What Is a Delayed Payment?

A payment not made within the applicable contractual or statutory period.

What Does Delayed Payment Mean?

A delayed payment is a payment that falls due under a contract or the applicable law but is not made in time. The question of whether a payment is delayed depends on the terms and the relevant period.

Why It Matters

Delayed payments are a common problem for smaller businesses. Knowing when a payment is genuinely delayed, and what steps may be available, helps an enterprise decide how to proceed.

Related Information

Related legal terms: MSME, MSME Samadhaan

Related practice area: MSME Legal Services →

Dealing With a Related Matter?

This explanation is a general starting point. If the term matters in a specific situation you are facing, a conversation about your facts can help you decide the right next step.

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This definition provides general information and does not constitute legal advice. Laws change, and their application depends on the facts of a matter. For advice on your specific situation, consult a qualified lawyer.