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Simple English definitions for legal terms
remittance advice
Read a random definition: out-of-court settlement
A quick definition of remittance advice:
A remittance advice is a notice that tells someone that money has been sent to pay for goods or services. It is like a receipt that shows the amount of money that was sent and who it was sent to. The remittance advice is usually sent by mail and helps the person receiving the money keep track of their payments.
A more thorough explanation:
Definition: A notice that a sum of money has been sent, usually by mail, for goods or services.
Example: When you pay your electricity bill online, you will receive a remittance advice that confirms the amount you paid and the date it was sent.
This definition explains that a remittance advice is a notification that money has been sent for goods or services. The example provided shows how a remittance advice is received when paying bills online. This helps the recipient keep track of payments and ensures that the correct amount has been paid.