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.
Legal Contracts - Under state laws, only a few category of contracts must be in writing, such as a mortgage contract or contracts covering more than a year. It's still a good idea, however, to have a written agreement for business transactions beyond an ordinary sale of goods. There is no law requiring a lawyer to write your contract. If the transaction is relatively simple, the contract can also be simple. But you also have to pay attention to certain details to avoid issues arising later.