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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118660
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I own a interior design firm. We where asked to bid on a penthouse

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I own a interior design firm. We where asked to bid on a penthouse model home in oct. In Nov 2009 we where told we where the selected firm and to please prepare design boards and presentation for approval of furnishings. We did boards and presentation to all investors and all furnishings where approved as well as funding. The day we sent over contract and invoice for deposit, 2 hours later, they received a offer. They told me that they realized that my company had done extensive work and does not want my company to suffer a net lose. They have asked that we please be patient and wait the for the 14 day due dilegence period to end. It is actually effective today. We will hear Monday if we are doing the penthouse or if buyer is taking the penthouse. The contract was valued at 78K, the profit would have been 29K. I am uncertain about what to bill for time vested. Can you please lend advice. I want to be fair but also realized my company has 96 hours invested in project.
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
You need to bill at an hourly rate that is reasonable for your industry for the hours spent. You use the hourly rate upon which you have based your bid times the number of hours already spent.

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