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Simple English definitions for legal terms
accountable receipt
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A quick definition of accountable receipt:
An accountable receipt is a written document that shows someone received goods or money and is responsible for delivering them to another person. It's like a promise to take care of something and make sure it gets to the right place. Sometimes, there are other types of receipts, like interim receipts for insurance payments or warehouse receipts for storing goods. Receipts are important because they help keep track of what has been received and what still needs to be delivered.
A more thorough explanation:
An accountable receipt is a type of receipt where a person acknowledges that they have received goods or money and are responsible for delivering all or part of it to a third person.
- When a company sends money to a supplier, the supplier signs an accountable receipt to confirm that they received the money and will use it to deliver the goods.
- When a person receives a package on behalf of their neighbor, they may sign an accountable receipt to confirm that they received the package and will deliver it to their neighbor.
These examples illustrate how an accountable receipt works. It is a way to ensure that goods or money are delivered to the intended recipient and that the person who received them is accountable for their delivery.