Oregon Construction Contractors (CCB) Practice Test

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What does COD stand for in payment terms?

Cash on Deposit
Cost of Delivery
Cash on Delivery
Charge on Delivery

The correct answer is: Cash on Delivery

COD in payment terms refers to "Cash on Delivery," which indicates that payment is made at the time goods are delivered to the buyer. This method of payment allows the seller to minimize the risks associated with offering credit and ensures immediate payment upon delivery of the product or service. It is particularly common in situations where the seller does not want to extend credit terms to the buyer or where the buyer may not have an established credit history. This payment method also provides a degree of security to both the buyer and the seller; the buyer can inspect the goods before completing the payment, and the seller does not have to worry about issues such as bounced checks or delayed payments. These benefits make "Cash on Delivery" a popular option in many transactions, especially in retail and delivery scenarios.