A payment is the transfer of money from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation.
The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, cheque, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements.
In law, the payer is the party making a payment while the payee is the party receiving the payment.
Read more about Payment: Payment Methods, Parties Involved, Payment Providers, Global Payments Market, Determining Actual Payment For U.S. Tax Purposes, See Also
Other articles related to "payment, payments":
... contract law that requires an owner engaging a contractor to hold a particular percentage of payment for a stipulated length of time ... Any subcontractors who have worked on the project are entitled to payment based on quantum meruit, and the courts will allow a lien against any property which their work has improved, should they not ... against by any subcontractors who are denied payment by the contractor who employed them on the project ...
... Multure, pronounced 'Mooter', was the name for the payment a fixed proportion of the tenant's grain, paid to the miller by the suckener to grind the corn ... The term 'bannock' denoted the payment to a miller's servant amounting to a handful of meal, in addition to that given as knaveship, this being a handful of cereal from ... the term 'Lick of goodwill' or 'lock' was the term for the miller's payment for grinding the cereal, etc ...
... Accounting Alternative Payments APACS (The UK Payments Association) Business Commerce Financial transaction Money Trade ...
... The last payment was made on 29 December 2006 for the sum of about $83m (£45.5m), the 29th being the last working day of the year ... The final payment was actually six years late, the British Government having suspended payments due in the years 1956, 1957, 1964, 1965, 1968 and 1976 because the exchange rates were seen as ... After this final payment Britain's Economic Secretary to the Treasury, Ed Balls, formally thanked the US for its wartime support ...
... According to the Article V, the Osage were to receive an annual payment Great Osage nation, the sum of eight hundred dollars, and to the Little Osage nation, the sum of four hundred dollars ...
Famous quotes containing the word payment:
“There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.”
—Calvin Coolidge (1872–1933)
“Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
—Ralph Waldo Emerson (1803–1882)
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)