Search results
Results from the WOW.Com Content Network
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
Prompt payment is a commercial discipline which requires businesses to: agree fair and reasonable payment terms with their suppliers; ensure suppliers' invoices are approved and paid within agreed terms; encourage adoption of the same practices throughout their supply chain.
A take-or-pay contract, or a take-or-pay clause within a contract, is a payment obligation agreed between a business customer and its supplier.With this kind of contract, the customer either takes the product from the supplier or pays the supplier a penalty.
Payment calculation – This is a breakdown of what you’ll pay monthly, a total that includes principal and interest, any escrow payments or private mortgage insurance (PMI) premiums, if applicable.
Once an invoice arrives, the accounts payable clerk must ensure that the document is indeed an invoice. Then the clerk classifies and sorts the invoice into various categories (e.g., by vendor, by transaction type, or by department). The definition of invoice categories is usually unique to a specific organization.
This is a list of abbreviations used in law and legal documents. It is common practice in legal documents to cite other publications by using standard abbreviations for the title of each source.
Reduction into Writing: Where the contract is consolidated into writing, previous spoken terms, omitted from the consolidation, will probably be relegated to representations. [11] The case of Birch v Paramount Estates Ltd. (1956) [ 13 ] provided that a very important spoken term may persist even if omitted from the written consolidation; this ...
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]