Sales terms specifying a past due date, and a late payment percentage penalty applies to unpaid balances past this due date
19
Liquidation
Term at which the progress will be liquidated before the final payment is made to the contractor
20
Progress Payment
Term at which progress payments are authorized by the terms of the contract
21
Fast Pay
Code indicating that an invoice is subject to accelerated payment
22
Cash Discount Terms Apply
Contract terms specify that a cash discount is applicable
23
Payment Due Upon Receipt of Invoice
24
Anticipation
A discount allowance given when an invoice is paid before its due date (anticipation = (agreed rate/365) x invoice amount x number of days early)
25
Cash Account
26
Cash on Advance
27
Cash on Arrival
Open account of short duration (usually 10 days)
28
Cash per Vendor Request
29
Cash by State Law
30
Cash with Order
31
Cash on Delivery (COD)
32
Lease Agreement
33
Net Month Following Invoice (MFI)
34
Sell by Note
Credit instrument in which debtor promises to pay a definite sum of money on demand or at a definite time in the future, at a stated place
35
Supplier Floor Plan
Type of financing used often by auto and furniture dealers where merchandise is owned by financing institution
36
Contract Basis
Terms are based on contract with vendor
37
Credit Controlled
Terms are monitored by creditor
38
Dating Given
In industries where principal sales may occur in one season, suppliers may extend seasonal dating (usually due after main selling season)
39
Trade Acceptance
Special from of draft that arises out a merchandise transaction; it is a written acknowledgment of the sale of goods and promise to pay at a definite date and place
40
Bill to Bill
Term indicating payment for one bill must be paid prior to the next
41
Letter of Credit
42
Lump Sum
43
Fixed Fee
44
Cost Plus
45
Bank Transfer
46
Basic Commission Terms
47
Bill of Exchange
48
Cash Against Documents
49
Certified Check
50
Discount with Advance Payment
52
Discount with Prompt Pay
54
Installment Payments are Due Annually
55
Installment Payments are Due Semi-annually
56
Installment Payments are Due Monthly
57
Installment Payments are Due Quarterly
58
Irrevocable Letters of Credit
61
Payment Order Through Bank
63
Promissory Notes
64
Secured Account
65
Letters of Credit at Sight
Bank accepts Letter of Credit and makes funds immediately available
67
Deposit Required
68
Documents against Acceptance
When an importer accepts liability for imported goods, shipping documents can be released; actual payment is based on terms on draft which is signed when documents are picked up
70
Documents against Payment
Documents are released upon payment
71
Inter-company Account
Used to signify that the vendor and customer are affiliated companies
72
Unknown
73
Partial Advance
Partial Payment is required to be paid in advance
74
Payment Upon Completion
75
United States Funds Required
76
Usance Bill
Type of Letter of Credit for which a percentage is paid up front