A more thorough explanation:

A receipt clause is a part of a legal document, specifically in conveyancing, that serves as proof of payment or consideration given. It is usually included to avoid the need for a separate receipt.

For example, in a property sale agreement, the receipt clause would state that the seller acknowledges receiving the agreed-upon amount from the buyer. This clause is important because it provides evidence that the buyer has fulfilled their obligation to pay for the property, and the seller has received the payment.

Another example is in a loan agreement, where the receipt clause would state that the borrower acknowledges receiving the loan amount from the lender. This clause is important because it serves as proof that the borrower has received the loan and is obligated to repay it.

Overall, the receipt clause is a simple but essential part of legal documents that helps ensure that all parties involved in a transaction have proof of payment or consideration given.