When using the Flexible Schedule payment policy, the payment installment totals can remain the same or change, depending on several scenarios. Below are three examples of how the installment numbers can differ based on the circumstance.
Scenario 1: The Initial Policy
Let's say you want to collect payments on a Flexible Schedule at 25% of the contract total for each payment at a set time. You set the initial deposit at 25%, due 180 days before the event, a second installment at 25%, due 90 days before the event, a third installment at 25%, due 30 days before the event, and then a final balance for the remaining 25% due the day of.
Once your client signs the contract, they will see a payment schedule split between 4 payments. This is what each 25% installment would look like for a $10,000 contract.
Sample Policy | Percent Owed |
| Days before | Contract Value | Payment Installment | This Payment |
|
|
|
| $10,000 |
|
|
On signature | 25% owed | First signature | 180 |
| Initial payment | $2,500 |
90 days out | 50% owed |
| 90 |
| 2nd payment | $2,500 |
30 days | 75% owed |
| 30 |
| 3rd payment | $2,500 |
Day-of | 100% owed |
| 0 |
| Final payment | $2,500 |
The payment installments will remain the same as long as no changes are made to the contract.
Scenario 2: The Contract Value Increases
Using the same example above, let's say your client ordered an additional 500 chairs, tents, services, or a wedding package, which increases the contract total from $10,000 to $20,000. Let's also say that this contract increase occurred after the initial signature for the $10,000 contract value. If no payments were made, and the current date is within the 180-day window "Prior to Event", your client will see the initial payment increase to $5,000 instead of $2,500.
Below is what each 25% installment would look like for a contract adjusted from $10,000 to $20,000.
Sample Policy | Percent Owed |
| Days before | Contract Value | Payment Installment | This Payment |
|
|
|
| $10,000 |
|
|
On signature | 25% owed | First signature | 180 |
| Initial payment | $2,500 (not paid) |
On signature | 25% owed | New signature | 120 | $20,000 | Initial payment | $5,000 |
|
|
|
|
|
|
|
90 days out | 50% owed |
| 90 |
| 2nd payment | $5,000 |
30 days | 75% owed |
| 30 |
| 3rd payment | $5,000 |
Day-of | 100% owed |
| 0 |
| Final payment | $5,000 |
Scenario 3: The Contract Value Increases after Accepting a Payment
Continuing with the example above, let's say your client paid the initial and second installments or deposits of $2,500. If the current date is within the 90-day window "Prior to Event", your client will see the initial payment increase to $5,000.
Below is what each 25% installment would look like for a contract adjusted from $10,000 to $20,000 after an initial payment was collected.
Sample Policy | Percent Owed |
| Days before | Contract Value | Payment Installment | This Payment |
|
|
|
| $10,000 |
|
|
On signature | 25% owed | First signature | 180 |
| Initial payment | $2,500 (paid) |
90 days out | 50% owed |
| 90 |
| 2nd payment | $2,500 (paid) |
|
| New signature |
| $20,000 | 2nd (or next)payment | $5,000 |
30 days | 75% owed |
| 30 |
| 3rd payment | $5,000 |
Day-of | 100% owed |
| 0 |
| Final payment | $5,000 |
Note that the payment installment total depends on the contract and the current date compared to each installment deadline. Said another way: payment installment totals can change when using a Flexible schedule if the contract total is adjusted (i.e., items are added or removed from the project) and/or if the payment installment deadline is within x days prior to the event.