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I have heard friends on p/t schedules complain that they end up working more than their deal, and I would expect that this would be more of a problem at a small shop, for obvious reasons. No one acts for the wrong reasons, but the best-laid plans go awry and all that. So, if I were cutting a deal like yours, I would make sure to have an arrangement that compensates your fairly, if not more, for additional hours. If you really want to discourage them from working you too much, you could bargain to hike your marginal return as you work more. Or something like that.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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