Terms of Payment
/ˈtɜrmz əv ˈpeɪmənt/
Definitions
- (n. pl.) Agreed conditions specifying the timing, method, and terms under which payment is to be made in a contract or transaction.
The contract clearly outlines the terms of payment to ensure timely settlement.
Forms
- terms of payment
Related terms
See also
Commentary
Terms of payment often require precise drafting to avoid ambiguity, clarifying deadlines, acceptable payment methods, and consequences of late 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.