Receipts or a payment receipt is a document given to a customer or a buyer as proof of full or partial payment for a product, item or service acquired from the seller or provider of the service. A payment receipt is also referred to as a ‘receipt for payment’. It’s created after payment has been entered on a given sale and it’s duly signed and endorsed by both the buyer and the seller for it to be valid and legally binding on the contracting parties.
Whenever you make a purchase or acquire a property or service especially, items of high financial value, you should never be in a hurry to pick up the item and leave, you as the buyer and even as the seller should insist on getting the receipt of the particular items as getting and keeping the receipts have a lot of advantages legally speaking as one of it is that it is a proof that contact has taken place.
Some of the advantages of having a receipt of payment of an item you purchased may include;
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Receipt of payment Proves that you are legally the owner and you are the rightful owner of the item and it can serve as your irrefutable and irrebuttable proof if and when dispute or another claim of ownership arises.
Receipt of payment Proves that the item was not stolen. An item you can provide a receipt gotten from the seller clearly shows you are not a thief and that you didn’t steal the item. You can be accused of stealing an item you can’t provide the receipt for, especially by the law enforcement agents.
It can be required when or if you want to return the purchased item. It’s the only legal means the seller would use to recall you had a transaction with them.
It is the proof of a contract that has taken place between the buyer and the seller and it can help in enforcing the contract between the parties.
Multiple receipts from a seller can show you have a long standing business relationship with them and it can work in your favor when you are negotiating for discounts or reduction in price.
Financially speaking, receipts can help you keep track of your spendings and expenditures.
Receipts state and show the price that an item is purchased and it goes a long way to show that there’s no fraud or backhand dealings.
A receipt is a contractual document that can be presented in court and can be admissible in evidence when the need arises.