The phrase "payable on demand" is correct and is commonly used in written English.
This phrase is typically used in a legal context and means that payment is due immediately and without delay. For example: "The seller must make all payments due upon receipt of the invoice, payable on demand."
But they said the rent was only payable "on demand" and they weren't demanding it.
There were bonds that matured in 20 years, interest-bearing Treasury notes payable in three years and notes that bore no interest but were payable on demand.
The solution would be to require 100 percent reserves against deposits payable on demand and to separate the depository functions from the lending/investing functions of commercial banks.
Banks in those days had to hold "specie" (gold and silver coin), which was generally payable on demand when people wanted to redeem their bank notes (which were issued by private banks, not the government, before the Civil War).
The Government contends that undisputed testimony shows the insurance drafts issued to the Lanes, unlike normal business checks, were not payable on demand but only upon authorization from the insurer's home office when they arrived at the insurer's bank for collection.
There is no reason for denying to the parties the convenience and safety incident to making payment, in accordance with the prevailing usage of business, by means of a check payable on demand drawn on a going bank in which the drawer has an ample deposit.
The variable-rate demand bonds are unusual in being payable on seven-days demand, in carrying 3%to4%4% lower interest rates for the purchaser and in requiring the developer to have substantial financial resources to handle an upward fluctuation in the interest rate.
They function as promissory notes issued by a bank and are payable to a bearer on demand without interest, which makes them roughly equivalent to money.
S. Khatua et al. [43] formulated the payable price for user of cloud services as an integer programming problem considering reserved and on-demand instances.
