assumption of payments

USAGE SUMMARY

The phrase "assumption of payments" is correct and usable in written English.
It can be used in financial or legal contexts to refer to the act of taking over the responsibility for making payments on a debt or obligation. Example: "The contract included a clause for the assumption of payments, allowing the new buyer to take over the mortgage."

✓ Grammatically correct

Science

News & Media

Formal & Business

Human-verified similar examples from authoritative sources

Similar Expressions

60 human-written examples

There is a growing assumption that payments for environmental services including carbon sequestration and greenhouse gas emission reduction provide an opportunity for poverty reduction and the enhancement of sustainable development within integrated natural resource management approaches.

Environmental Management

The cash flow depends on assumptions for payment days and accounts receivable management.

Bplans

An effort to get $50 million in savings from new antifraud measures did not come to fruition because there were no real measures put in place to ferret out the fraud, and the assumption of $100 million received in upfront payments from private prison companies to operate nine of the state's 10 prisons will almost certainly not come together this fiscal year, lawmakers there say.

The New York Times

Lucent Technologies Inc. said today that it would pay its former chairman, who was dismissed last fall, a severance package that includes a $5.5 million one-time payment and assumption of bank loans.

The New York Times

Under an annuity certain, the payments are to continue for a specified number of payments, and calculations are based on the assumption that each payment is certain to be made when due.

Britannica

For any payment processor, the assumption of risk and the handling of fraud is part of the business.

Forbes

Adjust for frequency of payments.

WikiHow

Adjust for number of payments.

WikiHow

Record your receipt of payments.

WikiHow

N = total number of payments.

WikiHow

Calculate the number of payments n.

WikiHow

Expert writing Tips

Best practice

When drafting legal or financial documents, clarify precisely which payments are being assumed and the terms of that assumption. Using the phrase in contracts helps clarify obligations.

Common error

Avoid using "assumption of payments" when you mean an 'assumption about payments'. The former refers to taking over payment responsibilities, while the latter refers to a belief or expectation regarding payments. Be precise to avoid misinterpretations.

Linguistic Context

The phrase "assumption of payments" functions as a noun phrase, often acting as the object of a verb or preposition. It signifies the act of taking on the responsibility for making payments. Ludwig AI confirms its usability in financial and legal contexts.

Expression frequency: Missing

Frequent in

Formal & Business

33%

News & Media

33%

Science

34%

Less common in

Encyclopedias

0%

Wiki

0%

Reference

0%

Ludwig's WRAP-UP

The phrase "assumption of payments" refers to the act of taking over the responsibility for making payments on a debt or other financial obligation. While grammatically correct, its frequency is low. According to Ludwig AI, the phrase is usable in financial and legal contexts, where it denotes a formal transfer of financial obligations. The phrase is best suited for professional and neutral contexts and should be clearly distinguished from "assumption about payments", which refers to an expectation or belief. Alternative phrases include "transfer of payment responsibility" and "taking over payment obligations".

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

taking over payment obligations

Highlights the act of assuming the duties of making payments.

assuming debt payments

Specifically refers to taking on the payments of a debt.

transfer of payment responsibility

Focuses on the shift of responsibility for handling payments.

payment responsibility transfer

Rearranges the words for a slightly different emphasis.

taking on payment commitments

Highlights the commitment aspect of making payments.

accepting payment duties

Uses "duties" to specify the responsibilities being accepted.

payment liability assumption

A more formal and legalistic way of expressing the same concept.

assuming financial liabilities

Emphasizes the broader financial responsibilities being taken on.

assignment of payment obligations

Uses "assignment" to denote the legal transfer of obligations.

succession of payment duties

Implies a formal handover of payment responsibilities.

FAQs

What does "assumption of payments" mean?

The phrase "assumption of payments" refers to the act of taking over the responsibility for making payments on a debt or obligation from another party. It's often used in legal and financial contexts.

When might someone use the phrase "assumption of payments"?

This phrase is typically used in scenarios involving the transfer of debt, such as in real estate transactions where a buyer assumes the seller's mortgage, or in corporate acquisitions where a company takes over the liabilities of another.

What are some alternatives to "assumption of payments"?

You can use alternatives like "transfer of payment responsibility", "taking over payment obligations", or "assuming debt payments" depending on the specific context.

How is "assumption of payments" different from "making payments"?

"Making payments" simply refers to the act of paying off a debt. "Assumption of payments", on the other hand, indicates that someone is taking on the responsibility for making those payments, usually from someone else.