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Your contract would include a predetermined budget for the entire project. You can further negotiate the price and payment of the project during the interview process.
Your contract would include the maximum number of allowed hours and your hourly rate. You can further negotiate the rate during the interview process.
Your contract would include an advance payment for the project during a set period of time. You can further negotiate the price.
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After choosing your desired freelancer, agree on the scope of work, payment terms, and deliverables mutually and start the project work.