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A document that specifies the amount the payer consents to pay the provider for a service, established on a contracted rate of reimbursement is named Payment Schedule.
What is Payment Schedule?
The dates at which payments are made from one party to another on items like bonds or derivatives are defined by the payment schedule of financial instruments. It can be parameterized or customized. The amount paid each month to repay the loan over the course of the loan is known as the monthly payment. When a loan is taken out, not only the principal, or the original lent amount, but also the interest that accrues, must be repaid.
They can use this document to forecast their income for the duration of the project. However, funds aren't just arriving; contractors also have obligations to their suppliers, subcontractors, and others. To keep track of when payments are due to their vendors, they can utilize a payment schedule.
Hence, A document that specifies the amount the payer consents to pay the provider for a service, established on a contracted rate of reimbursement is named Payment Schedule.
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