Just landed a job as a "Catering Waiter" at a fancy steak and sushi restaraunt and need some tips, please!

I replied to an ad on craigslist, the owner called me in for an interview and within 20 minutes, i was hired as a catering waiter. They have this huge party hall in the basement of the restaraunt and they seem to be pretty active when it comes to catering parties. Now i have no experience in the food industry and i stated that and he told me Not to worry about it.. Which is semi reassuring based on the fact that they would have never hired me if there was a steep learning curve, especially at a place like this..

( www.yelp.com/biz/two-steak-and-sushi-den-new-hyde-park )

He told me i get $10 an hour + Tips.. and whatever i make in tips is up to me..and i only work parties.
How does this work? Is that decent starting pay?
How often to people tip at a catered party? etc etc

Any pros and cons? Anything i need to know?
I am kind of nervous because ive never served food before, but im also excited to be able to bring home cash the day of.

I posted the link to the restaurant so you can tell what kind of establishment it is.

Thanks in advance

Sal