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| What is Arrears?
Arrears, in more common term is debt. And it covers a wide range, starting from late payments, unpaid rent, unpaid dividends on stock, royalties, child support, unfinished work or other obligations. It's not considered Arrears the late payment only the state of being over due.
For example you have to pay child support, but your being late with the payment that's considered as an Arrears, and the amount of money is not Arrears. If your in construction and you didn't finish the work as defined in the contract then your in Arrears, from the day after it should have been done the term is usable. | | | | |
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