periodic payment order

periodic payment order

1 an order in divorce proceedings for regular payments of money. If the court is satisfied that the application of the ‘clean break’ principle is inappropriate, it may instead make an order for the payment of a periodical allowance. For Scotland see PERIODICAL ALLOWANCE.
2 from April 2005, in England and Wales, courts will be able to impose a periodic payment order at the settlement of a substantial claim for compensation. The case will be financially valued to ascertain the overall lifetime financial need. The final award will be paid by way of a lump sum with the addition of an annuity.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
In order to provide customers with greater comfort, VTB Bank (Armenia) offers customers the chance to replenish their savings accounts automatically through its Periodic Payment Order service.
London: Fitch Ratings says in a new report that managing exposure to growing periodic payment orders (PPOs) will be a substantial challenge for UK motor insurers, placing greater importance on their asset liability management strategies.
Willis Re said larger, more serious bodily injury claims are increasingly being settled by periodic payment orders (PPOs), which are paid at regular intervals over the lifetime of someone who has been injured, rather than a one-off sum.

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