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The contract phase is still a selling phase. The basic theme is, you'll get this benefit, in return you pay this much, but we have to cover our butts. It's difficult to "sell" what you're asking about...
I like the IDEA of your suggestion, but I would frame it different.
I'd so something like after 90 days of full approval and completion of all web developer elements (i.e. your work), if client hasn't provided final, proof-read copy, (oh, how I HATE to rewrite copy. I *charge* to WRITE the copy, it takes TIME, but they know that, say they'll do it themselves to save the money, then give me a bunch of 2nd grade crap to basically write it again myself) permission is given to fill in text space with generic text at which point the work is considered completed and 90% billable.
I wouldn't tell them that "generic text" means "your copy goes here your copy goes here your copy goes here your copy goes here your copy goes here your copy goes here"
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