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    • Join Date: Jul 2005
    • Posts: 928
    #1

    settlement

    Hi,

    could you please tell me whatīs the difference between the "day of settlement" and the "fulfill date" in the following sentence:

    Parties settle for performed services periodically, hence the contractual parties construe the time of performance as defined in 11th seciton of paragraph 16 of the Act LXXIV of 1992 on Value Added Tax the day of settlement. The fulfill date is the last day of the subject month.

    I am not sure whether "day of settlement" is the date of payment or the date on which an invoice is issued. And as the day of settlement is the time of performance, what is the "fulfill date"?

    Thanks a lot!

    Hanka


    • Join Date: Oct 2006
    • Posts: 19,434
    #2

    Re: settlement

    Quote Originally Posted by Hanka View Post
    Hi,

    could you please tell me whatīs the difference between the "day of settlement" and the "fulfill date" in the following sentence:

    Parties settle for performed services periodically, hence the contractual parties construe the time of performance as defined in 11th seciton of paragraph 16 of the Act LXXIV of 1992 on Value Added Tax the day of settlement. The fulfill date is the last day of the subject month.

    I am not sure whether "day of settlement" is the date of payment or the date on which an invoice is issued. And as the day of settlement is the time of performance, what is the "fulfill date"?

    Thanks a lot!

    Hanka
    ...section 11, para 16 of the Act LXXIV on Value Added Tax (1992)...

    To me, "day of settlement" is the agreed date on which final payment is made. I cannot reconcile it with the rest of this sentence.

    "Fulfilment date" I take to be the final date by which the products or services are supplied.

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