I would scout to see if they arent undercutting you. If they have someone coming in, after or before you, and then paying them for their scrap. They would be using you as a backup if they don't show. If I were to sign an agreement like that I think them granting you a min per day or pay the differences. Its way too easy for someone to abuse you in that manner. By me there are hoards of illegals that make a penny or two per pound from auto repair shops.
What are the terms of your contract if either of you default? Is it legally binding?
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