3. Payment Policy
The client shall make payment in two installments:
i. First Installment (Non-Refundable Retainer).
The first installment shall consist of a retainer equal to fifty percent (50%) of the total agreed price for the services provided by M.E. Photo & Films. Payment of this retainer is required in order to reserve and secure the Client’s event date. The retainer must be paid by the Client within 3 days of the acceptance and execution of this Agreement.
Upon receipt of the retainer and the executed Agreement, M.E. Photo & Films will reserve the Client’s event date and commit its resources to the event, including but not limited to reserving personnel, planning coverage, and declining other potential bookings for that date. The Client acknowledges that M.E. Photo & Films operates on a limited-availability basis and that once the date is reserved, the company may lose the opportunity to accept other events for that same date.
For this reason, the parties agree that the retainer is non-refundable and non-transferable under all circumstances, including but not limited to cancellation, postponement, rescheduling, reduction of services, or any other change initiated by the Client or caused by third parties. The retainer shall be applied toward the total contracted price but shall not be considered a refundable deposit.
The Client further acknowledges and agrees that the retainer constitutes fair and reasonable liquidated damages intended to compensate M.E. Photo & Films for reserving the event date, administrative work performed, and the loss of potential business opportunities. The parties agree that the actual damages that may result from cancellation or change of the event date would be difficult to determine, and therefore the retainer represents a reasonable pre-estimate of such damages and shall not be considered a penalty.
ii. Final Installment (Balance Payment):
The remaining fifty percent (50%) balance of the total contracted price shall be due and payable no later than fourteen (14) days prior to the scheduled event date. Timely payment of the final balance is a material condition of this Agreement.
The Client acknowledges that M.E. Photo & Films is not obligated to perform, attend, or provide any services unless full payment has been received prior to the event date. In the event that the final balance is not received by the due date, M.E. Photo & Films reserves the right, at its sole discretion, to suspend or withhold services, including but not limited to declining attendance at the event, postponing coverage, or withholding delivery of any work product, without liability.
Failure to remit the final payment by the required deadline shall constitute a material breach of this Agreement by the Client. In such circumstances, any payments previously made, including the non-refundable retainer, shall be retained by M.E. Photo & Films as liquidated damages, and the Company shall have no further obligation to provide services.
iii. The client shall make timely payments within three (3) days after signing this contract. M.E. Photo & Films shall have unrestricted and unlimited right to withhold any or all scheduled event services as well as delivery of all or part of the raw footage, first edit, final edit, or any combination thereof to the client until full payment is made to M.E. Photo & Films in accordance with this contract.
iv. Payment Currency and Exchange Rate: The Client agrees that all payments under this Agreement shall be made in Mexican Pesos (MXN). The exchange rate used for the conversion of other currencies to Mexican Pesos shall be the rate prevailing on the day of booking. The Parties acknowledge and understand that the exchange rate may fluctuate between the booking date and the date when the balance payment is due.
v. Fluctuations in Exchange Rate: Both parties acknowledge that exchange rates are subject to market fluctuations, which may result in changes in the total amount due from the client in their local currency. If the exchange rate fluctuates in favor of the client, a reduction will automatically apply for the balance amount due. Conversely, if the exchange rate fluctuates against the client's favor, the client agrees to pay any additional amount necessary to cover the balance in Mexican Pesos at the prevailing exchange rate from the date of booking.
vi. Client's Acceptance: The client acknowledges and accepts that they have booked the services at the exchange rate prevailing on the day of booking. The client further agrees that no changes or adjustments to the balance or its corresponding exchange rate can be made after the booking date. The client's acceptance of the exchange rate at the time of booking is final and binding.