As a contractor, it`s important to ensure that you have a solid payment agreement in place before starting any work for clients. A payment agreement outlines the terms and conditions around payment for your services, including payment amounts, due dates, and late fees.

Here are some key elements to include in your contractors payment agreement:

1. Payment amount and method: Clearly outline how much you`ll be charging for your services, and specify how payment will be made (e.g. check, credit card, PayPal).

2. Due date: State when payment is due. This could be on completion of the project, in increments throughout the project, or on a specific date.

3. Late fees: Make it clear that there will be late fees if payment is not made on time. Specify the amount of the fee and when it will be applied (e.g. 10% after 30 days overdue).

4. Payment schedule: If you`re working on a project that will take a significant amount of time, consider setting up a payment schedule. This will ensure that you receive regular payments throughout the project, rather than waiting until the end.

5. Scope of work: Make sure the payment agreement reflects the scope of work you`ll be completing. This will help avoid disputes later on.

6. Termination clause: Include a termination clause, outlining what happens if either party decides to terminate the agreement early.

7. Confidentiality clause: If you`ll be handling sensitive information or trade secrets, include a confidentiality clause to ensure that the client`s information is protected.

Overall, having a payment agreement in place will help protect both you and your client, and ensure that payment is made in a timely and fair manner. Be sure to review the agreement with your client before starting any work, and make any necessary revisions to ensure that both parties are satisfied.