payor in a sentence
n.
📚 Grade Level: Grade 6, Grade 7, Grade 8
Definition
Payor: a person or entity that makes a payment or is responsible for paying a financial obligation.
Sample Sentences
- The payor is responsible for settling the outstanding balance on the invoice.
- In many cases, the insurance policy specifies that the payor must be the policyholder.
- When entering into a contract, it's crucial to identify the payor clearly to avoid disputes.
- The payor's financial stability can significantly impact the approval of the loan application.
- Negotiating payment terms often involves discussions between the payor and the service provider.