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Basic |
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Payment conditions normally applied. |
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End of month |
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Payments are due at end of month. |
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Fixed date |
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Payments are due on the fixed date specified. |
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Deferred |
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Payments are deferred beyond the normal due date. |
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Discount not applicable |
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Payment terms on which discounts are not applicable. |
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Mixed |
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Different payment terms negotiated under a documentary credit. |
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Extended |
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Payment is extended beyond the normal due date. |
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Basic discount offered |
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Payment terms reflect the basic offered discount. |
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Proximo |
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Occurring in the next month after present. |
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Instant |
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Payment is due on receipt of invoice. |
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Elective |
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Payment terms to be chosen by buyer (from options separately advised). |
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10 days after end of month |
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Payment due ten days after end of a calendar month. |
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Seller to advise buyer |
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Seller will advise buyer of payment terms by separate transaction. |
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Paid against statement |
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Payments are to be made against statement. |
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No charge |
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Payment terms have no charge. |
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Not yet defined |
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Payment terms are not yet defined. |
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Ultimo |
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Payment is due the end of the current or specified month. |
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Previously agreed upon |
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Payment terms have been previously agreed upon. |
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United States funds |
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The payment terms require the use of United States funds. |
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Penalty terms |
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Payment terms on which penalties apply. |
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Payment by instalment |
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Payment terms are based on instalment payments. |
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Discount |
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Payment terms on which discounts are applicable. |
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Available by sight payment |
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Payment made at sight. |
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Available by deferred payment |
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Payment made at deferred date. |
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Available by acceptance |
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Payment on acceptance. |
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Available by negotiation with any bank |
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Payment made by negotiation with any bank. |
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Available by negotiation with any bank in ... |
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Payment made by negotiation with any bank in a specified location. |
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Available by negotiation by named bank |
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Payment made by negotiation with a specified financial institution. |
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Available by negotiation |
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Payment made by negotiation. |
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Adjustment payment |
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Payment adjusted for outstanding credits or debits. |
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Late payment |
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Payment after due date. |
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Advanced payment |
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Payment in advance of due date. |
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Payment by instalments according to progress (as agreed) |
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Payment by instalments according to progress (as agreed). |
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Payment by instalments according to progress (to be agreed) |
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Payment by instalments according to progress (to be agreed). |
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Nonstandard |
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Terms of payment differ from the normal terms. |
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Tenor payment terms |
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Payment to be made according to bilaterally agreed conditions between buyer and seller. |
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Complete payment |
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Payment must be made for complete value and may not be paid in instalments. |
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Payment terms defined in consolidated invoice |
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Payment terms are specified in a consolidated invoice. |
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Payment upon completion |
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The payment terms require payment upon completion. |
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Partial advance |
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The payment terms require a partial payment in advance of completion. |
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Consignment |
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The payment terms are that the goods will be paid for when they are sold or consumed. |
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Inter-company account |
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The payment terms involve the use of an inter-company account. |
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Sell by note |
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The payment terms involve a debtor who promises to pay a definite sum of money on demand or at a definite time in the future. |
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Supplier floor plan |
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The payment terms involve payment for merchandise owned by a third party. |
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Contract basis |
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The payment terms are based on a contract with a vendor. |
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Credit controlled |
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The payment terms involve the monitoring of credit by the grantor. |
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Dating given |
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The payment terms in which suppliers may extend seasonal dating. |
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Trade acceptance |
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A trade acceptance is a written acknowledgement of the sale of goods and promise to pay at a definite date and place. |
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Cost plus |
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The payment terms permit reimbursement of costs plus other authorised changes. |
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Letter of credit |
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The payment terms require the use of a letter of credit. |
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Lease agreement |
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The payment terms are included in the lease agreement. |
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Cash On Delivery (COD) |
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The payment terms are cash is due on delivery of merchandise. |
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Cash by state law |
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The payment terms are dictated by state law requiring payment of cash. |
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Bank transfer |
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The payment terms require the use of bank transfer. |
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Cash on arrival |
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The payment terms require payment by cash on arrival of the goods or services. |
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Cash |
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The payment terms are that payments are made in cash. |
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Cash discount terms apply |
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The payment terms are that a discount is applicable if the payment is made in cash. |
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Cash with order |
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The payment terms require the payment in cash with placement of the order. |
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Cash per vendor request |
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The payment terms involve a vendor request for payment by cash. |
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Irrevocable letter of credit |
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The payment terms require the use of an irrevocable letter of credit. |
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Documents against acceptance |
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The payment terms require acceptance of liability before document transfer. |
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Charge card |
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The payment terms permit the use of a charge card to effect payment. |
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Documents against payment |
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The payment terms require payment before document transfer. |
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Usance bill |
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The payment terms are based on the time allowed by commercial usage for the payment of foreign bills of exchange. |
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Letter of credit at sight |
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The payment terms require the presentation of a letter of credit. |
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Secured account |
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The payment terms call for the use of a secured account. |
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Basic commission terms |
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The payment terms call for the use of basic commission terms. |
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Deposit required |
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The payment terms require a deposit be provided. |
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Discount with prompt pay |
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The payment terms include a discount when payment is made within a time frame designated as prompt pay. |
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Discount with advance payment |
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The payment terms include a discount when payment is made in advance. |
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Certified cheque |
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The payment terms require the use of a certified cheque. |
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Cash against documents |
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The payment terms require cash payment before document transfer. |
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Bill of exchange |
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The payment terms require the use of bill of exchange. |
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Progressive discount |
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The payment terms include a progressive discount based on the amount and speed with which payments are made. |
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Lump sum |
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The payment term requires a lump sum payment. |
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Fixed fee |
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The payment term requires a fixed fee payment. |
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Promissory note |
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The payment term requires the use of a promissory note as a means of payment. |
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Factoring |
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Payment term requires payment being made by the factoring company according to the agreement between buyer, bank and factoring company. |
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Mutually defined |
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A code assigned within a code list to be used on an interim basis and as defined among trading partners until a precise code can be assigned to the code list. |
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