accrual of obligation

(law) The time at which an obligation matures or vests, requiring the obligor to perform. In a contract between a buyer and seller, for example, the seller’s obligation to deliver goods may accrue when the buyer tenders payment in full. Alternatively, if the contract specifies a date for delivery of the goods, the seller’s obligation accrues at that date, even if the buyer tenders payment before or after that date.

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