After you create a Contracts Template, you're ready to start creating contracts and sending them to talent!
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Go here to learn how to create contracts template.
TABLE OF CONTENTS
Create a Contract
Steps:
Go to Contracts and click Create Contract.
Select Template.
The next steps will differ depending on the type of contract it's for.Fixed Rate Contract:
- 3-step form: Contract Details, Automated Invoicing, Summary.
- Configure invoice scheduling and custom fields.
- General Framework Contract:
- Simple setup for agreements like NDA or MSA.
- Variable Date option available.
Fixed Rate Contract Steps
In the fixed rate contract, we have a 3-step form.
Step 1 - Contract Details
Step 2 - Automated Invoicing
Step 3 - Summary
Contract Details:
In step 1, you complete the most essential fields:
If you've added custom fields in your template, they will be displayed below the Start and End Date.
Automated Invoicing:
In Step 2 - Automated Invoicing, you can configure the scheduling of invoices. This step is pivotal and operates akin to payroll.
1) Initially, you specify the rate and invoice frequency. The default setting generates monthly invoices, but bi-weekly or weekly options are also available.
2) Following that, you determine when the invoice cycle ends. For Monthly Frequency, you can opt for either the end of the month or a specific day of the week.
If weekly is selected, only the days of the week are available for selection.
3) Next, assign an invoice name that will automatically be generated with each invoice, such as "First Last Name—Monthly Invoice."
4) Finally, you can fill in the invoice custom fields.
Depending on the invoice setup, mandatory selections for each invoice, such as Category, Approver, and other custom invoice fields, may be present.
Summary:
In Step 3 - Summary, you can review and confirm the accuracy of the payroll calculation and validate the details of the first and last invoices.
Note the following key points:
Total fees encompass all fees incurred throughout the contract period.
Total invoices indicate the number of invoices that will be generated. For a detailed breakdown, highlight and underline this section.
It's important to note that the first invoice's amount is less than the monthly fee due to a reduced number of working days compared to a full month.
The working days in this cycle specify exactly how many days are included in the calculation for the first invoice.
As for the final invoice, it represents the full amount since freelancers work for an entire month.
Note the 'Customize amount' button next to the First and Last Invoice. This feature allows you to switch between various calculation methods, giving you the flexibility to overwrite the calculated amount with a custom figure.
General Framework Contract Steps
The General Framework contract type is more straightforward to use. It is created to handle long-term agreements such as NDA or MSA.
This type of Contract usually does not need many dynamic fields; therefore, the creation process is quite straightforward.
Below is a typical setup for NDA:
Variable Dates
With this type of agreement, you may choose a Variable Date instead of a Fixed Date because if launched from an Onboarding Workflow, it's unclear when the contractor will be able to sign it.
Launching General Framework Contract from Onboarding Workflows
Especially with NDAs or MSAs, which tend to be part of the onboarding workflows, the action stage—Add Contract—is very useful.
Support/Resources
Have questions about contracts?
Click the Support button in the bottom left to contact our amazing Support team or reach out to [email protected]