define payment terms
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Payment Terms Law and Legal Definition Payment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due.Payments can be made in many ways.ayment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due. Payments can be made in many ways.
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Contractual term A contractual term is Any provision forming part of a contract. Each term gives rise to a contractual obligation, breach of which can give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract. term may either be expressed or implied. An express term is stated by the parties during negotiation or written in a contractual document. Implied terms are not stated but nevertheless form a provision of the contract.
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15 Understanding Payment Terms Because payment terms can be very complex, these examples might be helpful when you set up advanced payment terms that use a combination of date ranges and rules. All examples assume that you are using a work day rule that specifies actual (all) days in the due date calculation, as opposed to working days only.se fixed payment terms when you want to specify a due date instead of having the system calculate the due date. For example, if you want all transactions due at the end of the year regardless of when they were entered, enter a due date of December 31, 2006.
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Payment Agreement Contract Payment Agreement Contract. By this contract, {Payer} agrees to make payments to {Payee}, hereafter known as Lender, by the following schedule in exchange for {Product/services rendered}. This payment schedule is enforceable by law, and the methods described below will be use in cases of delinquent payment.
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Transfer payment Transfer payment. In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be non-exhaustive because they do not directly absorb resources or create output. In other words, the transfer is made without any exchange of goods or services.
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- Definition of PAYMENT for Kids. 1. : the act of giving money for something bought or for a service used. 2. Prompt payment of your bill ensures that you will not have to pay any additional fees. 2  We require payment in advance for all goods purchased. 3  a payment plan to reduce your debt. 4  cash, credit cards, and other methods of payment. 5  Our records show that we received a payment of $215.36 in May.
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average payment period average payment period. Definition. APP. The number of days a company takes to pay off credit purchases. It is calculated as accounts payable / (total annual purchases / 360). Use this term in a sentence. “ You should always know how long your average payment period will be so that you can be prepared when the time comes.
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Minimum payment Minimum payment. The minimum payment is the lowest amount of money that you are required to pay on your credit card statement each month. See your credit card terms and conditions document to see how your credit card's minimum payment is calculated.
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Payment Period The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest Accrual Period.
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- That's why we've compiled this list to help you understand the terms that you may see used in connection with your credit. A business arrangement between a consumer and a credit grantor or service provider in which the consumer may buy things or services and pay for them within a specified future period.
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fa cil i ty of pay ment clause Check your grammar now! : a clause in an insurance policy permitting the insurer to pay the death benefit to a relative of the insured or to any other person especially by reason of the person's incurring expenses (as funeral expenses) on the insured's behalf. Dictionary: Definition of facility of payment clause.
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Brown University ACT Scores and GPA Average ACT: 33. The average ACT score composite at Rice University is a 33. The 25th percentile ACT score is 31, and the 75th percentile ACT score is 34. In other words, a 31 places you below average, while a 34 will move you up to above average. There's no absolute ACT requirement at Rice University, but they really want to see at least a 31 to have a chance at being considered.
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15 Understanding Payment Terms Advanced payment terms provide all the features of standard payment terms, but also enable you to: Specify a calendar and work day rule to use in conjunction with the due date. For example, if the due date falls on a weekend day, the system can automatically change it to the previous Friday or following Monday.
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- Definition. Amount charged by an accepting bank (or an accepting house) for taking on the legal obligation of paying a bill of exchange on its maturity date, whether the importer pays it or not.
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What is a 'Credit Facility' Repayment Terms of a Credit Facility. The terms of interest payments, repayments and loan maturity are detailed. They include the interest rates and date for repayment, if a term loan, or the minimum payment amount and recurring payment dates, if a revolving loan.
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payment terms Definition. The conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period of 30 days or more, or other similar provisions.efinition. The conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period of 30 days or more, or other similar provisions.
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Term (mathematics) In elementary mathematics, a term is either a single number or variable, or the product of several numbers or variables. Terms are separated by a + or - sign in an overall expression. 3 + 4x + 5yzw. 3, 4x, and 5yzw are three separate terms. In the context of polynomials, term can mean a monomial with a coefficient.
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Receipt Payment in cash or by payment is regarded as payment of the amount tendered, but payment by store account is not. After processing the payment, the salesperson would then generate in the one document an invoice and receipt. If payment was made by a payment card, a payment record would normally also be generated. The invoice and receipt are the printed record of the transaction, and are legal documents.
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Average payment period Average payment period. Average payment period means the average period taken by the company in making payments to its creditors. It is computed by dividing the number of working days in a year by creditors turnover ratio. Some other formulas for its computation are give below:
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Types of Term Loan Payment Schedules Types of Term Loan Payment Schedules. Many loans are repaid by using a series of payments over a period of time. These payments usually include an interest amount computed on the unpaid balance of the loan plus a portion of the unpaid balance of the loan. This payment of a portion of the unpaid balance of the loan is called a payment of principal.
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level payment amortization Definition. Repayment of a loan through a fixed number of fixed-amount monthly installments. While the amount of the installment is same every month, however, it is apportioned unequally between interest and principal payments.
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Payment Agreement Contract Customize your Payment Agreement and print in minutes. Step-by-step guidance throughout the process, powered by Rocket Lawyer. Payment Agreement Contract. By this contract, {Payer} agrees to make payments to {Payee} , hereafter known as Lender, by the following schedule in exchange for {Product/services rendered} .
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How to Create Payment Terms in QuickBooks For example, 1% 10 Net 30 is an expression for payment due in 30 days, 1% discount, if paid within 10 days. To practice creating a payment term, open a sample data file. You might also use these instructions if you are creating a new payment term in your own data file: From the menu bar select Lists, Customer & Vendor Profile Lists, Terms List. A list of terms displays, as shown in the image below:
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Payments API Payments (resource group) Use the /payment resource to create a sale, an authorized payment, or an order. A sale is a direct credit card payment, stored credit card payment, or PayPal payment. An authorized payment places funds on hold to be captured later.
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Balloon payments: definition and benefits What is a balloon payment? Quite simply, a balloon payment is a lump sum payment that is attached to a loan. The payment, which has a higher value than your regular repayment charges, can be applied at regular intervals or, as is more usual, at the end of a loan period.
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What is a 'Minimum Monthly Payment' Minimum Monthly Payment. The smallest amount of a credit card bill that a consumer can pay, to remain in good standing with the credit card company. Making the monthly minimum payment on time is the least a consumer needs to do, to avoid late fees and to have a good repayment history on his credit report. The amount of the minimum monthly payment is calculated as a small percentage of the consumer's total credit balance.