Definitions for "Open Account"
Trade credit that entails no formal evidence of debt.
Account where a shareholder has reinvestment privileges and the right to make additional purchases without a formal accumulation plan.
The seller allows the buyer to send payment at some future time (ie 60 days).
Terms of trade usually involving invoicing but no additional security for payment. Typically between longstanding counterparties.
credit extended by a business to a customer
an unpaid credit order
A business or person with a line of credit that is not backed by collateral.
Keywords:  agrees, customer, sale, contract, pay
Payment term used in contract of sale. Customer agrees to pay and is not required to provide security