Terms

Definition:

Conditions of a contract that limit or define its scope. Terms of payment indicate if a discount is allowed and the time frame for payment, i.e. 2% 20 days, 2% may be deducted if payment is made within 20 days. Net 30 indicates no discount and payment is due in 30 days. These are just two terms used as examples; several others may apply. Other terms include shipping date, method and responsibility.

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Winner Takes All

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