How is Delayed Payment defined in a legal contract?
Here are some simplified definitions:
- Delayed Payment means the funds that are transferred through a certain system and are credited to an account on a value date that is later than the date specified in the relevant transfer or payment details. Seen in 14 SEC filings
- Delayed Payment means a transaction in which ownership of a commodity passes to the purchaser at a set price, but the payment to the seller is made more than twenty-one days after delivery. Seen in 12 SEC filings
- Delayed Payment means the funds that are transferred through a certain system and are credited to an account at a time significantly later than the time specified in the relevant transfer or payment details. Seen in 7 SEC filings
- Delayed Payment means an amount of rent that a tenant does not pay to a landlord due to substantial loss of income beginning from a specific date and continuing until 30 days after a certain event. Seen in 4 SEC filings
Please note that specifics have been replaced with generic terms and phrases to maintain the integrity of the definitions.
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.
Genie Definition 1
- Delayed Payment means funds credited to an account on a date or at a time later than specified in the transfer or payment details.
Relevant Contract Types
Relevant Circumstances
- Payment processing through a digital platform
- Delayed payment terms in business-to-business transactions
- Payment terms in a loan contract
Relevant Sectors
Genie Definition 2
- Delayed Payment means a purchase where payment to the seller is performed more than [number] days after the delivery.
Relevant Contract Types
Relevant Circumstances
- Deferred payment plans in product/service purchases
- Credit term agreements in the purchase of goods
- Instalment payment plans for large-scale purchases
Relevant Sectors
Genie Definition 3
- Delayed Payment means an unpaid amount of rent due to a substantial loss of income for a specific duration.
Relevant Contract Types
Relevant Circumstances
- Rental payment deferral due to income loss
- Payment plans for overdue rent following economic hardship
- Temporary amendments to lease agreements following an unforeseen loss of income
Relevant Sectors
Are you creating, reviewing or negotiating a document?
🚀 Try our AI Legal Assistant! It can suggest a definition just for your specific needs (Simply import your contract, then ask it to draft a definition suitable for your document, that's it!)
Delayed Payment means funds credited to an account on a date or at a time later than specified in the transfer or payment details
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