CHAPS Definition

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CHAPS is Clearing house automated payment system. A computerized payment system for clearing checks in the UK.

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SETTLEMENT DISCOUNT is the discount percentage offered for payment within the settlement period. Many vendors offer settlement discounts for early payment of invoiced amounts.

PIECEMEAL OPINION is an expression of an opinion on an item in financial statements that is not permitted as part of a disclaimer or adverse opinion on the financial statements as a whole because it would tend to overshadow or contradict a disclaimer of opinion or an adverse opinion.

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