Advantages and Disadvantage of oDesk Fixed-Price Contracts

Recently, I've been receiving invitations for job interview on oDesk for fixed-price projects. But, this is my personal take on why I seldom accept fixed-price contracts.


What I like about Fixed-Price contracts:
  •  Fixed-price contracts bring you money in bulk. And it feels very rewarding when you see such sum of money in your oDesk "wallet". 
  • You can work any time you want. Fixed-price contracts allow you to work at your convenience. You may log into the oDesk Team Room for monitoring purposes but payment is really made once the contract has been completed.
  • You can basically accept unlimited fixed-price contracts and receive payments almost instantly.

What I don't like about Fixed-Price contracts:
  • You are prone to accepting bogus projects. Scams are everywhere. There are clients who will ask you for trial jobs and at the end of the day, they will not pay you for the job. 
  • You have to constantly update your client about the job progress. Well, it is your duty as a contractor but, for me who has a full time job, I admit that I am having difficulty in this aspect.
  • There are clients who can be very demanding and expects you to submit projects within a short span of time. 
  • When you accept fixed-price contracts, you have the tendency to neglect it because of the flexibility given to you.
I had my fair share of failures in some of the fixed-price contracts. But, one thing I learned is that never accept contracts which you think you cannot do. Most of all, be careful of scams so you won't waste your time and effort. Whether hourly or fixed-price contracts, commitment is very important and commitment to the project reflects your sense of professionalism.

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