Contract Types

Intern-ships: An internship is a temporary job position with an emphasis with on the job training rather than just employment, it can be both paid and unpaid employment. In some cases when applying for a job you may be required to take an internship before the employers deem you qualified for the job, this is more common with Publishers than Developers.

How are they paid?

Interns are paid by their employers if they’re getting paid, those who do according to NACE’s intern compensation report average wage for an intern with a masters degree is 35% more than those with a bachelors degree.

Benefits

When you have an internship you’re getting real work experience that’s invaluable when it comes to looking for a full-time job and shouldn’t be overlooked, also when you work an internship for the company they may consider taking you on for a full-time job or if and when they need a man to fill a position for a couple of months you could be on their list.

Disadvantages

Interns are usually paid little to no money which means sometimes interns cant support themselves, this is normally a job for young people, also people who are going for internships often have to relocate which makes it very stressful to support yourself.
Freelancing: A freelancer is someone who isn’t attached to an employer for an extended period of time, freelancers often represented by an agency which then sells the freelancers work , however others may use their own personal websites to get their own independent recognition.

How are they paid?

Often freelancers will charge by the day, bu the hour or on a by project basis. Sometimes the freelancer will request an upfront payment which will be just a fraction of the freelancers price, for example he/she may request 15% of their total pre-negotiated payment upfront as insurance because there is no guarantee of payment after the work is done.

Benefits

The are various advantages of being a freelancer:

Ability to work from home.

No work uniform.

Ability to work alone in all aspects.

To be able to chose how many hours a day you work.

Finally you’re your own boss and you can decide what jobs you take and what jobs you don’t

Disadvantages
Though there are some great advantages there are disadvantages that could possibly outweigh the advantages:

Not a lot of contact when working alone.

Huge amounts of paperwork, contracts, voice mails and managing your own accounting.

With your own accounting you may find it hard to manage your annual salary.

Work isn’t always guaranteed and you may find yourself going for months without finding work.
Contracting: A contractor is some one who works under a contract for a fixed period of time to help them meet deadlines for a project, they essentially sell their skills and time for a fee. Contractors are mainly hired near the end of a project to make sure everything is finished in time for the release of the game.

How are they paid?

Contractors are usually paid with a pre-determined sum of money based on their employer and their current skill level.

Benefits

There are a few advantages of contracting:

Contractors work in a variety of different workplaces meeting new people and making their names known across the industry. A contractor also has great control over how much they work and when they work. They are essentially their own boss when deciding when to work.

Disadvantages

On the other side their are a lot of disadvantages when contracting for example: A contractor has to set up his/her portfolio and keep it maintained to look professional so that they can give it to potential employers and look professional. A contractor also requires previous work experience, and arrive at your potential employers with the skills and knowledge to complete a project. Also there is no guarantee of work available as you could be competing with hundreds of other applicants.
Permanent: A permanent job will last a long time and wont have many changes to the job.

Benefits:

There are a lot of benefits to having a permanent like job security, with a permanent contract type you’re more likely to keep your job when a recession hits than a person with a part-time job. Chances of promotion are a lot greater when you have a permanent contract rather than a non-permanent. Retirement benefits are given to permanent employees when they reach the end of their career.

Disadvantages:

You're limited to that one company and you have to work for what they pay you, youre are confined to work in one area with no flexibility or variety.
Voluntary: A volunteer is someone who works for an organization and isnt paid for the work they contribute.

Advantages:

You may learn new skills whilst you’re on the job which you can then put on your CV to make you a more lucrative candidate for a paid position, you will also be have a chance to network with the people at the company which could set you up for greater business opportunities down the line.

Disadvantages:

You wont be with the company for a vast amount of time, so you will have to sit interviews a lot of the time which can be a very stressful procedure, you also dont get paid at all so you might find it difficult provide for yourself.
Part-Time: A part time employment means you’ll get fewer hours of work in the week than a full-time job, you also work in shifts but can remain on call when of duty.

Advantages:

You are not working all the time so you have more time to your self to study or hang out with friends, you also get a choice of what time of day you can work which gives you more flexibility and you can pick up more hours if you need the extra money.

Disadvantages:

You don't get health insurance, they typically get laid off more than full time employees they also don't get promoted as often as full time employees.
Full-Time: A full time employee normally has to work everyday all week with fixed a lunch break.

Advantages:

You get annual sick leave, company benefits and health insurance you also get a little more job security than that of a part-time employee.

Disadvantages:

The disadvantages of working full time is that you dont get a whole lot of free time and often find your self buried in work and dont get to spend much time with friends or family.