Services agreement: fee, deposit, schedule, late fee
- Contract value
- $12,000
- Deposit due at signing
- $3,000
- Balance after the deposit
- $9,000
- Due at each milestone
- $3,000
Every figure on this page is computed from the inputs entered, by the method stated below it. Termslane publishes no rent, no rate, no share and no state rule beyond the sources it cites: the deposit, the notice period, the capital and the fee are yours, and the defaults are a worked example to replace with your own figures.
The figures above start from a worked example ($12,000). Change any input and the answer updates as you type.
Download the Services agreement: fee, deposit, schedule, late fee worked example (CSV)
This is a services agreement worksheet that works the money clauses a consultant's or an agency's agreement has to state. A rate times the hours is the contract value; the deposit percentage of it is the deposit and the rest is the balance; the balance over the milestones is the payment schedule; and the monthly late rate on the balance, over the days an invoice is overdue, is the late charge the agreement is entitled to. Every figure is yours: the worksheet publishes no rate, no deposit norm and no late-charge rule. Free, on the page, no account; the paid plan keeps the agreement, its counterparty and its schedule, and generates the document from these terms.
Value, deposit and balance
$150 an hour for 80 hours is a $12,000 engagement; a 25% deposit is $3,000 and the balance is $9,000. A fixed-fee agreement enters the fee as the value directly. The deposit share is the figure that most decides whether the engagement is paid for as it goes or at the end, and the worksheet shows what each share leaves as balance.
The schedule: the balance over the milestones
$9,000 over three milestones is $3,000 at each, due on the payment terms the agreement sets, thirty days on the worked example. Milestones tied to deliverables, with the amount stated, are what turn a fee clause into a schedule the client can plan for and the consultant can enforce; the worksheet makes the amounts even and the agreement names the deliverables.
The late charge on an overdue invoice
A late rate of 1.5% a month on a $9,000 balance, 20 days overdue, is $90. The rate is yours and some states cap it; the worksheet applies what you enter and cites no cap. Termslane Pro keeps the agreement against the client with its schedule and the dates each milestone falls due, and generates the agreement and its fee schedule from these terms.
Services agreement: fee, deposit, schedule, late fee: common questions
What should a services agreement say about payment?
The contract value or the rate and how hours are counted, the deposit, the milestones with their amounts and what triggers each, the payment terms in days, and the late charge on an overdue invoice. The worksheet works all five from your figures.
How is a late charge calculated?
The monthly late rate on the unpaid balance, pro-rated by the days overdue. On the worked example, 1.5% a month on $9,000 for 20 days is $90. Some states limit the rate; check yours.
Is this the same as a consulting agreement template?
The money clauses are the same: a consulting agreement is a services agreement for advice. The worksheet works the fee, deposit, schedule and late charge for either, and the guide pages on this site cover what each agreement adds around them.