Disbursement refers to a payment made by an agent, often a professional such as a solicitor or banker, on behalf of a client. This amount is typically claimed back when the client receives an account for the professional services.
An honorarium is a voluntary payment given to a professional for services for which fees are not legally or traditionally required, often for cultural, social, or academic contributions.
An incentive fee refers to a payment or fee given as a motivation to encourage participation, often in situations such as becoming part of a test-marketing audience group. This term is extensively used in various fields including finance, marketing, and business management.
The term 'maker' has distinct meanings depending on the context. Generally, it refers to a producer of a product, such as a car manufacturer. In commercial law, it specifically designates the person who executes a note or endorses it before its delivery to the payee, thereby assuming the obligation to make a payment.
The term 'outstanding' has various meanings depending on the context, particularly in accounting and finance, where it can refer to unpaid debts, checks not yet presented for payment, and stock held by shareholders.
Payment refers to the satisfaction of a claim or debt usually through the delivery of money in fulfillment of an obligation.
In financial and accounting contexts, remittance refers to the act of sending a payment, which may be accompanied by a preprinted coupon or a remittance slip that provides critical details such as account number, date, and purpose of the payment.
A cheque that has not been presented for payment within a specific period, typically six months, rendering it invalid as the issuing bank will not honour it.
A fixed regular sum paid as a salary or allowance for services rendered, often associated with internships, apprenticeships, fellowships, or academic roles.
An unconditional offer to pay or perform in full an obligation to another, together with actual presentation of the thing or sum owed, or some clear manifestation of ability to pay or perform.
