Advantages and Disadvantage of oDesk Fixed-Price Contracts

Recently, I've been receiving invitations for a job interview on oDesk for fixed-price projects. But, this is my personal take on why I seldom accept fixed-price contracts.

What I like about Fixed-Price contracts:

• Fixed-price contracts bring you money in bulk. And it feels gratifying when you see such sum of money in your oDesk "wallet." 
• You can work any time you want. Fixed-price contracts allow you to work at your convenience. You may log into the oDesk Team Room for monitoring purposes, but payment is really made once the deal has been completed.
• You can basically accept unlimited fixed-price contracts and receive payments almost instantly.

What I don't like about Fixed-Price contracts:

• You are prone to accepting bogus projects. Scams are everywhere. Clients who ask you for trial jobs and at the end of the day, will not pay you for the job. 
• You have to update your client of the progress regularly. Well, it is your duty as a contractor but, for me who has a full-time job, I admit that I am having difficulty in this aspect.
• There are demanding clients who expect you to submit projects within a short period. 
• When you accept fixed-price contracts, you have the tendency to neglect it because of the flexibility given to you.

I had my fair share of failures in some of the fixed-price contracts. But, one thing I learned is that never accept projects which you cannot do. Most of all, be careful of scams so you won't waste your time and effort. Whether hourly or fixed-price contracts, commitment is essential as it reflects your sense of professionalism.