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I recently found out about Odesk's 100% money-back guarantee for some contractors on the site. I'm not sure how wise it was to implement something like this. Doesn't Odesk run the risk of sidelining most of the contractors on the site? The end result will simply be that all the work goes to those contractors with the new guarantee (a select few), while the rest of us will probably have to leave the site because we will no longer be able to get clients. Or is that the aim?
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This has been discussed on the site. Some think it's a good idea and some don't. The idea is that clients receive this guarantee for freelancers who have consistently provided good work for clients. As someone pointed out, it could be open to abuse as some clients could just keep requesting a refund. I don't know how it will effect freelancers, it hasn't been available on the site for very long.
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There was this thread before complaining about this feature; can't really recall. Yes, it can be open to abuse. In my experience, I've got one that's reaching 5K and it's still under the money back guarantee.. and client still works with me. I wonder why Odesk hasn't set a limit to this money-back thingy, I mean just how much are they gonna give back? My client is happy with my service, but there are shady folks out there... so my advice is to only accept jobs with this guarantee from someone who have spent more than 20k on the site. Not really fool proof so check their hiring history. Or better yet, trust your gut feeling
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You are correct, Rico. A client can request the refund after the first weekly invoice is generated (the Monday after the contract begins) and up to six days after the second weekly invoice is generated (the Sunday after your second week of work.) After that we assume that a good relationship has been established between the client and the freelancer and they are happy with the work. Here is the link to the thread where the feature was discussed before.