Does the contract include payment terms for the goods or services to be transferred?

Identification of payment terms does not require those terms to be fixed or stated in the contract. This criterion will be met if there is an enforceable right to payment and the contract contains sufficient information to enable the entity to estimate the transaction price. If the contract does not include payment terms then it will not be accounted for within ASC 606 as it will not be possible to determine the transaction price.

ASC 606-10-25-1(c)

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