Simple English definitions for legal terms
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Deferred payment refers to a situation where a payment that is supposed to be made is postponed to a later date. This can happen with payments that involve both the principal amount and the interest that is charged on it. It can also refer to installment payments that are delayed until a later time.
A deferred payment is when a payment that is supposed to be made now is postponed to a later date. This means that instead of paying the full amount at once, the payment is split into smaller installments that are paid over time.
These examples illustrate how deferred payments work. Instead of paying the full amount upfront, you can split the payments into smaller amounts that are paid over time. This can make it easier to manage your finances and budget for the payments.