Please note that we are currently testing this option out with select clients. In case your client has the Weekly Retainer option on their end, you can to ask them to send you a new offer and select "Pay a weekly retainer" option. There's no option to switch between different contract types. You can find more information in the announcement thread to which I merged your post.
Probably it is not @Oleksandra. You may have to end the current one and ask the client to offer a new contract.
Proposing a new contract doesnt allow weekly retainer. I see only hourly or fixed/milestone model available to propose.
This is similar to the current option that clients have to set up a weekly payment. Clients are charged weekly but there is no review period so the payments become available to you after the standard five-day security period.
Yes, that is correct. To clarify further, while the weekly billing cycle period ends on Sunday at 23:59 UTC, clients are automatically charged on Monday. The funds do become available 5 days later as you correctly stated.
Bruno P wrote:
Thanks. So that means the client is charged every Sunday and I'll get paid 5 days later?
Not quite, Clients are charged on Monday afternoon UTC, not Sunday.
That's not how a dictionary defines Retainership! Quoting from https://www.investopedia.com/terms/r/retainer-fee.asp
Example of a Retainer Fee
For example, a lawyer may charge a $500 retainer fee. If the lawyer charges a total of $100 an hour, the retainer covers all services up to the five-hour limit. The lawyer then bills the client for the cost of any additional hours they invest on behalf of the client.
In my experience, I had a client Promising 40 hours of work and demanding that I work exclusively on his project. But within a few weeks he hit a schedule dependency issue and failed to allocate any meaningful task for months.
A retainership as normally defined, makes sense in such cases,
Thanks for pointing out the terminology difference. I can confirm the Weekly Retainer payment option we're currently testing on Upwork has a different flow than the definition and process you outlined. Let us know if you have any questions or would like to receive more information about the Retainer option.