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Funded amount lower than amount agreed on

babols15
Active Member
Ivy A Member Since: Sep 7, 2016
1 of 6

Hi, I received a job offer from a client after we agreed on a fixed amount of $120. When I received the offer, the funded amount was for $0.01 wih the following message indicated: "The fixed amount/ fee of $120 to be paid immediately after the completion of the project. " I am hesitant to accept, is this ok? I have never encountered this issue before. Thanks in advance!

katrinabeaver
Community Guru
Katrina B Member Since: Jan 9, 2011
2 of 6

Nope no way.  I wouldn't accept unless it is fully funded. 

"Fairness is giving all people the treatment they earn and deserve. It doesn't mean treating everyone alike-Coach John Wooden"
babols15
Active Member
Ivy A Member Since: Sep 7, 2016
3 of 6

Thanks!

katrinabeaver
Community Guru
Katrina B Member Since: Jan 9, 2011
4 of 6

You are very welcome. Escrow is there to protect both you and the client. With only $0.01 funded, if you turn in the work they can run away with it and all you will get is the penny. 

"Fairness is giving all people the treatment they earn and deserve. It doesn't mean treating everyone alike-Coach John Wooden"
babols15
Active Member
Ivy A Member Since: Sep 7, 2016
5 of 6

Yeah, I was thinking the same thing. Smiley LOL

prestonhunter
Community Guru
Preston H Member Since: Nov 24, 2014
6 of 6

The client GETS ALL THEIR MONEY BACK if the contractor doesn't do the work.

 

The money doesn't get released to the contractor until the contractor submits the work.

 

So there is NO REASON for a client to not fully fund fixed-price milestones.

 

A contractor SHOULD NOT expect to get paid anything beyond the amount funded.

 

So there is no such thing as dollar amounts that have been "agreed upon" or "discussed" or are the job's posted "budget". That is all meaningless.

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