All projects require a deposit payment in order to commence work on a project. Because every client and their needs are different, and Riggs Creative engages each relationship with custom solutions in mind, the breakdown of funding the project, and the schedule that payments are made for each project will differ.
Typically, the agreed project fees are divided into equal thirds.
In this typical scenario, the first payment (called the “deposit payment”) is paid upon agreement of the project, and it serves to cover the initial costs of services as outlined in the contract and agreement.
The second payment (called an “installment payment”), is invoiced when a previously agreed upon Milestone achievement is met. This is typically the second equal third of the total project cost. Payment for this installment fee is due within 5 business days of receipt of the invoice.
The final payment (called “final payment”), is not requested until after the client has reviewed and approved the entire scope of the finished project. The invoice is not submitted to the client prior to final approval. When the final invoice has been delivered to the client, they will be expected to submit payment within 5 business days of receipt of the invoice.
This is the typical process for payment scheduling and invoicing. Again, each project is unique and as such, some clients may desire to make different arrangements for payment, or the overall scope of the project may dictate a different process.
Regardless, the final invoice is never rendered until after the client has approved the final product.