Definition, Meaning & Synonyms

demand-payment

Noun

/dɪˈmɑːnd ˈpeɪmənt/

Definition

The act of requesting the payment of a debt or obligation.

Examples

The bank issued a demand-payment for the overdue loan.
After multiple reminders, the company sent a final demand-payment to the client.
Failure to respond to the demand-payment could result in legal actions.

Meaning

Demand-payment refers to a formal insistence on the payment owed, usually made by a creditor to a debtor. It signifies the urgency and necessity for the payment to be made.