Will Bed
Only you decide what your time is worth, and I'm not going to challenge that. But anyone else also has the RIGHT not to contract.
In that case, you say you already have contractual obligations to honour.
Going back to my example. If the other guy said upfront : "Hey Will, btw my time is worth 1000$/h let's put that down just in case" I would have no problem living with his offer to mow the lawn for the balance... But we never agreed on what his time is worth... Turning the situation over, I wouldn't feel honourable walking up to some dude and telling him "Hey man sorry I can't pay you the 5000$ balance owed on that contract, but my time is worth so much that I just can decide to not fulfill the contractual obligations we both agreed on...