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demand for payment

 

Definitions from the Web

Demand for Payment

Definition:

The term "demand for payment" refers to an official request or claim made by a creditor to a debtor, insisting that a sum of money owed be paid promptly.

Part of Speech:

Noun

Sense:

1. A formal request for the settlement of an outstanding debt, insisting on immediate payment.

2. The requirement for payment from a buyer to a seller before the goods or services are provided.

Usage:

1. The landlord sent a demand for payment to the tenant who had not paid rent for several months.

2. The company issued a demand for payment to the client, stating that the invoice was overdue and must be settled within 7 days.

3. In some cases, suppliers may ask for a demand for payment to establish trust with new customers before delivering goods.

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