The words that matter for your cash
In brief
This glossary defines, in one sentence each, the terms that come up when you work on getting paid: average payment time, aging report, deposit, late-payment penalty, formal notice, payment order, retention of title, retention money and acceptance report. Each term has its own page with an example.
- Acceptance report
- An acceptance report is the document signed by the client that records delivery or completion of the works.
- Aging report
- An aging report is the list of unpaid invoices sorted by how long they have been overdue: under 30 days, 30 to 60 days, 60 to 90 days and over 90 days.
- Average payment time
- Average payment time is the average number of days between sending an invoice and the client paying it.
- Deposit
- A deposit is the share of the price the client pays when placing the order, before the work starts.
- Formal notice
- A formal notice is a written, dated demand to pay a precise amount within a precise deadline.
- Late-payment penalty
- A late-payment penalty is a rate written in the contract and accepted at signing, applied to amounts paid after the due date.
- Payment order
- The payment order is the simplified OHADA procedure for recovering a claim that is certain, liquid and due.
- Retention money
- In construction, retention money is the share of each payment the client holds back until final acceptance of the works.
- Retention of title
- Retention of title is a clause that keeps you owner of the goods delivered until the price is paid in full.