Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Repairs and maintenance may be deferred or simply postponed to a future duration on account of several reasons. The commonest reason is often the absence of suitable funds for the completion of such projects. However, in most scenarios, deferred maintenance turns out to be costlier than timely maintenance owing to several factors. At the same time, maintenance may be deferred due to the absence of suitable infrastructure, schedule-based reasons, manpower shortage, and so on. Some upgrades and repairs also may be of a minor nature, and are sometimes deferred by property owners until the beginning of extensive maintenance activities sometime in the near future. Deferred maintenance is also used to refer to the amount that is required, although not expended as of yet, for the purpose of restoring, repairing, or rehabilitating any property or asset.
Deferred maintenance means postponing any maintenance or upgrade-related activities including actual property repairs for saving on money at present, gathering enough funds in the future, meeting budgetary limitations, or even aligning funds to execute these projects in the future. They may also arise due to manpower or labor shortages and a variety of other reasons. However, as mentioned, deferred maintenance usually becomes more expensive in comparison to maintenance that is done in a timely manner.
