Definition

1. Noun:
   • Accepted or habitual practice: A customary or established way of doing something; a practice that has become accepted through long use.
   • (Economics) The utilization of economic goods: The act of using goods or services to satisfy needs or in a manufacturing process; consumption.
   • (Commerce) The period of time permitted for payment: Specifically in finance, the period of time allowed by commercial custom for the payment of a bill of exchange, especially a foreign bill.

Usage Examples

• Noun (Customary Practice):
  • The local usance dictates that businesses close at midday.
  • Following the ancient usance, the ceremony was performed at dawn.
• Noun (Economic Utilization):
  • The report analyzed the usance of raw materials in the industry.
  • Efficient usance of resources is key to sustainable development.
• Noun (Commercial Time Period):
  • The bill was drawn at ninety days' usance.
  • They agreed on a usance of sixty days for the international transaction.

Advanced Usage

• "At usance": A commercial term meaning payable after the period customary for a particular type of bill of exchange.
  • The draft was made payable at usance.
• The term is highly specialized, most commonly found in historical, legal, or international trade contexts rather than everyday conversation.

Variants and Related Words

• Usage (n): The act of using something; the way in which a word or phrase is normally used. (Note: 'Usage' is more common and general than the specialized 'usance').
• Custom (n): A traditional and widely accepted way of behaving or doing something.
• Tenor (n): In finance, the time period until a bill of exchange or promissory note becomes due for payment.

Synonyms

• Custom: A traditional practice.
• Practice: The actual application or use of an idea.
• Consumption: The using up of a resource.
• Term: A fixed or limited period for which something lasts.

Related Phrases

• Period of usance: The specific time allowed for payment.
  • The period of usance for such bills is typically 30 days.
• Usance bill: A bill of exchange that is payable after a specified period.
  • The exporter preferred a usance bill to allow the importer time to sell the goods.

Noun

1. accepted or habitual practice
2. (economics) the utilization of economic goods to satisfy needs or in manufacturing
   • the consumption of energy has increased steadily
3. the period of time permitted by commercial usage for the payment of a bill of exchange (especially a foreign bill of exchange)