Independent contractor Agreement. What to include?

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Hi everyone,

I'm trying to put together an independent contractor agreement. Any tips on what to include? Is there any place I can find a draft so I can have a general idea of how the agreement should look like? So far, These are the items I'm planning on adding:

• Compensation terms
• Terms around who provides tools, materials, etc
• Penalties assessed for missing deadlines
• Insurance obligations

This is going to be my first flip and I'm considering buying most of the materials. I'm not sure what's typical to charge a contractor for penalties. In terms of compensation, I'm planning on having this structure (I got this from J Scott website/book):

• Milestone #1: 10% paid when these documents are signed
• Milestone #2: 20% paid after the first day of work is successfully completed
• Milestone #3: 30% paid after half the work is completed
• Milestone #4: 30% paid after substantial completion of the project
• Milestone #5: 10% paid two weeks after substantial completion of the project

Thanks in advance