payment terms

Meaning

The specific conditions, timeframes, and methods agreed upon for settling a financial debt or invoice.

Examples

• Our standard payment terms require a fifty percent deposit before work begins.
• The small business struggled because their clients often ignored the agreed payment terms.

Pronunciation: ˈpeɪmənt tɜːrmz

Synonyms of payment terms

Words with a similar meaning to payment terms:

• credit terms
• settlement conditions