What does Payment Terms mean?
Payment Terms refers to the agreed-upon conditions under which payment for services or work will be made in the entertainment industry. Payment terms specify details such as when payment is due, whether the payment will be made in installments or in full, and what penalties may apply for late payments. These terms are often included in contracts for actors, crew members, and other industry professionals to ensure clarity and legal protection for both parties.
Example:An actor’s contract outlines payment terms, specifying that half of their salary will be paid upfront, with the remainder due after filming is completed.
Example: A production company agrees to payment terms with a post-production studio, stating that the final invoice is due within 30 days of delivery of the completed project.
Did You Know?
Payment terms in international productions often take currency exchange rates and tax implications into account to ensure fair compensation!
You can also find “Payment Terms” and related terms in this category: Administrative and Financial.
