payable

Legal TerminologyLegal glossary term

Legal Definition

A payable is a debt or obligation that is due for payment, often involving a legal duty to pay money or performance under a contract. In a legal context, it signifies a specific financial obligation or liability that must be settled according to the terms of a legal agreement.

Plain-English Translation

Imagine 'payable' as something that needs to be paid. If you owe someone a debt or a fee, then 'payable' means the money or action that is due to be delivered according to the rules set by the law or contract.

Context in Contracts

It matters because it defines the precise financial obligations between parties in a legal document, determining who owes what and when payment is due under a legal agreement.

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01

A judgment where one party is ordered to pay a specific amount (a payable).

02

A settlement agreement detailing the payable amounts owed between two parties.

Document context

How payable shows up in legal documents

What is it?

A payable refers to a debt, obligation, or liability that is legally required to be settled or discharged. In legal contexts, it denotes a specific financial obligation or duty arising from a contract or legal claim.

Why does it matter?

It matters because it defines the precise financial obligations between parties in a legal document, determining who owes what and when payment is due under a legal agreement.

When does it matter?

It usually appears when discussing the financial obligations within a contract, settlement agreements, or litigation where one party is obligated to pay another party.

Where is it usually seen?

It is typically seen in legal documents such as settlement agreements, contracts detailing payment schedules, judgment documents, and statutes defining liability.

Who is affected?

The parties involved in the legal action, including debtors, creditors, or the entity responsible for making the payment.

How does it work?

Practically, it dictates the exact amount due, the timing of payment, and the specific mechanism by which a debt is to be satisfied according to the legal terms established.

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Wikipedia

Accounts payable

Accounts payable (AP) is money owed by a business to its suppliers, shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable...

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Where payable connects to real contract work

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.