When anything is described as “Net 10th Prox,” it signifies that payment must be made by the 10th of the following month, at the latest. In the US, businesses use this type of payment arrangement rather frequently.
Proximo is short for the next month and comes from the Latin “proximo mense.” Vendors generally use prox terms when they have monthly financial objectives that require cash to be on hand, like payroll on the 15th or 30th of each month. “Net 30th Prox,” which denotes that payment is required in full on or before the 30th of the next month, is another frequent application of prox payment terms. Discounts can be added to prox terms as well. For instance, “2% 10th Prox Net 30” signifies a 2 percent reduction is available if the bill is paid in full within 30 days; otherwise, the whole amount is due on the 10th of the following month.