What is par item? Simple Definition & Meaning

Definition of par item

Definition: Par item refers to a piece of a whole, which may or may not be separated. In commercial law, it can also refer to a negotiable instrument or a promise or order to pay money handled by a bank for collection or payment. It does not include a payment order governed by division 11 of the UCC or a credit- or debit-card slip. An item that a drawee bank will remit to another bank without charge. In drafting, it is a subpart of text that is the next smaller unit than a subparagraph.

An invoice for a purchase may have several items listed, such as the cost of each item, the quantity purchased, and the total cost. Each of these is a par item.
A check that is deposited into a bank account is a par item that the bank will handle for collection or payment.
A legal document may have several levels of subparts, such as sections, subsections, and items. An item is the next smaller unit than a subparagraph.

These examples illustrate how a par item is a smaller part of a larger whole. In commercial law, it refers to a specific type of negotiable instrument or payment order that a bank will handle. In drafting, it is a way to organize and structure legal documents.

Simple Definition

Par Item: A par item is a part of something bigger, like a piece of a puzzle. It can also refer to a document that promises to pay money, like a check. When a bank sends a par item to another bank, they don't charge any fees. In writing, an item is a small part of a bigger section, like a sentence in a paragraph. In ancient Rome, an iter was a way for people to travel through someone else's land on foot or horseback. It was like a path that people were allowed to use.

Legal Definitions - par item

Definition of par item

Simple Definition