My client and I have agreed to 2 payments. One is due right after signing the contract (due 7 days after) and another when the product is completed.
I'm currently drafting the invoice for the first payment. My question is, how should I describe the service / charge for that first payment? Would "Upfront Cost" sound correct? Or are there better terms? Thank you!
I would go with Project Commencement
I typically write a bit of a description on our invoices, here is something short to consider:
Payment 1 of 2 - Due within 7 days of the contract execution for X, Y, Z. Payment 2 of 2 to be sent upon project completion and client acceptance.
When I do a project that is just 2 payments it is usually pretty small so I typically have the 2nd payment due upon client acceptance but prior to launching it live to the world.