Types of Rates & Miscellaneous Rate Terms

Day-Rate

Getting paid a flat rate for a day up to a certain amount of hours.

Flat Day-Rate - Getting paid a flat rate for a day even if it extends beyond a certain number of hours. This is generally something you should avoid unless you trust your client. Unfortunately, this is the most typical for long term contracts. Most of my clients that operate this way have been pretty good and honor comp time. Often, when someone says “Day-Rate” they really mean “Flat Day-Rate” – aka no overtime. 

Week-Rate

Getting paid a flat week up to a certain number of hours. 

Flat Week-Rate

Getting paid a flat week even if it extends beyond a certain number of hours. Ditto on trusting your client. A flat week rate should include payment for holidays as paid time off on long term contracts. This rate type is essentially a salary without a guarantee of benefits, paid time off for non-holidays, or ongoing employment.

Salary

Getting paid weekly or bi-weekly based on a total year salary. Typically, this includes benefits like health insurance, paid time off, vacation, and a retirement plan. I have not had a salaried role since 2014, but I have had consistent, full-time work, from a combination of regular clients. 

Project Rate 

Getting paid a flat rate based on a scope of work. 

Comp Time

Crediting your hours/day based on hours you worked over a normal week. You don’t get paid more, but you do get brokered “paid” time off. 

Walk Away

When you aren’t paid for your lunch hour