Payment Term
/ˈpeɪmənt tɜrm/
Definitions
- (n.) A provision in a contract specifying the time, method, and conditions under which payment must be made.
The payment term requires full settlement within 30 days of invoice receipt.
Forms
- payment term
- payment terms
Related terms
See also
Commentary
Payment terms should be clearly drafted to avoid disputes about timing and manner of payment.
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.