Re: billing on submittal or final drafts — I bill at a set date. Always. I've been caught in that vortex of too-many-edits-later-and-still-unpaid. Now I state in the contract a specific date, even if the project isn't done. It's just easier.

Wade, do it. You'll at least hurry them along. It may not net you any more (some refuse to pay late fees) but it will net you what you're due originally.

Devon, I'm glad to see your late fees are as deep as mine. I won't go ten percent because they simply keep ignoring the bill. Twenty percent works well.

And I totally agree about getting money up front.

Paula, I wouldn't be inclined to give a grace period. If you do, you set a precedent that's hard to argue should it go to small claims court. Stay consistent. Late fees at 15 days+.

Anne, I've found that I've had to define nearly everything, and mostly I learn it the hard way once.

Wade has a point – no matter what terms you state, some clients will still pay on their own schedule. Clients are like ordinary bill payers – when they're short they'll pay the bill that states how much the late fee is and when it goes into effect before they'll pay a bill with no consequences.

If you do the 15-day method, do you have a secret grace period? Kind of like when you give someone a drop dead deadline that's several days before the real deadline?

One of my best clients wanted me to invoice for two large projects before the end of last year to get it on her 2011 budget. I don't think she knows that accounting sat on it so it would go on this year's budget.

The games accounting pays. With another client, I can always tell when they want a bit of extra cash flow as they decide to hold onto payment some months-despite the terms.

In any event, I have never used the 30-day. I mostly work on large projects that can take 2-3 months for completion (no, I'm not working on them every day/all day, but they do take a lot of hours). I get 50 percent up front and bill the balance when I submit the copy. I have used payable upon receipt and variations of 10 or 15 days.

Another wrinkle is do you bill upon submittal of the first draft or after all of the edits? We ALL know how long that can take.

I worked an arrangement with a long-time client to invoice when I send the 1st draft. Their team literally could take a month or more to get all the edits collected.