Payment Policy
/ˈpeɪmənt ˈpɒlɪsi/
Definitions
- (n.) A set of rules and guidelines established by a party, often a business, detailing acceptable forms, timing, and methods of receiving payments.
The company updated its payment policy to allow credit card payments.
- (n.) Legal terms governing the conditions under which payments are to be made, often included in contracts to specify obligations and remedies related to payment.
The contract’s payment policy requires full settlement within thirty days of invoice receipt.
Forms
- payment policy
- payment policies
Related terms
See also
Commentary
Payment policies serve both administrative and legal functions and must be clearly drafted to avoid disputes over payment obligations.
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.