This is a shallow equals, though. I can guarantee that we will differ in implementation specifics.

This sounds like a good idea on paper, but the reality is that most of the value of a project is in the implementation details. There are countless meetings for each individual feature.

I'm pretty sure the above description is how a lot of the end users (clients) are seeing this. Their contribution amounts are also insanely low (orders of magnitude lower than I would dare to value some of their projects).

I don't know how contracts or SLAs (if any) apply here, but this just seems like a good way to get yourself on the hook for getting paid (I'm guessing) a tenth of minimum wage.

Source: I do this sort of contract work for a living.