What are the differences between hourly and fixed contracts for freelancers?

A job can be paid hourly or be a fixed-price project.

That information is stated on each job post:

Hourly_FixedPrice

When you apply for a job, you'll fill in your hourly rate or the value you charge for the project.


Hourly jobs:

You are paid by the hour according to the value, and the weekly hourly limit agreed with your client.
The payments are made weekly to the payout method you set up.

To see detailed information about the payments schedule, please check this article:

When will I get paid?

 

Fixed-price jobs:

You are paid by milestone according to the value agreed with the client for the project.

A fixed-price job can have one or more milestones.

When you finish the work, you should submit the milestone for the client's review and approval. For more information about how to submit your work to the client, please check this article:

How do I submit finished work/request a milestone to be reviewed?

 

Please make sure your finance account details are set up and ready to receive your well-earned payments:

How do I verify my financial information? (Stripe)

How to link your Payoneer account