I am a contractor living in London, UK. Here contracts in IT/development are always based on daily rates. Time put in by contractors is not being verified other

I am a contractor living in London, UK. Here contracts in IT/development are always based on daily rates. Time put in by contractors is not being verified other than number of days you put into the timesheet matches number of days you were in the office (so people don't bill for days off etc). It's basically based on trust just like with regular employees. If you are not performing well, your contract probably won't be extended. Plus as a contractor you can just be let go with a week of notice.