In plain English
These are the rules for putting charges from a contract onto a bill and for deciding when that billing happens. They also set when payment for those charges is due.
In context
Here, “Billing Policy” denotes the linked set of rules about how and when charges under the contract are billed and when payment is due.
- Situation
- Understanding standard terms notices, acceptance controls, disclosures, and policy references
- What it communicates
- names the linked policy about billing practices in a payment or invoice area.
Meaning limits
The term by itself does not say what any specific charge is or whether payment has been made.
Examples
“Under the lease, the Billing Policy places utility charges on the next monthly invoice and makes payment due within fourteen days.”
“Before sending the first bill, the accounts clerk checked the contract’s Billing Policy.”