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A photography payment plan can be beneficial for both the photographer and the client, especially for costly services. It allows the customer to make services more affordable by paying in installments, while the photographer can collect interest. Key elements to include in the payment plan contract are names of parties, service description, total balance, repayment plan details (down payment, interest rate, start date), payment instructions, late payment terms, signatures, and any other terms. To access online legal document templates, visit eforums.com.