Search results
Results From The WOW.Com Content Network
Net 10, net 15, net 30 and net 60 (often hyphenated "net-" and/or followed by "days", e.g., "net 10 days") are payment terms for trade credit, which specify that the net amount (the total outstanding on the invoice) is expected to be paid in full by the buyer within 10, 15, 30 or 60 days of the date when the goods are dispatched or the service is completed.
A net settlement is a payment system used for inter-bank transactions. [ dubious – discuss ] It is the process by which banks calculate the collective total of all transactions through designated times each day.
The term beneficiary is not used properly in the scheme of an LC because a beneficiary (also, in trust law, cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. Note that under the scheme of letters of credit, banks are neither benefactors of sellers nor ...
Glossary of Legal Terms and Phrases. The Army Service Schools, Department of Law. 1910. Google Books. Tayler. The Law Glossary. Ninth Edition. 1889. Google Books; Frederic Jesup Stimson. Glossary of Technical Terms, Phrases, and Maxims of the Common Law. Little, Brown and Company. Boston. 1881. Google Books; J Kendrick Kinney. A Law Dictionary ...
Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. [1] Understanding financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
In legal parlance, a peppercorn is a metaphor for a very small cash payment or other nominal consideration, used to satisfy the requirements for the creation of a legal contract.
QR code payment is a payment initiated using a QR Code scanned from POS terminal or Digital wallet; Transfers initiated by telephone (Mail Order/Telephone Order) Electronic funds transfer at point of sale (EFTPOS) are transfers resulting from credit or debit card transactions initiated through a payment terminal
In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]