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Here are six best practices to write a consulting contract that defines your project scope and protects both you and your business. Define Duties, Deliverables, and Roles. ... Prepare for Potential Risk. ... Specify Project Milestones and Engagement Time. ... Identify Expenses and Outline Payment Terms. ... Specify Product Ownership.
A consulting contract should offer a detailed description of the duties you will perform and the deliverables you promise the client. The agreement may also explain how much work you will perform at the client's office and how often you will work remotely.
Simple Consulting Agreement The names of all parties involved. The names of the businesses involved. The scope of work. The time frame covered by the agreement. Compensation terms. Clarification about the consultant's role as an independent contractor. A confidentiality agreement.
Some consultants prefer an hourly rate, while others charge per project or based on a retainer. You can choose whether you want to be paid up front or at certain milestones along the way. There's also a variety of payment methods you can accept, ranging from cash and checks to credit cards and digital wallets.
There are three main billing methods for consultants: hourly, fixed, and value-based. Hourly billing means you charge your client based on the actual time you spend on their project, which requires meticulous time tracking and documentation.