"Payable in terms" refers to a payment arrangement or agreement that specifies the conditions and schedule under which a debt or obligation is to be settled or paid off. This term is commonly used in financial and legal contexts when describing loans, contracts, or other financial agreements.
When something is described as "payable in terms," it means that the payment will be made according to a predetermined set of conditions or criteria. These terms typically outline the amount to be paid, the frequency of payments, and any additional terms or requirements that may apply.
For example, in the context of a loan, if it is stated that the amount borrowed is payable in terms of monthly installments over a five-year period, it means that the borrower is required to make regular monthly payments for the agreed-upon duration until the debt is fully repaid. The specific amount of the monthly installments and any applicable interest rates will be specified in the terms of the loan.
Similarly, in a contract, if it states that a sum of money is payable in terms of a specific number of installments, it signifies that the payment will be made in multiple parts over an agreed-upon period.
Overall, "payable in terms" indicates that the payment or settlement of a financial obligation will be made according to a prearranged schedule and conditions, ensuring clarity and adherence to the agreed-upon terms of the agreement.
