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Isn't it that the Agency has a rate/fee with the Client, so then basically will offer to you a rate always a bit down this?
So if the Agency has an agreed £600/day rate with the Client, and your rate is £450, and send you for this rate, the Agency will get 600 - 450 = £150/day from you?
Also, they can negotiate with you a bit because they have some flexibility, but then they will earn less if your rate is higher, right?
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