What Is the Meaning of “net 10th Prox”?

Payment for goods or services received is due on or before the 10th of the following month, according to the expression “Net 10th Prox.” This is a fairly popular payment word used by businesses in the United States.

The word “proximo” is derived from the Latin phrase “proximo mense,” which meaning “next month.” Vendors generally use prox terms when they have certain monthly financial goals that require cash, such as payroll on the 15th or 30th of each month. “Net 30th Prox” is another typical use of prox payment terms, which means payment is due in full on or before the 30th of the following month. Discounts can be included in prox terms as well. “2 percent 10th Prox Net 30,” for example, says that if the payment is paid before the 10th of the next month, a 2 percent discount is available; otherwise, the whole amount is required within 30 days.

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