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Different Types of Contracts

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Project-based agreements can vary depending on the parameters of the work and how much of it has already been planned. Common types of agreements include:

  • Fixed fee contract: When the company and contractor agree on a fee for the entire project.
  • Monthly contract: When the contract includes payments for a specific time period based on hours and days set at a specific hourly rate.
  • Rate-based contract: When payments are tied to total hours worked to achieve a specific goal.