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What Is a Transaction Document?

By R. Kimball
Updated May 16, 2024
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A transaction document is a document provided by one party to a transaction to another party to a transaction. An example of this type of document is a bill for services rendered. This document may be presented to the customer in paper format, by mail, or electronically.

The customer must execute a contract with a service provider for specific services in order to begin receiving transaction documents. The service provider gives the customer the service requested, and then sends a bill or statement to the customer for the customer to pay or review. The customer would normally take the action required by the document, such as making payment for services rendered.

Transaction documents can be mailed to the customer. The service provider meets its contractual requirements of giving the customer notice, as provided in the base agreement between the parties, if the customer has agreed to receive notice through the mail. By agreeing to receive notice through the mail, the customer is appointing the mail system as its agent. The agent receives notice at the time the notice is posted for delivery.

Some service providers send these documents to their customers electronically. This may be done through an email with an attached document. Customers may sign up for electronic billing, which requires them to log on to an online program in order to receive notice of the document. Some of these online programs may send an email with a link to the specific section of the system to provide the customer with notice of a new transaction document’s arrival.

It is possible for the service provider to provide an electronic transaction document and continue providing the same paper document by mail. In order for a customer to receive only electronic notice of its transaction document in any form, the customer might execute a second agreement with the service provider. This agreement sets the terms for the electronic delivery mechanism between the parties. Both parties must agree to the specific terms in order for the service provider to terminate delivery of paper documents. Some companies include the terms for electronic delivery in their initial contract between the parties.

Service providers might create these documents from the information contained in their internal systems. Examples include billing statements, bank statements, and other appropriate legal documents. Billing statements from a utility company or a credit card company are sent to clients. These statements normally include payment information and other information relevant to the customer’s account with the provider.

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