Fair Pay is a transparent payment policy which gives payment protection both for the employer and the freelancer by using an Escrow Account on Ethereum Blockchain.
Fair Pay entitles the employer to a "free look period" to assess the freelancer's skills before he makes the decision. The freelancer also enjoys a minimum payment guarantee in case of a dispute with the employer for the work he has completed after the Free Look Period.
It is free from discrepancies and eliminates any unfair, unjust or unlawful practices on the platform.
Be it a Fixed Price or an Hourly contract, protecting it by the Fair Pay policy builds a sense of trust between the employer and the freelancer, which keeps the project on track. When working with an unknown Employer/freelancer, we strongly recommend using Fair Pay Policy for seamless execution of the project.
Employer funds the Contract's Escrow Account with the calculated Fair Pay amount, providing freelancers the comfort of guaranteed payment for the work done after the Free Look Period.
For Fixed Price Contract
Fair Pay = 20% of Milestone Payment
For Hourly Contract
Fair Pay = 20% of (Commitment Per Week x Rate Per Hour)
For Fixed Price Contract Free Look Period = Until 1st Milestone Payment
For Hourly Contract Free Look Period = Until 1st Successful Payment.The Free Look Period:
If the employer or the freelancer is not satisfied with the Contract(work) within Free Look Period, they can simply Kill Contract, and the balance from the Contract's Escrow Account, if any, gets allocated back to the Employer.