Billing Policy
/ˈbɪlɪŋ ˈpɒlɪsi/
Definitions
- (n.) A formal set of rules established by an organization outlining how charges for services or products are calculated, invoiced, and collected.
The billing policy clearly states the payment deadlines and penalties for late fees.
- (n.) Policy terms in contracts or agreements specifying payment procedures between parties.
The contract’s billing policy requires invoicing within 30 days of service delivery.
Forms
- billing policy
- billing policies
Related terms
See also
Commentary
Billing policies should be drafted with clarity to avoid disputes over payment responsibilities and timing.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.