Increasing my contract hourly rate

[flyer]

After signing an consultancy agreement with a company, which specifies my hourly rate, is it possible to increase my hourly rate in the future- say after 6 months or so?

[Corey]

an agreement is a contract with all the stated terms, rate, timeframe etc.

Unless an increase is written into the contract, your hourly rate is as stated in the contract.

Cheers
Corey

[flyer]

Originally Posted by Corey

an agreement is a contract with all the stated terms, rate, timeframe etc.

Unless an increase is written into the contract, your hourly rate is as stated in the contract.

Cheers
Corey

Thanks for your reply. Corey.

The agreement does not have a timeframe. So that means I can never increase my rate with that company?

My situation may change in the future, which may lead me to increase my rate. Then do I need to sign a new agreement with them if I decide to increase my rate? Isn't it similar to getting accepted a higher salary in a job?

[Kathy Creaner]

Hi, in my industry, IT project management, contracts typically Spanish a timeframe for which the hourly rate is set. The contract is agreed against a job description. If your job changed significantly from the jd then you would be justified in presenting a business case for a rate change as would your employer. The contract rate would hold if the business case wasn't accepted.

If you don't have a timeframe on your contract then you would need to do something similar, e.g. present a business case or simply notify the other party in writing that your rates are increasing, effective on this date. Until the new rates take effect, all work done must be charged at the contracted rate.

Hope this helps.

Kathy

PS I suggest that next time, if you think a contract will span a significant time period, you build in any standard rate increases such as CPI.

[Corey]

Have you read the agreement in full.

All contracts have a timeframe.
No contract exists forever.
There is either a project end date or a contract end date.

Cheers
Corey

[flyer]

Originally Posted by Kathy Creaner

Hi, in my industry, IT project management, contracts typically Spanish a timeframe for which the hourly rate is set. The contract is agreed against a job description. If your job changed significantly from the jd then you would be justified in presenting a business case for a rate change as would your employer. The contract rate would hold if the business case wasn't accepted.

If you don't have a timeframe on your contract then you would need to do something similar, e.g. present a business case or simply notify the other party in writing that your rates are increasing, effective on this date. Until the new rates take effect, all work done must be charged at the contracted rate.

Hi Kathy

The agreement I'm signing is not for a specific work. I work on different projects as they assign me. Like you said, I may need to notify them in writing about the rate increment.