Payment definition: Copy, customize, and use instantly
Introduction
The term "Payment" refers to the transfer of money or its equivalent to satisfy an obligation or for services rendered. It is crucial in contractual agreements to clearly define the manner, amount, and timing of payments to ensure both parties' expectations are aligned and legal obligations are met.
Below are various examples of how "Payment" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Payment" as monetary transfer
This definition ties "Payment" to a direct monetary transfer.
"Payment" means the transfer of money from one party to another in exchange for goods, services, or fulfillment of an obligation under the contract.
Definition of "Payment" as installment
This definition connects "Payment" to installment-based transactions.
"Payment" refers to a portion of the total amount due, made in installments according to the schedule specified in the contract.
Definition of "Payment" as lump-sum
This definition links "Payment" to a lump-sum payment.
"Payment" means a single, complete transfer of funds, made in full to satisfy a financial obligation under the terms of the contract.
Definition of "Payment" as deferred
This definition ties "Payment" to a deferred payment arrangement.
"Payment" refers to a delayed transfer of funds, where the agreed-upon amount is payable at a future date, as specified in the contract.
Definition of "Payment" as advance
This definition connects "Payment" to an advance payment.
"Payment" means a portion of the total due amount made in advance, prior to the completion of the underlying services or delivery of goods.
Definition of "Payment" as final
This definition links "Payment" to a final payment.
"Payment" refers to the last installment due, made to settle all remaining amounts under the terms of the agreement.
Definition of "Payment" as partial
This definition ties "Payment" to a partial payment.
"Payment" means a part of the total amount due, which is paid before the full obligation is satisfied.
Definition of "Payment" as conditional
This definition connects "Payment" to conditional terms.
"Payment" refers to the transfer of funds made upon the fulfillment of certain conditions, as outlined in the contract.
Definition of "Payment" as in-kind
This definition links "Payment" to in-kind transactions.
"Payment" means the transfer of goods or services, instead of money, to satisfy an obligation under the contract.
Definition of "Payment" as automatic
This definition ties "Payment" to an automatic payment system.
"Payment" refers to a transfer of funds made automatically, through electronic means or direct debit, on the scheduled date.
Definition of "Payment" as prepaid
This definition connects "Payment" to prepaid terms.
"Payment" means funds paid before the delivery of goods or services, typically covering a portion or full amount of the agreed obligation.
Definition of "Payment" as overdue
This definition links "Payment" to overdue amounts.
"Payment" refers to funds that are due but have not been paid by the specified due date in the contract.
Definition of "Payment" as net
This definition ties "Payment" to a net payment structure.
"Payment" means the total amount due after all deductions, such as taxes or fees, have been subtracted from the original amount owed.
Definition of "Payment" as settlement
This definition connects "Payment" to a settlement amount.
"Payment" refers to the final sum transferred to resolve a debt or financial obligation in full.
Definition of "Payment" as expedited
This definition links "Payment" to an expedited transfer.
"Payment" means the rapid transfer of funds, often requiring faster processing or additional fees to meet urgent financial needs.
Definition of "Payment" as scheduled
This definition ties "Payment" to scheduled installments.
"Payment" refers to a series of transfers made according to a predefined schedule, with each installment due on specific dates outlined in the agreement.
Definition of "Payment" as recurring
This definition connects "Payment" to recurring payments.
"Payment" means the automatic or manual transfer of funds made at regular intervals, such as weekly, monthly, or annually, under a continuing agreement.
Definition of "Payment" as through escrow
This definition links "Payment" to escrow terms.
"Payment" refers to funds held in escrow until certain conditions are met, at which point they are released to the intended party.
Definition of "Payment" as by check
This definition ties "Payment" to a check-based transfer.
"Payment" means a sum of money transferred via a check drawn from a bank account, made payable to the designated recipient.
Definition of "Payment" as through wire transfer
This definition connects "Payment" to wire transfers.
"Payment" refers to a direct electronic transfer of funds from one bank account to another, often used for large or urgent payments.
Definition of "Payment" as by credit card
This definition links "Payment" to credit card transactions.
"Payment" means the transfer of funds made via credit card, where the cardholder borrows money from a credit institution to fulfill an obligation.
Definition of "Payment" as by debit card
This definition ties "Payment" to debit card transactions.
"Payment" refers to the immediate transfer of funds from a bank account to settle an amount, made using a debit card.
Definition of "Payment" as by cash
This definition connects "Payment" to cash transactions.
"Payment" means the transfer of funds in physical currency, made in exchange for goods or services.
Definition of "Payment" as through a third-party service
This definition links "Payment" to third-party services.
"Payment" refers to funds transferred through an intermediary service, such as a payment processor or online platform, to fulfill an obligation.
Definition of "Payment" as late
This definition ties "Payment" to a late fee or delayed payment.
"Payment" means the transfer of funds made after the specified due date, which may include additional fees or penalties as outlined in the contract.
Definition of "Payment" as secured
This definition connects "Payment" to secured transactions.
"Payment" refers to a transfer of funds that is secured by collateral, ensuring payment is made under specified terms.
Definition of "Payment" as made in full
This definition links "Payment" to full settlement.
"Payment" means a transfer of funds made to satisfy the entire amount owed, without any remaining balance due.
Definition of "Payment" as via money order
This definition ties "Payment" to money order transactions.
"Payment" refers to the transfer of funds through a money order, typically used for transactions where checks or cash are not preferred.
Definition of "Payment" as made electronically
This definition connects "Payment" to electronic methods.
"Payment" means the transfer of funds through an electronic means, such as direct deposit or online banking.
Definition of "Payment" as conditional upon performance
This definition links "Payment" to performance-based terms.
"Payment" refers to a transfer of funds that is contingent upon the successful completion of specific contractual obligations or milestones.
Definition of "Payment" as disputed
This definition ties "Payment" to disputed payments.
"Payment" means a sum that is under dispute, where the parties involved have not yet agreed on the final amount or terms of transfer.
Definition of "Payment" as in foreign currency
This definition connects "Payment" to foreign currency transactions.
"Payment" refers to the transfer of funds made in a currency other than the local currency, typically involving currency conversion.
Definition of "Payment" as made in installments
This definition links "Payment" to installment-based payments.
"Payment" refers to a series of smaller transfers made over time, with each installment due on specific dates as outlined in the agreement.
Definition of "Payment" as under protest
This definition ties "Payment" to protest terms.
"Payment" means a transfer of funds made under protest, where the payer expresses disagreement with the terms but fulfills the payment obligation to avoid legal consequences.
Definition of "Payment" as non-refundable
This definition connects "Payment" to non-refundable terms.
"Payment" refers to a sum of money that, once paid, cannot be returned or refunded under any circumstances as stated in the contract.
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.