# payment terms

**Pronunciation:** ˈpeɪmənt tɜːrmz · PAY-ment TERMZ

**Part of speech:** noun

## 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.
- You should review the payment terms carefully to avoid late fees or interest charges.

## Synonyms

- credit terms — Specifically refers to the time allowed for payment.
- settlement conditions — Emphasizes the formal agreement of finalizing a debt.

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