A deposit is simply an advance against an amount due under a contract. If the customer owes you $120k for completing a contract for an event, the deposit is recorded as a liability on your books until you complete the contract. Then you record the sale and any balance owing becomes your receivab...
I am not a lawyer, but the former seems to give you more flexibility and less paperwork.
I was an agent for 20 years in the Entertainment Business and the standard commission that agencies charge their clients is 10% of gross income. There are however, a few modifications, amendments and prenegotiated terms that involve bifurcation of representation and packaging fees. Happy to dis...