Payment order: Difference between revisions

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{{Multiple issues|{{more citations needed|date=October 2011}}

{{original research|date=October 2011}}

{{notability|date=October 2011}}}}

'''Payment order,''' in international banking, is a directive to a bank from a [[bank account]] holder instructing the bank to make a payment or series of payments to a third party.<ref>{{cite web|url=https://www.law.cornell.edu/ucc/4A/4A-103|year=2017|publisher= Cornell Law School Legal Information Institute |title= PAYMENT ORDER - DEFINITIONS}}</ref>

''Payment orders'' are post-contract instruments often used to pay fee agreements to agents and usually contain conditions for the payment to be met such as successful completion of [[contract]] requirements.{{citation needed|date=November 2017}}

''Payment orders'' with "conditions" should not be confused with "conditional payment orders". Conditional payment orders are pre-contract instruments consisting of a documented fee agreement between the [[beneficiary]] and the payer, proof of ability for the payer to pay which is often issued by [[Society for Worldwide Interbank Financial Telecommunication|Swift]] MT799 to the recipient's bank, and occasionally may include bank instructions for the establishment of a payment order following contract execution. Either payment orders or conditional payment orders are assumed to be irrevocable unless otherwise stated.{{citation needed|date=November 2017}}

Payment orders with conditions may be established after signing of a contract and posting of a [[letter of credit]] or other financial instrument with the paying bank but are never put in place prior to contract execution because of the risk that the contract will not materialize.{{citation needed|date=November 2017}}

== References ==

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<!--- Categories --->

[[Category:Payment systems]]

[[Category:Banking terms]]

[[Category:Banking]]