Late Collections definition: Copy, customize and use instantly
Introduction
The term "Late Collections" refers to instances when payments or receivables are not collected within the agreed-upon time frame in a contract. This could refer to overdue payments for goods, services, or loans. Defining "Late Collections" clearly in the contract is crucial for establishing the rights, penalties, or actions available if payments are delayed, ensuring financial stability and clarity for both parties.
Below are various examples of how "Late Collections" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Late Collections" as overdue payments
This definition ties "Late Collections" to the delayed payments in a financial agreement.
"Late Collections" means any amounts due under this agreement that are not paid within the agreed-upon payment terms, and remain unpaid beyond the specified grace period.
Definition of "Late Collections" as non-compliance with payment schedules
This definition connects "Late Collections" to the failure to adhere to agreed schedules.
"Late Collections" refers to any instance where the scheduled payments or obligations are not met by the due date, and are not rectified within the grace period outlined in the contract.
Definition of "Late Collections" as penalties for overdue amounts
This definition links "Late Collections" to the consequences of delayed payments.
"Late Collections" refers to the failure to collect payments as agreed, resulting in additional fees, interest, or penalties as stipulated in the contract terms.
Definition of "Late Collections" as delayed payments beyond the due date
This definition ties "Late Collections" to payments not made on time, causing delays in the cash flow.
"Late Collections" means any payments or debts not collected on or before the due date, which result in a breach of the agreed-upon payment schedule.
Definition of "Late Collections" as a failure to recover debts
This definition connects "Late Collections" to the inability to recover funds.
"Late Collections" refers to amounts owed to the company that are not paid within the agreed period, leading to the need for collection efforts after the due date.
Definition of "Late Collections" as overdue account receivables
This definition applies "Late Collections" to overdue balances on customer accounts.
"Late Collections" refers to any outstanding accounts receivable that have not been settled by the specified payment deadline, thus remaining unpaid for an extended period.
Definition of "Late Collections" as past-due invoices
This definition ties "Late Collections" to invoices that have not been paid on time.
"Late Collections" means invoices that have not been paid by the agreed-upon due date, requiring further action to retrieve the outstanding amount.
Definition of "Late Collections" as delayed debt recovery
This definition links "Late Collections" to the delayed process of recovering owed funds.
"Late Collections" refers to the delayed recovery of amounts due under this agreement, where payments have not been received in accordance with the terms of the contract.
Definition of "Late Collections" as the need for collection efforts
This definition connects "Late Collections" to the steps taken after payments are overdue.
"Late Collections" means the situation where payment collection becomes necessary after the deadline has passed, triggering further actions to retrieve the outstanding funds.
Definition of "Late Collections" as overdue receivables with interest
This definition applies "Late Collections" to overdue payments that incur additional costs.
"Late Collections" refers to any overdue receivables that accumulate additional interest or penalties based on the duration they remain unpaid after the agreed-upon date.
Definition of "Late Collections" as delayed payments from clients
This definition ties "Late Collections" to delayed payments specifically from clients.
"Late Collections" means any payments from clients or customers that are not received on time, thereby leading to further actions to recover the owed amounts.
Definition of "Late Collections" as delayed commercial debts
This definition connects "Late Collections" to commercial debts that are not paid within the agreed period.
"Late Collections" refers to any commercial debts or obligations that remain unpaid beyond the due date, causing disruptions to cash flow and requiring debt recovery actions.
Definition of "Late Collections" as extended payment periods
This definition links "Late Collections" to extended periods for payment after the due date.
"Late Collections" refers to amounts that remain unpaid beyond the agreed period, where payment is made after the official due date or grace period.
Definition of "Late Collections" as overdue amounts impacting financial operations
This definition applies "Late Collections" to overdue amounts that affect business operations.
"Late Collections" means any overdue amounts that disrupt normal financial operations, requiring additional efforts to collect overdue payments and reduce financial strain.
Definition of "Late Collections" as uncollected amounts exceeding the payment period
This definition ties "Late Collections" to amounts that go beyond the agreed payment period.
"Late Collections" refers to any amounts due that exceed the payment period, with collection attempts necessary after the expiration of the grace period.
Definition of "Late Collections" as delayed settlement of financial obligations
This definition connects "Late Collections" to the delay in settling financial obligations.
"Late Collections" means the failure to settle financial obligations or payments by the due date, necessitating the use of recovery procedures to collect the outstanding amounts.
Definition of "Late Collections" as overdue balances with potential legal actions
This definition links "Late Collections" to overdue balances that may trigger legal consequences.
"Late Collections" refers to overdue balances where payment has not been received within the specified time frame, and may result in legal actions or court proceedings to recover the funds.
Definition of "Late Collections" as breach of contract due to delayed payments
This definition applies "Late Collections" to situations where delayed payments lead to breach of contract.
"Late Collections" refers to situations in which a party fails to make the required payments by the due date, potentially resulting in a breach of the contract terms.
Definition of "Late Collections" as payment delays requiring collection efforts
This definition connects "Late Collections" to payment delays that require formal collection efforts.
"Late Collections" means delayed payments that necessitate additional collection efforts, including follow-up notices, legal actions, or involving third-party collection agencies.
Definition of "Late Collections" as overdue financial obligations
This definition ties "Late Collections" to financial obligations that are not fulfilled on time.
"Late Collections" refers to financial obligations that have not been met by the due date, requiring corrective actions such as payment reminders, interest charges, or legal remedies.
Definition of "Late Collections" as a risk of increased debt
This definition links "Late Collections" to the increased risk of debt as payments are delayed.
"Late Collections" refers to the risk that outstanding debts may increase due to late payments, potentially resulting in penalties, additional fees, and the accumulation of further debt.
Definition of "Late Collections" as a breach of payment terms
This definition connects "Late Collections" to a breach of specific payment terms outlined in the agreement.
"Late Collections" means any instance in which a party fails to meet the payment deadlines established in the agreement, causing a breach of the payment terms and triggering further actions.
Definition of "Late Collections" as overdue payments impacting creditworthiness
This definition applies "Late Collections" to overdue payments that affect a party's credit standing.
"Late Collections" refers to overdue payments that negatively impact a party’s credit rating, potentially limiting their ability to access future credit or financial services.
Definition of "Late Collections" as non-compliance with payment deadlines
This definition ties "Late Collections" to failure to comply with specified deadlines.
"Late Collections" refers to payments that are not made in compliance with the deadlines specified in the contract, leading to further action for recovery.
Definition of "Late Collections" as overdue invoices with repercussions
This definition connects "Late Collections" to invoices that remain unpaid and have repercussions for the debtor.
"Late Collections" means invoices that are overdue and have consequences, including additional charges, potential loss of services, or legal proceedings.
Definition of "Late Collections" as delayed payments causing cash flow issues
This definition links "Late Collections" to payments that cause operational or financial difficulties.
"Late Collections" refers to delayed payments that result in cash flow issues, affecting the ability to meet financial obligations and operational requirements.
Definition of "Late Collections" as overdue payments subject to interest charges
This definition applies "Late Collections" to overdue payments that incur interest.
"Late Collections" refers to payments that remain unpaid after the due date, accruing interest or other charges as determined by the agreement.
Definition of "Late Collections" as payment failures with recovery procedures
This definition ties "Late Collections" to payment failures that require recovery processes.
"Late Collections" means any payment failure where the owed amounts are not collected within the stipulated time frame, leading to the initiation of recovery procedures.
Definition of "Late Collections" as a risk for financial instability
This definition connects "Late Collections" to the broader financial risk posed by overdue payments.
"Late Collections" refers to delayed payments that can lead to financial instability, impacting liquidity and financial health of the organization or individual.
Definition of "Late Collections" as overdue receivables requiring follow-up
This definition links "Late Collections" to the need for follow-up actions on overdue receivables.
"Late Collections" refers to accounts receivable that are overdue, requiring consistent follow-up and action to recover the outstanding amounts.
Definition of "Late Collections" as delayed payments affecting the contractual relationship
This definition ties "Late Collections" to the strain that overdue payments may put on the contractual relationship.
"Late Collections" means payments not made on time, potentially leading to strained relationships between parties, disruption in services, and breach of contractual terms.
Definition of "Late Collections" as overdue payments requiring legal proceedings
This definition connects "Late Collections" to overdue payments that require legal steps for resolution.
"Late Collections" refers to overdue payments that remain unresolved, and may lead to legal action to recover the funds or enforce payment obligations.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.