- 1 Post By konungursvia
- 1 Post By cmlg38542006
could you please tell me what "credit refund" means in the following sentence:
The company issues a credit refund to the distributor within 20 days after receipt of the product return.
Does it mean a "credit note" (a document) or the money itself (e.g. by cheque, money order etc.)?
Thanks a lot!
It means you get a refund... but no money... just an equal amount of "credit" or buying power with that company only. You can buy $500 worth of socks and underwear from them, at no additional cost, but you can't take the $500 and put it in the bank.
Usually company allow the creditors/customers to pay the payment with an agreed period of time e.g. 30 days credit, customers can settle the payment after having received the monthly statement. However, the customers should settle the payment by means of T/T, L/C, cheque and cash....
Credit refund means refund the credit which originally should be settled within an agreed period. e.g. originally customer Mr. A needs to pay $10 after having received the monthly statement by the end of June, after having credit refund, he doesn't need to pay.
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