How do I adjust the price of a fixed rate contract?
I have a fixed rate contract with a client. We're about halfway through the contract and the client no longer needs my services because of an unrelated conflict on his end.
We've had a very good relationship. He'd like to pay me for half the contracted rate and that's absolutely fair and fine with me. Lots of love and stars all around.
I can't find a way to lower the price of the contract. How should I proceed? It's not a negative situation and I don't want it affect either of our ratings in a negative way.
Your client should be able to release an amount less than what was originally agreed when he/she releases a milestone. You may send this help article to your client, so that he/she can read up on the section - "Release less than the full amount of a milestone," to know the process.
Thanks for the reply!
I haven't requested payment yet. I just want to make sure I understand completeIy: I should request payment for the newly agreed upon amount, send the article you mentioned to my client, and ask him to click "end the contract" and choose "work is complete." Correct? And that willl release the remaining escrow money back to the client? Thanks again!
Since you are both in agreement about the amount that should be released, you can forward your client that article that Avery linked so that they can follow the procedure outlined there for releasing less than the full milestone amount. After the client follows those steps, they can end the contract.
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