terms of payment
noun phraseUK /tɜːmz əv ˈpeɪmənt/
US /tɝːmz əv ˈpeɪmənt/
The rules that say how and when you must pay for something.
The terms of payment say we have to pay half now and half next month.
RELATED WORDS
OTHER MEANINGS
2. The agreed time limit within which a buyer must pay a seller.
The supplier offered thirty-day terms of payment.
3. The method by which money is to be transferred, such as cash or bank transfer.
The terms of payment specify a bank transfer rather than a check.
4. The discounts or penalties that apply depending on when payment is made.
Early payment under these terms of payment earns a two percent discount.