Define: Delayed Payment

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

• Payment Agreement
• Supply Contract
• Loan Agreement

Relevant Circumstances

• Payment processing through a digital platform
• Delayed payment terms in business-to-business transactions
• Payment terms in a loan contract

Relevant Sectors

• Finance
• Retail
• Supply Chain

‍

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

• Supply Contract
• Sale of Goods Agreement
• Purchase Agreement

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

• Sales and Marketing
• Retail
• Real Estate

‍

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

• Lease Agreement
• Rent Agreement

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

• Real Estate
• Property Management

‍