Usance

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Usance

The time allowed for settlement of a draft.
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Usance

1. The use of goods and services to fulfill needs. For instance, one who buys food and then eats it is getting usance out of the food. Likewise, a company that buys crude oil in order to produce refined oil is getting usance from the crude.

2. The customary period between the time a bill is sent and the time payment is due. Depending on the good or service being provided, usance can be anywhere from a few days to a few months. Usance in this sense is also called usage or tenor.
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