Open Account


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Open Account

An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.

References in periodicals archive ?
* Peru: About 83% of those polled do terms on open account with a fairly balanced split between offering 30, 60 or 90 days.
1367 regulations there is a repayment on open account debt to which gain might be recognized only if there is a net decrease in the amount of such indebtedness for the year, determined by comparing the amounts outstanding at the beginning and end of the tax year.
Confirmed irrevocable letters of credit and cash in advance are common in Hungary, although open accounts tend to be used once trading relationships have been established.
The Minister urged the departments concerned to extend the date of GD filing and payment through open account. It is worth mentioning that a PFIA delegation led by its Deputy Chairman Ejaz Tanveer had a meeting with the Minister recently and apprised him the grim situation prevailing due to the latest orders by the SBP.
There is no note, so the loan is open account debt.
In these instances, an open account - that is, advancing credit terms - may be preferable.
Many exporters with regular accounts use an open account or documentary collection to guarantee payments.
Lahore -- Pakistan FMCG Importers Association (PFIA) expressing concern over abolition of open account facility for importers has urged the State Bank of Pakistan (SBP) for its immediate restoration.
1.1367-2 and -3 (REG-144859-04), to address concerns about the treatment of S shareholders' open account debt.
Open account via betrescue and receive, pounds 20 when you bet pounds 20.
In August, we told you of an open account case involving Winrock Grass Farm Inc.'s owner Frank B.
Using the services of the Ex-Im Bank to ensure open account payment terms will prove very attractive to foreign customers.