Demand for Payment
Payment, Demand for
in the USSR, an order from a supplier for the transfer to his account of the appropriate sum from a purchaser’s account in payment for goods dispatched or services rendered. Demands for payment are used in acceptance accounting. They are used for local and intercity deliveries, as well as for direct shipments of finished products. The demand for payment should be drawn up and presented to the bank within three working days after the goods have been dispatched. In a number of instances a combined dispatch note and invoice, which gives the terms and elements of the charges in detail, is appended to the demand for payment. Since 1959, in order to simplify the work of the suppliers, a combined demand for payment, dispatch note, and invoice has been used. In accordance with the decree of the Council of Ministers of the USSR of Apr. 3, 1967, the bank collects a penalty for the supplier in cases where a demand for payment is not met on time. This penalty is set at 0.03 percent daily of the overdue amount.