Addings funds to an existing, fixed-rate contract

[zorwench]

Is it possible to add funds to an existing, fixed-rate contract? The software development process is far more complex than the Contractor estimated.  Moreover, suggestions are being made, along the way and features are being added, making the product much better and more expensive than originally anticipated.  

There's still a substantial amount of work to be done before the software is commercially viable, including a "pilot phase."  If that work isn't completed properly, I won't be able to use any of the features, already developed and paid for;  so, I don't want to close the contract and rate the contractor prematurely, i.e.,  before all of the work is done.

I understand I can pause the contract for 75 days and start a second contract.  I prefer not to do that, though; since it may take more than 75 days to complete all of the work properly and pilot the software.  It would be far simpler to add funds to the existing contract.  Thank you!

[BojanS]

Hi Margery,

Adding a new milestone to an existing contract will ask you to pre-fund the agreed amount into escrow. By adding new milestones you're going to break up a larger project into steps that you and your freelancer or agency have agreed to.

Thank you!

[zorwench]

Hello Bojan,

Please confirm:  I can add Milestones to a contract that is about to run out of funding.  To do so, I'll have to add funds to cover the cost of each additional Milestone?  Thank you, Margery

[BojanS · Accepted solution]

Hi Margery,

That is correct, you should be able to add and fund the next milestone for your contract. You can only fund one milestone at a time on a specific contract. For more information please check out this video.

Thank you!

[zorwench]

Hi Bojan,

Thanks for your guidance.  I'm all set!  Stay Safe, Margery