Working as a freelancer or owning your own business can give you a great sense of pride and independence. You don’t have to answer to anyone but yourself. However, there is a downside. Freelancers often have a difficult time trying to get clients to pay their invoices. That’s why it’s so important to have a specific payment plan included in your contract.
I used to ask a client for 1/2 up front and then the remainder when the video was complete. Sometimes this payment plan doesn’t work on projects with a much larger budget. Clients often prefer to break up the budget into several smaller installments. I have no problem accommodating the client - after all, I want to make it as easy I can for them. But I also need to ensure that I get paid for the work performed. That’s why I now include specific dates in the payment plan (or specific project milestones) so the client understands when payment is due. I have also been forced to include late fees in the payment plan as well.
It’s unfortunate that two parties can’t just “shake on it” and be confident that each party will live up to his end of the deal. But the real world isn’t so perfect. So be specific in your contracts. Spell out everything. It can be frustrating to deal with a client who isn’t ethical enough to pay you for your work in a timely manner, but a detailed contract should offer you some security. Here’s an article from an HD editor who discusses the same problem of collecting payment.
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