Independent contract work - need advice
Independent contract work - need advice
(OP)
An individual has approached me with a concept that they would like to mature, and have some backing from an investor. He is looking for help from an engineer (i.e, me) to help develop the concept into a viable prototype that could be field tested and patented. Should I choose to pursue it, this would be a part-time, "after-hours" gig for me... by I am not counting on this as my primary means of income.
As I have always worked as a full-time employee for large firms, I really not sure where to begin with regards to defining terms of payment and any contractual terms that should be included. I have received a lengthy non-disclosure agreement from the individual that I am reviewing.
Should I be asking for an hourly rate, a fixed price, some % of the future profits on the invention, other? Should I be using my current hourly rate at my primary job as a basis for charging on this new job? Are there any suggestions for clauses, etc that I should include in any contract that is created? Anything I should be looking out for in the NDA? Any other tips or tricks from those who engage in these type of arrangements previously?
Thanks in advance!
As I have always worked as a full-time employee for large firms, I really not sure where to begin with regards to defining terms of payment and any contractual terms that should be included. I have received a lengthy non-disclosure agreement from the individual that I am reviewing.
Should I be asking for an hourly rate, a fixed price, some % of the future profits on the invention, other? Should I be using my current hourly rate at my primary job as a basis for charging on this new job? Are there any suggestions for clauses, etc that I should include in any contract that is created? Anything I should be looking out for in the NDA? Any other tips or tricks from those who engage in these type of arrangements previously?
Thanks in advance!





RE: Independent contract work - need advice
Cheers
Greg Locock
SIG:Please see FAQ731-376: Eng-Tips.com Forum Policies for tips on how to make the best use of Eng-Tips.
RE: Independent contract work - need advice
Opinion of full-time employer is a concern that I have and I'll need to try to resolve that with the black hole that is our HR dept.
RE: Independent contract work - need advice
Be fully open with your current employer and get approval, in writing, from your company. Will you be using any company property (computer, software, plotter) for this? May be a sticking point with your employer. They will also want to ensure your daily work is not suffering for your night job...
RE: Independent contract work - need advice
RE: Independent contract work - need advice
RE: Independent contract work - need advice
Failure to keep promises and make payments is just a milestone in the death spiral. Don't get ahead any further than you are comfortable losing.
RE: Independent contract work - need advice
RE: Independent contract work - need advice
RE: Independent contract work - need advice
Some states REQUIRE that you notify your current employer of your activities... and your employer may fear some competitve issues abound.
Are you putting your PE stamp on this??
Good luck - but bottom line - I would try to work something out.... You will learn a lot and might even get rich.. But don't hold your breath!!!
RE: Independent contract work - need advice
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KENAT,
Have you reminded yourself of FAQ731-376: Eng-Tips.com Forum Policies recently, or taken a look at posting policies: http://eng-tips.com/market.cfm?
RE: Independent contract work - need advice
RE: Independent contract work - need advice
Greg Lamberson, BS, MBA
Consultant - Upstream Energy
Website: www.oil-gas-consulting.com
RE: Independent contract work - need advice
If the former go for it. 100 hours isnt worth claiming from the person. If you dont accept payment but a future share of the action if successful then your risk may be reduced. ie no contract for the advice.
If 100 hours is all you will see, go see your boss for a raise or change jobs and forget the whole messy business.