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More complex projects will almost certainly have this level of formality, if not more.

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The contractor makes a profit by charging the client more than what they pay their staff.

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However, you waive your right to a trial, and unlike a court trial, neither party may appeal the decision.

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Agreement by the other Party will not be construed as a waiver of any subsequent breach of the same or other provisions.

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You should have a similar clause in your contract, and you should be tracking hours spent, even if only for the purpose of operations management and your accounting.

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