WebCreditors – In day-to-day business, a person or a legal body to whom money is owed is known as a creditor. For a business, the amount to be paid may arise due to repayment of a loan, goods purchased on credit, etc. Example – Unreal corp. purchased 1000 kg of cotton for 100/kg from vendor X. WebCredit Period refers to the average time given by the seller to its customer for making the payments against the credit sales. It is a type of loan which doesn’t have any interest in it. However, an organization that fails to clear off the supplier’s payment on …

Payment Definition & Examples Britannica

WebDue for Payment means, (i) with respect to an Insured Amount, the Payment Date on which Insured Amounts are due and payable pursuant to the terms of the Indenture and (ii) with respect to a Preference Amount, the Business Day on which the documentation required by the Insurer has been received by the Insurer. WebDec 7, 2024 · Payment Terms. This is the agreement that you make to pay back any of the money that you borrow. It will usually include a payment due date, a minimum payment amount, an interest rate and applicable fees. The payment terms will outline what happens if you miss payments or have late payments. cost of autocad software in india

CREDITOR PAYMENT Definition Law Insider

WebFeb 15, 2024 · An event of debt default occurs when one or more terms in a loan agreement are violated (or breached) by a borrower. When a lender extends credit to a borrower, both parties agree to loan terms by way of a loan agreement. WebDec 22, 2024 · A creditor is a person or an organization that provides money to another party immediately in exchange for receiving money at some point in the future … WebMar 23, 2024 · debtor and creditor, relationship existing between two persons in which one, the debtor, can be compelled to furnish services, money, or goods to the other, the creditor. cost of auto detailing minivan