Define: Timely payment

How is Timely payment defined in a legal contract?

• Timely payment means a payment that is made on or before the due date on the current bill for service, or on an agreement form between the customer and the utility for a series of partial payments to rectify a delinquent account. This determines the application of a late payment charge to the current bill or future collection effort. Seen in 22 SEC filings
• Timely payment means a payment made on a customer’s account on or before the due date. Seen in 5 SEC filings
• Timely payment means a payment made by the fixed date for payment or within a certain period after such due date. Seen in 4 SEC filings
• Timely payment means the period of time that the employer has to make a payment to the provider. Seen in 4 SEC filings
• Timely payment means payment made to an appraiser for completing an appraisal or a valuation assignment within a certain number of days after the appraiser delivers the completed appraisal or valuation assignment to the appraisal management company, except in cases of breach of contract or noncompliance with the conditions of the engagement or performance of services that violates the Uniform Standards of Professional Appraisal Practice. Seen in 2 SEC filings
• Timely payment means a payment made no later than a certain number of days after the first day of the coverage period. Seen in 2 SEC filings
• Timely payment means the time specified in the terms of the contract or pre-work written notice, OR, if the contract does not specify when payment will be due, no later than a certain number of days after the independent contractor completes the work. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of timely payment' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Timely payment means payment made on or before a predefined due date.

Relevant Contract Types

• Sale of Goods Contract
• Software Licensing Contract
• Tenancy Agreement
• Employment Contract
• Service Level Agreement

Relevant Circumstances

• Payment for services rendered or goods delivered
• Regular monthly payments such as rent or salaries
• Licensing or royalty fees
• Any circumstance necessitating pre-determined payment deadlines

Relevant Sectors

• Retail Industry
• Hospitality Industry
• Real Estate Industry
• IT and Software Services
• Manufacturing Industry

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Genie Definition 2

• Timely payment means payment made within a specified period following a due date or event.

Relevant Contract Types

• Construction Contract
• Consulting Service Agreement
• Independent Contractor Agreement
• Insurance Policy Contract

Relevant Circumstances

• Payment after completion of projects or milestones
• Compensation for unplanned or unexpected events
• Settlement of claims or disputes

Relevant Sectors

• Construction Industry
• Insurance Industry
• Professional Services
• Healthcare Industry

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