336 Terms Type Code

Code identifying type of payment terms

Type
Identifier (ID)
Length
Min 2 / Max 2
Codes
CodeDescription
01Basic
02End of Month (EOM)
03Fixed Date
04Deferred or Installment
05Discount Not Applicable
06Mixed
07Extended
08Basic Discount Offered
09Proximo
10Instant
11Elective
1210 Days After End of Month (10 EOM)
13Seller to advise buyer
14Previously agreed upon
15Special Proximo
16Prompt Payment Act
17Terms not Applicable
18Fixed Date, Late Payment Penalty Applies
Sales terms specifying a past due date, and a late payment percentage penalty applies to unpaid balances past this due date
19Liquidation
Term at which the progress will be liquidated before the final payment is made to the contractor
20Progress Payment
Term at which progress payments are authorized by the terms of the contract
21Fast Pay
Code indicating that an invoice is subject to accelerated payment
22Cash Discount Terms Apply
Contract terms specify that a cash discount is applicable
23Payment Due Upon Receipt of Invoice
24Anticipation
A discount allowance given when an invoice is paid before its due date (anticipation = (agreed rate/365) x invoice amount x number of days early)
25Cash Account
26Cash on Advance
27Cash on Arrival
Open account of short duration (usually 10 days)
28Cash per Vendor Request
29Cash by State Law
30Cash with Order
31Cash on Delivery (COD)
32Lease Agreement
33Net Month Following Invoice (MFI)
34Sell by Note
Credit instrument in which debtor promises to pay a definite sum of money on demand or at a definite time in the future, at a stated place
35Supplier Floor Plan
Type of financing used often by auto and furniture dealers where merchandise is owned by financing institution
36Contract Basis
Terms are based on contract with vendor
37Credit Controlled
Terms are monitored by creditor
38Dating Given
In industries where principal sales may occur in one season, suppliers may extend seasonal dating (usually due after main selling season)
39Trade Acceptance
Special from of draft that arises out a merchandise transaction; it is a written acknowledgment of the sale of goods and promise to pay at a definite date and place
40Bill to Bill
Term indicating payment for one bill must be paid prior to the next
41Letter of Credit
42Lump Sum
43Fixed Fee
44Cost Plus
45Bank Transfer
46Basic Commission Terms
47Bill of Exchange
48Cash Against Documents
49Certified Check
50Discount with Advance Payment
52Discount with Prompt Pay
54Installment Payments are Due Annually
55Installment Payments are Due Semi-annually
56Installment Payments are Due Monthly
57Installment Payments are Due Quarterly
58Irrevocable Letters of Credit
61Payment Order Through Bank
63Promissory Notes
64Secured Account
65Letters of Credit at Sight
Bank accepts Letter of Credit and makes funds immediately available
67Deposit Required
68Documents against Acceptance
When an importer accepts liability for imported goods, shipping documents can be released; actual payment is based on terms on draft which is signed when documents are picked up
70Documents against Payment
Documents are released upon payment
71Inter-company Account
Used to signify that the vendor and customer are affiliated companies
72Unknown
73Partial Advance
Partial Payment is required to be paid in advance
74Payment Upon Completion
75United States Funds Required
76Usance Bill
Type of Letter of Credit for which a percentage is paid up front
77Progressive Discount
Discount varies based on monetary amount of order and/or speed in which payments are made
CACancellation Option
COConsignment
CTCommercial Item Finance
NCNo Charge
PPPrepayment
RORedemption Options
ZZMutually Defined

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