payment-terms

Vocabulary Word

Definition

'Payment terms' define the agreed-upon conditions between a buyer and a seller on when payment is due for a product or service. They include the deadline and the payment method.

Examples in Different Contexts

In contract negotiations, 'payment terms' define the conditions under which payments are made. A contracts manager might specify, 'The payment terms include a 30-day net period for invoicing.'

Practice Scenarios

Tech

Scenario:

The second phase of web development has been finished. Can we proceed with the billing process for it?

Response:

Based on our payment terms, let's invoice for the completed phase and begin work on the next.

Academics

Scenario:

We're looking at ways to better accommodate students who might be struggling with their tuition fees. Adjusting the payment schedule could be beneficial.

Response:

We could offer more flexible payment terms, such as installment-based payments over the semester.