Avoid stock options like you'd avoid a psycho doberman with rabies(speaking from experience). One way to charge would be splitting the amount into 3 parts, taki

Avoid stock options like you'd avoid a psycho doberman with rabies(speaking from experience). One way to charge would be splitting the amount into 3 parts, taking 1 part after the Spec is made. another part when 70% - 75% of the work is done and the remaining amount after completion. The split can be 30-30-40, 25-25-50 or what ever the client is comfortable with at whatever milestones they are comfortable with. If however, the spec is evolving and fluid opt for a weekly/monthly payment schedule for the hours you put in.