First time contract work things to be aware of?
As of 12/31, I was reorganized/RIF'd out of a 19 year job with a bank. My plan initially was to take a bit of time to get my PMP project management certification before seriously even looking for work, but an opportunity has come up that I'm seriously considering to do some contract work.
I've mainly worked operations/tech project management for the last few years. This project will be an operational process review/rewrite of operational procedures at another (much smaller) financial institution. Travel will be involved, initially 4 days a week, then less as the project gets rolling. Probably 6-12 weeks depending on scope.
What should I be looking out for when finalizing the agreement? They want to pay me per hour at a rate that's not quite 2x my previous salary. Obviously I've got taxes to consider, and my insurance has already been arranged independently. Where are the "gotchas" that people might not consider who are new at this? Should I hire an accountant? Any need for legal review of the contract if I'm already comfortable with it, etc?
The CEO who's hiring me used to work in management at my previous bank, and I like him. I'd worked on projects for him before, but not directly under him. So it's not that I think they'd try to screw me, I just want to set things up properly without getting burned on something inadvertently that I hadn't considered.
I'm not sure if I can do the travel due to my wife's work schedule and our child care needs. Obviously, I'd like the money, and I think it would be perfect to have on my resume to have a successful project like this post-RIF to make me more valuable if I stay in project management.