Since a lot of contract work is time-sensitive, waiting for payment to clear before starting work or handing over an initial milestone might not be an option.

Since a lot of contract work is time-sensitive, waiting for payment to clear before starting work or handing over an initial milestone might not be an option. Sums up my life as a contractor. The most profitable projects were also the most time-sensitive(the start now types). Then again, I sucked at this. And so I took my first full-time job.