Legal Question in Business Law in Illinois

Re: business

Net 30 means that payment for an items is due, in full, within 30 days after delivery, but if you pay early -- say within 10 days -- you'll typically get a discount. So, something like "2% 10, net 30" means that you'll get a 2% discount if you pay within 10 days after delivery of the item or, otherwise, payment in full is due within 30 days. Sometimes it is written like, "$100 2/10 net 30." This means that you can take a 2% discount off of $100 (or $2.00) if you pay within 10 days of delivery; otherwise, payment of the full $100 within 30 days.

-- Kenneth J. Ashman; www.AshmanLawOffices.com

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