greiðsluskilmálum

Greiðsluskilmálum, or payment terms, are a set of conditions agreed upon between a buyer and a seller that outline the terms under which a payment will be made for goods or services. These terms are crucial in ensuring that both parties understand their financial obligations and rights. Common payment terms include net 30, which means payment is due 30 days after the invoice date, and COD (Cash on Delivery), where payment is made upon receipt of the goods. Other terms may specify discounts for early payment, late fees for delayed payments, or the method of payment, such as bank transfer or credit card. Greiðsluskilmálum can also include conditions for partial payments, installment plans, or escrow services. It is essential for businesses to clearly define these terms in their contracts to avoid disputes and ensure smooth financial transactions.