Specify Time and Amounts of Payments - Entering your hourly rate and projected time for completion, or the total amount of payment for the project may not be enough. Depending on the project's scope, the contract should include: Any portion of fees to be paid upfront. Any fees to be paid at milestones as a project proceeds. Payment for work completed if a client cancels the contract. Late fees if the client doesn't pay on time. Hourly rate for your time due to delays caused by the client or for client's request to perform additional work.
If you run a business as a sole proprietorship, it would be appropriate to be identified in the contract as John Jones doing business as Jones Plumbing. If you organized your business as a Limited Liability Company, identifying your participation in the contract by your name could remove any personal liability protection that an LLC provides. Similar issues can arise with a partnership if each individual is identified as a party to the contract.