Tender of Payment

Tender of payment refers to the formal offer to pay a debt or obligation. It involves one party presenting the required payment, such as cash or a check, to the other party. This act demonstrates the payer's willingness to fulfill their financial responsibility. If the recipient refuses the payment without valid reason, the payer can protect their interests by recording the attempt to pay, which may affect any future legal claims regarding the debt. Essentially, it helps ensure that both parties are clear about the transaction and the commitment to settle the owed amount.