Upwork contracts how they work and what to know
In this, we will discuss we will get to know what are Upwork contracts how they work, and what to know. This is all from theory to practice. First, you have to understand the types of Upwork contracts
There are two types of Upwork contracts
- Overall fixed price
- Hourly price
Difference between overall and hourly price
The overall price and fixed hourly prices determine how you get paid because if you are charging hourly if you work 4 hours then you will obviously get paid according to 4 hours. if you are taking a fixed overall price then you get paid after completing the project at a fixed price which is decided.
The self-explanatory process is if you have to sign any contract whether they are an overall or fixed price so remember it if you accept the proposal you have to agree on terms and conditions price, payment conditions, etc. After that, your payment goes into the payment protection for payment protection.
What is Escrow?
Escrow word is used that means an agreement between two people or organizations in which money or property is kept by a third person or organization until a particular condition is met. The third person will work on a dispute and resolution.
So there is a system of upwork escrow, after the approval of the contract, the client will put money in the Escrow. As a freelancer, you do not have to give money you have to take money from the client. People say we have got the email having the link of telegram give some money then you will get that project it is a scam.
When you bid on Upwork, the contract is signed the client will put money in the Upwork Escrow and when he will release when he will get satisfied after that when the money goes into the Escrow then you will go to arbitration, resolute where your interest will be protected in case of any dispute with the client.