Steve,
I put together a contract a few years ago after taking a buisness law class. It states that I need a 1/4 of the final price for a depsit and then another 1/4 of the final price when I get ready to build the saddle. Then the remaining balance is to be paid when the saddle is complete. It also states that it must be paid within 30 days of completion, if not I will sell it and no depsits will be refunded. The customer and myself both sign when ordered and we each have a copy. I use to take a set amount like Greg, but quit due to the different prices of extras on the saddle. I figure that if they order a 4,000 saddle verses a 3,000 they will have less to come up in the end. I am sorry that you had to learn this the hard way, hopefully they will come up with the money or you can get it sold out right.
Ashley