Payment Plan
/ˈpeɪm(ə)nt plæn/
Definitions
- (n.) An agreement allowing a debtor to repay a debt in scheduled installments over time.
The parties agreed to a payment plan to settle the outstanding loan.
Forms
- payment plans
Related terms
See also
Commentary
Payment plans are often formalized in writing to ensure clarity on payment amounts, due dates, and consequences of default.
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.