Employment Law Questions? Ask an Employment Lawyer.
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As a contractor your rights are completely defined by the terms of your contract. So, if that's what you agreed to in your contract then it would typically be enforceable.
The question is whether you are properly classified as a contractor. If you are improperly classified as a contractor and should be an employee, your employer must pay you at a rate no less than minimum wage for all hours worked and any compensation structure which denies you that would be a violation of the law. Proper classification is not simply a matter of what label is used to describe the employment. Ultimately, it comes down to the degree of control the employer exercises over your work, with the greater degree of control making it more likely you must be an employee. See here for more information about the distinction.
If you can successfully argue that you should be an employee, then you would be entitled to minimum wage for all hours worked in the event your compensation was stripped from you pursuant to this sort of clause, as the clause would be unenforceable against you as an "employee."
If I can clarify anything at all for you, please do not hesitate to ask. It is my pleasure to assist you further if necessary....
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In any event, it was a pleasure assisting you and I would be glad to attempt to assist you further on this issue, or a new legal issue, if needed.
Very best wishes.