diff --git a/lib/redmine_contracts/budget_plugin_migration.rb b/lib/redmine_contracts/budget_plugin_migration.rb
index 34978bb..af364a2 100644
--- a/lib/redmine_contracts/budget_plugin_migration.rb
+++ b/lib/redmine_contracts/budget_plugin_migration.rb
@@ -29,7 +29,9 @@ module RedmineContracts
     end
 
     # * old_data - YAML string of deliverables to migrate
-    def self.migrate(old_data)
+    def self.migrate(old_data, options={})
+      @contract_rate = options[:contract_rate] ? options[:contract_rate].to_f : 150.0
+      
       @@data = YAML.load(old_data)
 
       # Map old deliverable ids to the new ones
@@ -106,6 +108,7 @@ module RedmineContracts
         c.account_executive = project.users.first
         c.start_date ||= Date.today
         c.end_date ||= Date.today
+        c.billable_rate = @contract_rate
       end
 
       contract.save!
diff --git a/lib/tasks/budget_plugin_migration.rake b/lib/tasks/budget_plugin_migration.rake
index 9eca423..df5580e 100644
--- a/lib/tasks/budget_plugin_migration.rake
+++ b/lib/tasks/budget_plugin_migration.rake
@@ -1,10 +1,13 @@
 namespace :redmine_contracts do
   desc "Migrate data from the budget_plugin to redmine_contracts"
   task :budget_migration => :environment do
+    options = {}
+    options[:contract_rate] = ENV['contract_rate']
+    
     RedmineContracts::BudgetPluginMigration.check_for_installed_budget_plugin
     data = RedmineContracts::BudgetPluginMigration.export_data
     RedmineContracts::BudgetPluginMigration.rename_old_tables
     RedmineContracts::BudgetPluginMigration.migrate_contracts
-    RedmineContracts::BudgetPluginMigration.migrate(data)
+    RedmineContracts::BudgetPluginMigration.migrate(data, options)
   end
 end
diff --git a/test/integration/budget_plugin_migration_test.rb b/test/integration/budget_plugin_migration_test.rb
index b08aa7f..0734dbc 100644
--- a/test/integration/budget_plugin_migration_test.rb
+++ b/test/integration/budget_plugin_migration_test.rb
@@ -53,6 +53,22 @@ class BudgetPluginMigrationTest < ActionController::IntegrationTest
       assert_equal 2, @project_two.reload.contracts.first.deliverables.count
     end
 
+    context "on new Contracts" do
+      should "default the contract billable rate to $150" do
+        RedmineContracts::BudgetPluginMigration.migrate(@data)
+
+        assert_equal 150, @project_one.reload.contracts.first.billable_rate
+        assert_equal 150, @project_two.reload.contracts.first.billable_rate
+      end
+
+      should "allow overriding the contract billable rate" do
+        RedmineContracts::BudgetPluginMigration.migrate(@data, :contract_rate => '100.50')
+
+        assert_equal 100.5, @project_one.reload.contracts.first.billable_rate
+        assert_equal 100.5, @project_two.reload.contracts.first.billable_rate
+      end
+    end
+
     should "enable the contracts plugin for each project with a contract" do
       @no_deliverables = Project.generate!(:enabled_modules => [])
       RedmineContracts::BudgetPluginMigration.migrate(@data)