Payment Terms
/ˈpeɪ.mənt tɜːrmz/
Definitions
- (n. pl.) Provisions in a contract specifying the timing, method, and conditions under which payment must be made.
The payment terms require the buyer to pay within 30 days of invoice receipt.
Related terms
Commentary
Payment terms should be clearly defined in contracts to avoid disputes over timing and method of payments.
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.