or fees associated with the project. Additionally, any payment terms should be discussed and agreed upon between the freelancer and client before the project begins. This is to ensure that each party is fully aware of the expectations and payment structure of the project. By having clear payment terms outlined in the agreement, freelancers and clients can avoid potential disputes or misunderstandings.
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