Is it better to be paid by the project or hourly?
I've recently gotten offers from several clients who are throwing consulting/contract work at me. (this is what we call a high quality problem). The problem is the most interesting ones will take an unknown amount of time and typically clients get upset when stuff doesn't get done FAST. 

This goes into the fact that consulting/contract charge by the hour. I am thinking about moving to a pay per project model where I look over a project, look over the specs and give an estimate on the time needed. This way its less stressful on both sides as there is a set price point. Provided I don't get last minute additions for new features the price shouldn't change too much.

I've already read this:
http://www.1099.com/c/ar/ta/HowToCharge_t042.html

But I'd like some actual war stories. Maybe I'm being foolishly naive but I think the pay per project model is superior to by the hour. What do you guys think? Is it better to be paid by the hour or by the project?
Is it better to be paid by the project or hourly?
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I've recently gotten offers from several clients who are throwing consulting/contract work at me. (this is what we call a high quality problem). The problem is the most interesting ones will take an unknown amount of time and typically clients get upset when stuff doesn't get done FAST. 

This goes into the fact that consulting/contract charge by the hour. I am thinking about moving to a pay per project model where I look over a project, look over the specs and give an estimate on the time needed. This way its less stressful on both sides as there is a set price point. Provided I don't get last minute additions for new features the price shouldn't change too much.

I've already read this:
http://www.1099.com/c/ar/ta/HowToCharge_t042.html

But I'd like some actual war stories. Maybe I'm being foolishly naive but I think the pay per project model is superior to by the hour. What do you guys think? Is it better to be paid by the hour or by the project?