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Contract Types

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1. Fixed Price

Fixed Price Contract is one where the freelancer gets paid based on a milestone completion. On mutual agreements, milestones are set between the employer and the freelancer, where the employer has complete control over the approval of a milestone completion. Fixed price contracts make use of the Escrow service which releases funds when the freelancer has completed a milestone, which is approved by the employer.

Fixed Price Contract types:

  1. Fixed Price Multi-Milestone
  2. Fixed Price Multi-Milestone (Protected by Fair Pay)

Based on the freelancer's proposal, the employer creates a contract draft and sends it to the freelancer for review. When the freelancer accepts the contract draft, the employer creates the Contract on Ethereum Blockchain.

When the freelancer completes and Request Payment for a milestone, the employer reviews the freelancer's work and can request changes if required or

  • Employer Pays Payment Request

    • The amount charged to the Employer is calculated as follows,

    Amount Charged = Requested Payment Amount + BlockMyTalent Fee

    Once the employer transfers the amount charged to the Contract’s Escrow Account, requested payment amount is made available to the freelancer for withdrawal from the Contract’s Escrow Account to his/her Ethereum Account and if the requested payment is for the last milestone, the contract is marked as COMPLETED.

    The employer pays the gas fee for this transaction.

  • Freelancer Withdrawal

    • When the freelancer initiates Withdrawal, BlockMyTalent Fee is deducted, and the remaining amount is transferred to his/her Ethereum Account.

    The freelancer pays the gas fee for this transaction.

  • Employer/Freelancer Cancel Contract

    • If the employer or the freelancer is not satisfied with the Contract(work), they can initiate Cancel Contract, then the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as CANCELLED.

    CANCELLED contracts count towards your statistics as Disputes unless a cancelled contract is extended using Extend Contract option.

    Whoever initiates the transaction pays the gas fee for this transaction.

Extend Contract

If the employer want to modify the existing milestones of the contract or add new milestones, employer can use Extend Contract and initiate the hiring process with the freelancer again. If the freelancer wants to modify the existing milestones of the contract or add new milestones, freelancer can request employer to Extend Contract

Note: Extend Contract option will be enabled for the employer only after the ongoing ontract is CANCELLED.

Free Look Period - Until 1st Milestone Payment

Fund Contract Escrow Account - Employer transfers the upcoming milestone's Fair Pay to the escrow when he Pays a Milestone Payment Request.

Based on the freelancer's proposal, the employer creates a contract draft and sends it to the freelancer for review. When the freelancer accepts the contract draft, the employer creates the Contract on Ethereum Blockchain.

When the freelancer completes and Request Payment for a milestone, the employer reviews the freelancer's work and can request changes if required or

  • Employer Pays Payment Request

    • The amount charged to the Employer is calculated as follows,

    Amount Charged = Requested Payment Amount + BlockMyTalent Fee + Fair Pay Amount for the Upcoming Milestone

    Note: In case of the last milestone payment, "Fair Pay Amount for the Upcoming Milestone" is not collected.

    Once the employer transfers the amount charged to the Contract’s Escrow Account, requested payment amount is made available to the freelancer for withdrawal from the Contract’s Escrow Account to his/her Ethereum Account and if the requested payment is for the last milestone, the contract is marked as COMPLETED.

    The employer pays the gas fee for this transaction.

  • Freelancer Withdrawal

    • When the freelancer initiates Withdrawal, BlockMyTalent Fee is deducted, and the remaining amount is transferred to his/her Ethereum Account. The freelancer pays the gas fee for this transaction.

    The freelancer pays the gas fee for this transaction.

  • Employer/Freelancer Kill Contract within Free Look Period

    • If the employer or the freelancer is not satisfied with the Contract(work) and initiates Kill Contract within Free Look Period, the freelancer doesn’t get paid for his work and the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as KILLED.

    KILLED contracts count towards your statistics as Disputes.

    Whoever initiates the transaction pays the gas fee for this transaction.

  • Employer/Freelancer Kill Contract after Free Look Period

    • If the employer or the freelancer is not satisfied with the Contract(work) and initiates Kill Contract after Free Look Period, the Fair Pay amount from the Contract’s Escrow Account is assigned to the Freelancer first, and then the remaining balance is assigned back to the Employer for withdrawal and the contract is marked as KILLED.

    KILLED contracts count towards your statistics as Disputes.

    Whoever initiates the transaction pays the gas fee for this transaction.

  • Freelancer Cancel Contract

    • If the freelancer is not satisfied with the Contract(work), the freelancer can initiate Cancel Contract, then the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as CANCELLED.

    CANCELLED contracts count towards your statistics as Disputes unless a cancelled contract is extended using Extend Contract option.

    The freelancer pays the gas fee for this transaction.

    Note: Employer may request freelancer to initiate Cancel Contract

Extend Contract

If the employer want to modify the existing milestones of the contract or add new milestones, employer can use Extend Contract and initiate the hiring process with the freelancer again. If the freelancer wants to modify the existing milestones of the contract or add new milestones, freelancer can request employer to Extend Contract

Note: Extend Contract option will be enabled for the employer only after the ongoing ontract is CANCELLED.

2. Hourly

An Hourly Contract is one where the freelancer gets paid for the actual number of hours worked at a pre-agreed rate.

Hourly Contract types:

  1. Hourly Contract
  2. Hourly Contract (Protected by Fair Pay)

Based on the freelancer's proposal, the employer creates a contract draft and sends it to the freelancer for review. When the freelancer accepts the contract draft, the employer creates the Contract on Ethereum Blockchain.

When the freelancer Request Payment, the employer reviews the freelancer's work and can request changes if required or

  • Employer Pays Payment Request

    • The amount charged to the Employer is calculated as follows,

    Amount Charged = Requested Payment Amount + BlockMyTalent Fee

    Once the employer transfers the amount charged to the Contract’s Escrow Account, requested payment amount is made available to the freelancer for withdrawal from the Contract’s Escrow Account to his/her Ethereum Account.

    The employer pays the gas fee for the transaction.

  • Freelancer Withdrawal

    • When the freelancer initiates Withdrawal, BlockMyTalent Fee is deducted, and the remaining amount is transferred to his/her Ethereum Account.

    The freelancer pays the gas fee for this transaction.

  • Employer/Freelancer Cancel Contract

    • If the employer or the freelancer is not satisfied with the Contract(work), they can initiate Cancel Contract, then the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as CANCELLED.

    CANCELLED contracts count towards your statistics as Disputes unless a cancelled contract is extended using Extend Contract option.

    Whoever initiates the transaction pays the gas fee for this transaction.

Complete Contract

If the employer and the freelancer agree that the requirements of this Contract(work) are completed, then the freelancer can initiate Complete Contract to mark the contract as COMPLETED.

COMPLETED contracts count towards your statistics as Contracts Completed.

The freelancer pays the gas fee for this transaction.

Extend Contract

If the employer want to modify the Rate Per Hour of the contract, employer can use Extend Contract and initiate the hiring process with the freelancer again. If the freelancer wants to modify the Rate Per Hour of the contract, freelancer can request employer to Extend Contract

Note: Extend Contract option will be enabled for the employer only after the ongoing contract is CANCELLED.

Free Look Period - Until 1st Successful Payment

Fund Contract Escrow Account - Employer transfers the upcoming week's Fair Pay to the escrow when he pays a payment request.

Based on the freelancer's proposal, the employer creates a contract draft and sends it to the freelancer for review. When the freelancer accepts the contract draft, the employer creates the Contract on Ethereum Blockchain.

When the freelancer Request Payment, the employer reviews the freelancer's work and can request changes if required or

  • Employer Pays Payment Request

    • The amount charged to the Employer is calculated as follows,

    Amount Charged = Requested Payment Amount + BlockMyTalent Fee + Fair Pay Amount for the Upcoming Week

    Once the employer transfers the amount charged to the Contract’s Escrow Account, requested payment amount is made available to the freelancer for withdrawal from the Contract’s Escrow Account to his/her Ethereum Account.

    The employer pays the gas fee for this transaction.

  • Freelancer Withdrawal

    • When the freelancer initiates Withdrawal, BlockMyTalent Fee is deducted, and the remaining amount is transferred to his/her Ethereum Account.

    The freelancer pays the gas fee for this transaction.

  • Employer/Freelancer Kill Contract within Free Look Period

    • If the employer or the freelancer is not satisfied with the Contract(work) and initiates Kill Contract within Free Look Period, the freelancer doesn’t get paid for his work and the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as KILLED.

    KILLED contracts count towards your statistics as Disputes.

    Whoever initiates the transaction pays the gas fee for this transaction.

  • Employer/Freelancer Kill Contract after Free Look Period

    • If the employer or the freelancer is not satisfied with the Contract(work) and initiates Kill Contract after Free Look Period, the Fair Pay amount from the Contract’s Escrow Account is assigned to the Freelancer first, and then the remaining balance is assigned back to the Employer for withdrawal and the contract is marked as KILLED.

    KILLED contracts count towards your statistics as Disputes.

    Whoever initiates the transaction pays the gas fee for this transaction.

  • Freelancer Cancel Contract

    • If the freelancer is not satisfied with the Contract(work), the freelancer can initiate Cancel Contract, then the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as CANCELLED.

    CANCELLED contracts count towards your statistics as Disputes unless a cancelled contract is extended using Extend Contract option.

    The freelancer pays the gas fee for this transaction.

    Note: Employer may request the freelancer to initiate Cancel Contract.

Complete Contract

If the employer and the freelancer agree that the requirements of this Contract(work) are completed, the freelancer can initiate Complete Contract, then the balance from the Contract’s Escrow Account, if any, is assigned back to the Employer for withdrawal and the contract is marked as COMPLETED.

COMPLETED contracts count towards your statistics as Contracts Completed.

The freelancer pays the gas fee for this transaction.

Extend Contract

If the employer want to modify the Rate Per Hour of the contract, employer can use Extend Contract and initiate the hiring process with the freelancer again. If the freelancer wants to modify the Rate Per Hour of the contract, freelancer can request employer to Extend Contract

Note: Extend Contract option will be enabled for the employer only after the ongoing ontract is CANCELLED.