credit memorandum

Popular Terms
A document issued to a buyer by a seller in cases where purchased products are not delivered, or are returned by the buyer, which indicates a debt owed to the buyer for the value of the returned or undelivered goods. A credit memorandum may be settled by a transfer of money from the seller to the buyer, or through the purchase of an equal value of goods from the seller. Also called a credit memo or a credit note.

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