diff --git a/.github/ubiquibot-config.yml b/.github/ubiquibot-config.yml
index 655095e6f..c0c0f81f1 100644
--- a/.github/ubiquibot-config.yml
+++ b/.github/ubiquibot-config.yml
@@ -28,6 +28,10 @@ priority-labels:
     weight: 4
   - name: "Priority: 4 (Emergency)"
     weight: 5
+default-labels:
+  - "Time: <1 Hour"
+  - "Priority: 0 (Normal)"
+  - "Test"
 auto-pay-mode: true
 analytics-mode: true
 max-concurrent-bounties: 2
diff --git a/README.md b/README.md
index 5ad4a1eeb..0311933d0 100644
--- a/README.md
+++ b/README.md
@@ -47,6 +47,37 @@ To test the bot, you can:
 2. Add a time label, ex: `Time: <1 Day`
 3. At this point the bot should add a price label.
 
+## Configuration
+
+`chain-id` is ID of the EVM-compatible network that will be used for payouts.
+
+`base-multiplier` is a base number that will be used to calculate bounty price based on the following formula: `price = base-multiplier * time-label-weight * priority-label-weight / 10`
+
+`time-labels` are labels for marking the time limit of the bounty:
+
+- `name` is a human-readable name
+- `weight` is a number that will be used to calculate the bounty price
+- `value` is number of seconds that corresponds to the time limit of the bounty
+
+`priority-labels` are labels for marking the priority of the bounty:
+
+- `name` is a human-readable name
+- `weight` is a number that will be used to calculate the bounty price
+
+`default-labels` are labels that are applied when an issue is created without any time or priority labels.
+
+`auto-pay-mode` can be `true` or `false` that enables or disables automatic payout of bounties when the issue is closed.
+
+`analytics-mode` can be `true` or `false` that enables or disables weekly analytics collection by Ubiquity.
+
+`incentive-mode` can be `true` or `false` that enables or disables comment incentives. These are comments in the issue by either the creator of the bounty or other users.
+
+`issue-creator-multiplier` is a number that defines a base multiplier for calculating incentive reward for the creator of the issue.
+
+`comment-element-pricing` defines how much is a part of the comment worth. For example `text: 0.1` means that any text in the comment will be multiplied by 0.1
+
+`max-concurrent-bounties` is the maximum number of bounties that can be assigned to a bounty hunter at once. This excludes bounties with pending pull request reviews.
+
 ## How to run locally
 
 1. Create a new project at [Supabase](https://supabase.com/). Add `Project URL` and `API Key` to the `.env` file:
diff --git a/src/bindings/config.ts b/src/bindings/config.ts
index 60e0eb5dd..fb471c3dd 100644
--- a/src/bindings/config.ts
+++ b/src/bindings/config.ts
@@ -20,6 +20,7 @@ export const loadConfig = async (context: Context): Promise<BotConfig> => {
     incentiveMode,
     networkId,
     issueCreatorMultiplier,
+    defaultLabels,
     promotionComment,
   } = await getWideConfig(context);
 
@@ -37,6 +38,7 @@ export const loadConfig = async (context: Context): Promise<BotConfig> => {
       timeLabels,
       priorityLabels,
       commentElementPricing,
+      defaultLabels,
     },
     comments: {
       promotionComment: promotionComment,
diff --git a/src/configs/price.ts b/src/configs/price.ts
index d67c3fb5a..378001c56 100644
--- a/src/configs/price.ts
+++ b/src/configs/price.ts
@@ -60,4 +60,5 @@ export const DefaultPriceConfig: PriceConfig = {
     [MarkdownItem.Code]: 5,
     [MarkdownItem.Image]: 5,
   },
+  defaultLabels: [],
 };
diff --git a/src/handlers/comment/handlers/index.ts b/src/handlers/comment/handlers/index.ts
index 6d3e0928c..d1de30521 100644
--- a/src/handlers/comment/handlers/index.ts
+++ b/src/handlers/comment/handlers/index.ts
@@ -9,7 +9,7 @@ import { unassign } from "./unassign";
 import { registerWallet } from "./wallet";
 import { setAccess } from "./set-access";
 import { multiplier } from "./multiplier";
-import { addCommentToIssue, createLabel, addLabelToIssue } from "../../../helpers";
+import { addCommentToIssue, createLabel, addLabelToIssue, getLabel } from "../../../helpers";
 import { getBotContext } from "../../../bindings";
 import { handleIssueClosed } from "../../payout";
 
@@ -70,16 +70,16 @@ export const issueCreatedCallback = async (): Promise<void> => {
   if (!issue) return;
   const labels = issue.labels;
   try {
-    const timeLabelConfigs = config.price.timeLabels.sort((label1, label2) => label1.weight - label2.weight);
-    const priorityLabelConfigs = config.price.priorityLabels.sort((label1, label2) => label1.weight - label2.weight);
     const timeLabels = config.price.timeLabels.filter((item) => labels.map((i) => i.name).includes(item.name));
     const priorityLabels = config.price.priorityLabels.filter((item) => labels.map((i) => i.name).includes(item.name));
 
-    if (timeLabels.length === 0 && timeLabelConfigs.length > 0) await createLabel(timeLabelConfigs[0].name);
-    if (priorityLabels.length === 0 && priorityLabelConfigs.length > 0) await createLabel(priorityLabelConfigs[0].name);
-    await addLabelToIssue(timeLabelConfigs[0].name);
-    await addLabelToIssue(priorityLabelConfigs[0].name);
-    return;
+    if (timeLabels.length === 0 && priorityLabels.length === 0) {
+      for (const label of config.price.defaultLabels) {
+        const exists = await getLabel(label);
+        if (!exists) await createLabel(label);
+        await addLabelToIssue(label);
+      }
+    }
   } catch (err: unknown) {
     return await addCommentToIssue(`Error: ${err}`, issue.number);
   }
diff --git a/src/types/config.ts b/src/types/config.ts
index d24cfd52b..12ac87825 100644
--- a/src/types/config.ts
+++ b/src/types/config.ts
@@ -16,6 +16,7 @@ export const PriceConfigSchema = Type.Object({
   timeLabels: Type.Array(LabelItemSchema),
   priorityLabels: Type.Array(LabelItemSchema),
   commentElementPricing: CommentElementPricingSchema,
+  defaultLabels: Type.Array(Type.String()),
 });
 export type PriceConfig = Static<typeof PriceConfigSchema>;
 
diff --git a/src/utils/helpers.ts b/src/utils/helpers.ts
index f0518ad1a..0401e5276 100644
--- a/src/utils/helpers.ts
+++ b/src/utils/helpers.ts
@@ -111,3 +111,13 @@ export const getBountyHunterMax = (parsedRepo: WideRepoConfig | undefined, parse
     return 2;
   }
 };
+
+export const getDefaultLabels = (parsedRepo: WideRepoConfig | undefined, parsedOrg: WideOrgConfig | undefined): string[] => {
+  if (parsedRepo && parsedRepo["default-labels"]) {
+    return parsedRepo["default-labels"];
+  } else if (parsedOrg && parsedOrg["default-labels"]) {
+    return parsedOrg["default-labels"];
+  } else {
+    return [];
+  }
+};
diff --git a/src/utils/private.ts b/src/utils/private.ts
index ff3952cd4..e0b6fe795 100644
--- a/src/utils/private.ts
+++ b/src/utils/private.ts
@@ -13,6 +13,7 @@ import {
   getPriorityLabels,
   getTimeLabels,
   getCommentItemPrice,
+  getDefaultLabels,
   getPromotionComment,
 } from "./helpers";
 
@@ -59,6 +60,7 @@ export interface WideConfig {
   "incentive-mode"?: boolean;
   "max-concurrent-bounties"?: number;
   "comment-element-pricing"?: Record<string, number>;
+  "default-labels"?: string[];
 }
 
 export type WideRepoConfig = WideConfig;
@@ -139,6 +141,7 @@ export const getWideConfig = async (context: Context) => {
     bountyHunterMax: getBountyHunterMax(parsedRepo, parsedOrg),
     incentiveMode: getIncentiveMode(parsedRepo, parsedOrg),
     commentElementPricing: getCommentItemPrice(parsedRepo, parsedOrg),
+    defaultLabels: getDefaultLabels(parsedRepo, parsedOrg),
     promotionComment: getPromotionComment(parsedRepo, parsedOrg),
   };