call in a contract

(law) (a) Demanding payment on a contract. A seller, for example, may be entitled under the contract terms to demand payment at the time the goods are ready to ship. (b) Submitting a formal, usually written, notice to collect payment on a contract. A seller who has not received payment, for example, may send a written letter to the buyer demanding remittance of the funds owed–that is calling in the contract.

Was this article helpful?

Related Articles

Need Support?

Can't find the answer you're looking for?
Contact Support