Waiting For Payment

Advertising Age is reporting today that some large clients are asking their ad agencies and media firms to wait for payment, some as long as 120 days (4 months). The article is here at adage.com.

This, in turn, means that the ad agencies are either paying the vendors out of the agency's pocket or not able to pay them at all until the client pays them. This is where your estimate and terms you agree to as an artist are exceptionally important.

Prior to the actual shoot or illustration project always have on your estimate your billing terms, in writing and agreed to by the client and reiterate it in conversation for them as well.
For instance:
Payment in full is to be issued within 30 days of final art delivery.
Past 30 days incurs additional finance fees (something like 2% per week or a rebilling fee).
Advance of 50% (or whatever you agree to) prior to start of job.

If these items are not in writing, even if they appear to be industry standard, the client might not adhere to them. In today's climate it's especially important (and acceptable) to discuss the billing process and how you as an artist and a vendor will be paid and on what time line.