Emergency pricing advice needed! please help!

Hey guys...so I was contacted for a 90 year olds birthday party next week. I've never delt with birthday parties like that so I'm curious what I should charge...I assume hourly is best. It would be a 4-5 hour shoot, old photos probably incorporated in post...single camera shoot. I'd consider myself pro/semi pro...ive worked for and with other shooters mostly, but this would be one of my first solo gigs. I know the final product will be tight and professional looking. So any suggestions? sooner the better as I need to call him back in the morning with pricing lol...
 
Factor in the post production and duties afterward, as well. How long will it take you to edit it? How do they want it delivered to them? (For example, if they want a polished DVD w/ menus and whatnot, that would cost more.)

That's when the hourly rate could run into a dilemma, unless you're not charging for post. Because a 4-5 hour filming could have 4-5 hours of editing afterward, easily.

I've done a lot of independent web design for local businesses in my area, and I've always had a good experience with charging a flat rate. Obviously it's not the same as shooting a video, but the reasoning is still similar. I've always felt that hourly rates can easily be used to take advantage of uninformed customers, so I've liked to charge a flat fee and I usually get half of it before the project, half after it's done to their satisfaction.
I'm a minority, though. I probably make less money than charging an hourly rate, and I certainly give people the opportunity to overwork me to their satisfaction, way past whatever I charged, sometimes. But, since I'm a student, I get more business by charging the flat rate. It's a double edged sword.
 
I have a standard shop rate that I use for hourly stuff. For flat rate projects, I estimate the amount of time that the project will take me and multiply by my shop rate. I also spell out exactly what that price gets the client and that anything above and beyond that will be billed at my shop rate.
 
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