DEMAND PAYMENT Meaning and
Definition
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Demand payment refers to a situation in which one party explicitly requests or demands the immediate settlement of an outstanding debt or payment owed to them. This can occur when a creditor or lender wishes to collect the money owed to them by another individual or entity. The demand for payment is typically initiated when the debtor has failed to fulfill their financial obligations within the agreed-upon time frame.
In such cases, the creditor or lender sends an official notice or a written demand letter specifying the outstanding amount, the due date, and the consequences of not paying within a specified timeframe. The purpose of such a demand is to exert pressure on the debtor to settle the debt promptly. This demand may also include additional charges like interest, late fees, or penalties if the payment is not made by the requested date.
In legal terms, demand payment can also refer to a formal request made by one party to another, asking for compensation or reimbursement for a service, product, or damage caused. This can involve sending a demand letter indicating the amount owed and the period within which the payment should be made.
Overall, demand payment refers to the explicit request for immediate settlement of a debt or the request for reimbursement for goods or services provided. It serves as a formal notice that calls upon the debtor or obligated party to fulfill their financial responsibilities within a specific period, ensuring the prompt resolution of outstanding debts or owed compensation.
Common Misspellings for DEMAND PAYMENT
- semand payment
- xemand payment
- cemand payment
- femand payment
- remand payment
- eemand payment
- dwmand payment
- dsmand payment
- ddmand payment
- drmand payment
- d4mand payment
- d3mand payment
- denand payment
- dekand payment
- dejand payment
- demznd payment
- demsnd payment
- demwnd payment
- demqnd payment
- demabd payment
Etymology of DEMAND PAYMENT
The etymology of the phrase "demand payment" can be broken down as follows:
1. Demand: The word "demand" originates from the Old French word "demander", which means "to ask, request, or demand". It further traces back to the Latin word "demandare", which consists of "de-" (meaning "thoroughly" or "completely") and "mandare" (meaning "to order" or "to commit"). "Mandare" itself comes from the Proto-Indo-European root "mn̩dʰ-", meaning "to command".
2. Payment: The word "payment" comes from the Old French word "paiement", which stems from "paier" (meaning "to pay"). "Paier" can be traced back to the Latin word "pacare", which means "to pay" or "to pacify".
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