The following table outlines the payment schedules for different frequencies:
Payment Frequency | Description |
Weekly | A full week's payment is due at the end of each system week during the element's life. A final payment is due on the element's last day, even if it's not the end of a system week. This schedule is typically used for services requiring full period payment, even for part-period delivery. |
Fortnightly and 4-Weekly | Similar to weekly payments, but you'll only pay once every two or four weeks, respectively. Each payment will be in full. |
Monthly | A full month's payment is due on the monthly anniversary of the element's start date and every month after that until the end date. If the end date isn't an exact number of months after the start date, there's no payment for the last (part) month. When costs are displayed as weekly, the formula used is to divide the monthly figure by 4.348 (average of 3 years of 365 days and 1 of 366 days). |
Annual | A full year's payment is due on the yearly anniversary of the element's start date and every year after that until the end date. If the end date isn't an exact number of years after the start date, there's no payment for the last (part) year. |