Payment Terms

Definition

Conditions specifying when and how payment is due, like Net 15 or 50% upfront.

Related Terms

Invoicing

Sending bills to clients for completed work, essential for freelancers and some service providers.

FAQs

What terms should freelancers use?

50% upfront, balance on completion is common.

What if client doesn't pay?

Follow up, use contracts, consider collections.

Similar Terms

Scope Creep

Gradual expansion of project requirements beyond original agreement without additional compensation.

Retainer

Ongoing payment arrangement where client pays set amount monthly for reserved time or services.

Revision

Changes or modifications requested by client to completed work, often limited in contracts.

Deliverable

Specific item or output provided to client upon project completion.

Fact-Checked Expert Reviewed Regularly Updated

Last updated: January 18, 2026

Reviewed by GigFinance Team, Gig Economy & Finance Experts

Our Editorial Standards

How We Research & Review

Our team includes CPAs, former gig workers, and financial experts who personally test platforms and verify earnings claims. We follow strict editorial guidelines to ensure accuracy and objectivity.

Real gig worker testing Verified earnings data Tax expert review

Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.

In This Article