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Operating Agreement For Single Member Llc

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    Operating Agreement For Single Member Llc

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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.

Write a termination clause that explains the steps that one or both parties need to take in order to terminate the contract. For example, you may say that either party can terminate the agreement with a written 15-day prior notice to the other party. Also, include payment terms for any work completed to date that the customer is responsible for paying for this portion of the work. Write a dispute clause to establish the handling of a dispute between the two parties. For example, arbitration is one method the parties can agree to in the case where a dispute arises between them.

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