Steve Yankee
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Aug 4, 2005, 3:25 PM
Post #2 of 2
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Re: [sky writer] Payment terms...
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It's pretty typical in the corporate side of things to get paid in thirds. One-third upon acceptance of project (before anything gets going); one-third upon completion of principal videography; and the final third is generally due net 30 days from delivery of approved 'answer print.' (That's an old film-era holdover.)
For jobs below $1000, I have a sliding Client Scale. If they're good clients and pay in 30 days...they get 30 days. If they're new, they can pay me 50 percent up front and the balance upon delivery. Or they can charge the amount to their major credit card. I think all too often we tend to extend our gracious 30-day terms to everyone, instead of remembering that we are video business owners, not bank owners.
There are a couple of exceptions: I do work with automakers and other biggies who take 45-60 days to pay, but we know that going into the job and their purchase orders are usually as good as gold.
Steve
The Video Business Advisor
http://www.VideoBusinessAdvisor.com
Blog -http://www.VideoSuccess.com
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