2011/03 Mike Monteiro | F*ck You. Pay Me. from
San Francisco Creative Mornings on
Vimeo.
As hustlers and entrepreneurs, we often do a lot of freelance work for other companies and individuals. The problem with freelance work is that a number of things can go wrong and you can end up getting screwed out of your hard earned cash. In the video above, Mike Monteiro (Design Director, and co-founder of Mule Design Studio) and his lawyer break down the kinds of things you should have in place when doing freelance work and why contracts are important. below are a couple things I learned from the video.
1. Clear definitions. Clear expectations. Explicitly stated and agreed to by both parties in a contract
2. Include attorney fees in contract. What’s the use of winning a lawsuit for $20,000 only to pay $35,000 in legal fees?
3. “You Can Trust Us”…..usually means don’t trust them
4. Don’t start work without a contract
5. Don’t blindly accept terms
6. Anticipate negotiation, but don’t back down on important things like “termination fee’s”, liability or IP transfers on full payment
7. Let Lawyers talk to Lawyers
8. Be confident in your asking price