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Simple English definitions for legal terms
due and owing
Read a random definition: asset-based financing
A quick definition of due and owing:
Due and owing means that someone still needs to pay a certain obligation, like a debt or a claim of right. It's a term often used in legal documents and is the same as saying "due."
It's like when you borrow money from a friend and you promise to pay them back. The money you owe them is due and owing until you give it back.
A more thorough explanation:
Due and owing
Due and owing means that there is a definite obligation, such as a debt or claim of right, that has not yet been paid.
- John owes $500 to his landlord for rent due and owing from the previous month.
- The company has a debt of $10,000 due and owing to its suppliers.
These examples illustrate that there is a specific amount of money that is owed and has not been paid yet. The term "due and owing" emphasizes that the obligation is definite and needs to be fulfilled.