Prompt payment
Quick payment terms to ensure timely compensation for services or goods.
Prompt payment laws are designed to ensure that contractors and subcontractors are paid in a timely manner, reducing financial stress and enhancing cash flow. Compliance with these laws is crucial for maintaining strong business relationships and avoiding legal penalties. Understanding the specific requirements and timelines is essential for effective financial management.
Used in a sentence
Prompt payment laws require us to pay within 30 days of invoice receipt.
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