With an hourly contract, freelancers get paid at a rate per hour. To ensure accuracy, Upwork tracks freelancer activities via automated monitoring. The hourly rate multiplied by the hours of work results in the total payment. In contrast, a fix priced contract is made if a freelancer and company agree to a specific fixed price for a result. If the freelancer delivers the result, the company pays the fixed price. This type of contract is a good choice if the parties involved want to know about the exact conditions and payment volume before starting work.