payment-schedule

Vocabulary Word

Definition

'Payment schedule' is a detailed plan of when and how much you must pay particular bills. It is often used in the context of loans or installments.

Examples in Different Contexts

In business contracts, defining a 'payment schedule' sets clear expectations for payments. A business consultant might advise, 'Always specify a payment schedule in contracts to avoid disputes.'

Practice Scenarios

Tech

Scenario:

We need to consider whether offering a quarterly subscription option will be more enticing for our users. It might line up better with their business cycles.

Response:

A quarterly payment schedule sounds like a great idea. Let's analyze the demand for this option among our users.

Business

Scenario:

We have to be diligent about meeting our financial obligations. We always need to make sure that the vendors are paid within the terms of the agreement.

Response:

Yes, we need to review the payment schedule regularly and ensure timely payments to maintain good relationships with our vendors.