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Simple English definitions for legal terms
on demand
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A quick definition of on demand:
Term: On Demand
Definition: When someone owes you money and you can ask for it to be paid back whenever you want, that's called an "on demand" payment. It's like a promise that the person will give you the money back whenever you ask for it. This is usually written on a piece of paper called a promissory note.
A more thorough explanation:
Definition: On demand refers to a type of payment that is due immediately when requested by the person or company owed the money.
For example, if you borrow money from a friend and they say you need to pay them back on demand, it means they can ask for the money back at any time and you need to pay it right away.
This type of payment is often used in business transactions, where one company may owe money to another and the payment is due on demand. It gives the company owed the money more flexibility in managing their cash flow.
Overall, on demand means that payment is required immediately when requested, without any delay or waiting period.