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New Weekly Retainer Payment Option

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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
21 of 34

Hi Oleksandra,

 

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.

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Active Member
Nick Q Member Since: Feb 25, 2020
22 of 34

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.

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Bruno P Member Since: Aug 4, 2018
23 of 34

Hi!
Just got hired on a weekly retainer (first time), and I can't find this information anywhere:

WHEN will I get paid? 


Thanks!

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Moderator
Valeria K Moderator Member Since: Mar 6, 2014
24 of 34

Hi Bruno,

 

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.

~ Valeria
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Active Member
Bruno P Member Since: Aug 4, 2018
25 of 34
Thanks. So that means the client is charged every Sunday and I'll get paid 5 days later?
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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
26 of 34

Hi Bruno,

 

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.

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Community Guru
Petra R Member Since: Aug 3, 2011
27 of 34

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.

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Ace Contributor
Vijayvithal J Member Since: Oct 24, 2017
28 of 34

Hmm...

 

That's not how a dictionary defines Retainership! Quoting from https://www.investopedia.com/terms/r/retainer-fee.asp
{Start Quote}

  1. A retainer fee is an amount of money paid upfront to secure the services of a consultant, freelancer, lawyer, or other professional.
  2. A retainer fee is most commonly paid to individual third parties that have been engaged by the payer to perform a specific action on their behalf.
  3. These fees, almost always paid upfront, only ensure the commitment of the receiver.
  4. In addition, retainer fees usually do not represent the total final cost of the services provided.

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.
{End Quote}

 

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,

  1. The client promises a minimum number of hours, and pays for it. Similarly the freelancer agrees to keep the minimum number of hours available for the client.
  2. If the client is not able to provide sufficient work, the freelancer gets the minimum specified amount.
  3. If the freelancer works for more than the specified period, he gets an extra amount.

 

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Moderator
Vladimir G Moderator Member Since: Oct 31, 2014
29 of 34

Hi Vijayvithal,

 

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.

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Active Member
Bruno P Member Since: Aug 4, 2018
30 of 34
I do have one question!

What happens if the client hires me on a weekly retainer, but then cancel the contract 1 day before the first week ends?

I'm asking because this is exactly what happened yesterday.

I've worked for him for 6 days, and then he cancelled out of the blue on the 6th day.

Will I get paid?!
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