All active vendor services have a term , or committed length to time, you agree to continue paying for a given service.  This can range from a month to many years.  Often, services whose “current term” equals one (1) are classified as month-to-month or out-of-term.

In that time period, you pay your vendor on a scheduled billing frequency. Common billing frequencies are monthly (1), quarterly (3) and annually (12).

 

 

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