When you bid on project on Loom, you can choose how you want to be compensated for your work. You can bid for work in cash, company equity or a combination of both.
When a project owner accepts your bid on a project, a contract will be created and emailed to you for your review. When you accept and sign that contract, your payment schedule and method will follow the terms of that contract. The project owner is contractually obligated to pay you in accordance with that legally-enforceable contract, which you both have a signed copy of.
You can choose to be compensated in one of two payment schedules on Loom:
- 50% upfront, 50% upon completion
- 50% halfway, 50% upon completion