The delay of payment - the method of debt repayment , in which its payment in full amount is transferred to a later date, is prescribed in the contract (or additional agreement).
In lending
Deferred payment is also used in consumer lending . The buyer under the loan agreement makes a down payment in a certain amount and receives a deferment of further payments for a specified period. The delay is used in both retail and wholesale trade . Terms of deferral, in contrast to the standard form of the loan agreement, are most often negotiated individually, depending on the amount of the initial payment.
See also
- Credit
- Payment
- Factoring
Literature
- New Economic Dictionary / Edited by A.N. Azriliyana - Moscow: Institute of New Economics , 2006. ISBN 5-89378-014-0