The rate duration is used to calculate the amount that you charge per/minute or per/hour for your rides.
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The wait time is referring to the calculation the occurs when the driver actually hits 'Add Wait Time' to the ride, while they are in the middle of a ride. This is usually used in cases that customers asked to make a stop and go to pick something up quickly and the driver is not driving - but rather, they are waiting. Often our clients charge a different price for this type of scenario.