Quandary over contracts

[southernladuk]

Thanks for the replies. Some good points. Somewhat unexpectedly the current client has expedited the renewal and offered a modest rate increase.

[psychocandy]

Hi,

Looking to get some input on the following. I'm presently in contract with an bank, all fairly okay but coming to 18 months now and the next renewal, whilst likely, will be a bit tougher as it has to be approved from on high. A rate rise is unlikely too. Renewals after that are unknown entirely. Present contract has about a month left.

Now, I have an offer from another client, this would give me experience in another finance area and I would learn more on this contract. The expected duration is 18-24 months, but the day rate is £25 less than the current gig.

I'm quite comfy in the present contract, and the higher rate is nice but part of me is saying it's time to move on, get new experience and new tech on the CV.

One niggle is the lower rate on the new contract, with the agent filling me full of bulltulip to get me believe that the client tried to get the rate I wanted etc and it being likely okay to get a rate rise at renewal time. Also apparently the agent is on a fixed margin.

Curious to know what the general consensus is on this. Cheers

FTFY. That old chestnut - you'll get a rate rise at renewal time. More chance of me tulipting a gold bar over the weekend.

[M12]

Depends what the rate is. If its £25 less on £600 then its not a big drop against £25 less on £300.

What are the chances of you getting an extension against the rate drop with guaranteed work and improving your CV.

Have other pips got extensions at said bank past 18 months.

Could be that you tell them you are taking new gig as rate is better and they offer you the rise you are after.

Decisions Decisions Decisions

[Klodge]

£25 a day is worth it for the experience alone in my view.

I'd have accepted already as you already sound ready to leave.

[northernladuk]

well, a 30% reduction in rate could be hard.

But if you look at it as just one pint of shandy a day less at southern shirt lifting prices it doesnt sound as bad.

[BR14]

Is 25 quid a day really so bad? Must be other criteria that is worth considering above this.

well, a 30% reduction in rate could be hard.

[northernladuk]

Is 25 quid a day really so bad? Must be other criteria that is worth considering above this.

[Lance]

What’s the question?

[southernladuk]

Hi,

Looking to get some input on the following. I'm presently in contract with an bank, all fairly okay but coming to 18 months now and the next renewal, whilst likely, will be a bit tougher as it has to be approved from on high. A rate rise is unlikely too. Renewals after that are unknown entirely. Present contract has about a month left.

Now, I have an offer from another client, this would give me experience in another finance area and I would learn more on this contract. The expected duration is 18-24 months, but the day rate is £25 less than the current gig.

I'm quite comfy in the present contract, and the higher rate is nice but part of me is saying it's time to move on, get new experience and new tech on the CV.

One niggle is the lower rate on the new contract, with the agent swearing blind the client tried to get the rate I wanted etc and it being likely okay to get a rate rise at renewal time. Also apparently the agent is on a fixed margin.

Curious to know what the general consensus is on this. Cheers