define payment terms
Payment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due.Payments can be made in many ways.ayment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due. Payments can be made in many ways.