goLance offers two options when creating contracts: Hourly and Fixed-Price

Hourly contracts:

Hourly contracts are based on a client and freelancer agreeing on an hourly rate during the interview process, then having the freelancer log their working hours in the goLance goMeter desktop application.

All logged hours will be recorded to the freelancer's Work Diary for both the freelancer and client to review. All hourly contracts have the client option of enabling Manual time, which allows the freelancer to bill hours without running the goMeter, and also setting a weekly hour limit that freelancers cannot pass. Any logged hours (either through the goMeter or Manual Time), will not be counted towards billing if it surpasses the weekly hour limit. 

Hourly contracts are processed on a weekly basis for payment. Freelancers have until UTC midnight on Sundays to enter hours for that week, which are then billed to the clients on UTC midnight on Mondays. Both the freelancer and client have until Friday to review the work completed. If there are any disagreements between the client and freelancer, then a dispute can be filed before payment is released to the freelancer. If there are no disputes, the freelancer receives payment the following Wednesday. The payment amount is based on the contract's hourly rate multiplied by time tracked in the work diary using goMeter or added as manual time. If a weekly limit is set, time tracked over the weekly limit is not paid and shown as overtime.

The hourly payment process goes through these phases:

Charged on Mondays (1:00 AM UTC).
Review period starts (5 days). During the review period, employers see the payment as withheld in their Invoices and Transaction reports. Freelancers can delete time from the contract's work diary. An employer can file a dispute. The dispute is resolved with the help of goLance representatives. A dispute can be approved, declined, or canceled. 
Settled on Fridays (1:00 PM UTC).
The review period ends. Security period starts (5 days). If time was removed during the review period or discarded by the approved dispute, the amount will be refunded to the employer's goWallet balance. A security period is needed for goLance in order to minimize the risks of chargebacks and fraud. Freelancers see their payments as pending during the security period in their Invoices and Transaction reports. The freelancer sees the paid amount minus the goLance fee in their reports. The security period is bypassed for freelancers who work for trusted employers. In this case, payment is released immediately after it was settled.
Released the next Wednesday (12:00 AM UTC, midnight)
Money becomes available and added to the freelancer's goWallet balance. This money is available to withdraw. Freelancers see their payments as paid in their Invoices, Reports, and Transaction reports.

Fixed-Price contracts: 

Fixed-Price contracts work differently than hourly contracts. Instead of working on an hourly basis and logging hours to the goMeter desktop application, fixed-price contracts work based on one or more payment milestones. A freelancer can bid a different amount than that of the job post along with a proposed number of milestones. After the client and freelancer agree on a fixed-price, payment milestones can be set up to pay the freelancer at certain times during a project. Funds are loaded into an escrow account for each milestone and then released to the freelancer after each milestone is complete.  Each milestone has a five-day security hold before it is released to the freelancer. 

Milestone goes through the next phases:

Created
Milestones are shown on the contract page. Milestones defined by the offer become automatically created when the offer accepted. To create a milestone, employers set its name and price.
Funded
When an employer funds milestone, their payment method is charged for the milestone amount. If payment succeeded, milestone is shown as in progress so the freelancer knows that money was deposited by the employer. While the milestone is in progress, employers see the payment as withheld in their transaction reports.
Work Submitted, payment requested
When freelancers finish a milestone task, they submit their work and request the payment for this task. They can adjust the requested payment amount if the task scope has changed. Milestone is shown in the payment requested column on the contract page
Paid
If employers approve the work, they pay for the milestone. They can adjust the payment if the task scope has changed. If the paid amount is less than the activation amount, it will be refunded to their goWallet balance. If the amount paid is greater than the activated amount, it will be paid as a bonus.
Security period starts
Milestones have a 5-day security holding period (120 hours).

Please note that there is an option so the fixed price contract can be automatically funded, validated and paid on a regular basis (weekly, monthly, ...)
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