Dispute - what is it eventually?

A dispute refers to a disagreement or conflict between two or more parties over a particular issue, situation, or matter. Disputes can arise in various contexts, including personal relationships, business transactions, legal matters, and more. They can range in severity from minor disagreements to significant conflicts that may require intervention or resolution.

Disputes can arise for many reasons, including differences in opinions, conflicting interests, misunderstandings, or breaches of agreements or contracts. Resolving a dispute typically involves a process of negotiation, discussion, or, in more serious cases, legal action.

A payment dispute, also known as a billing dispute or financial dispute, is a specific type of disagreement or conflict that arises between two parties, typically a buyer or customer and a seller or service provider, regarding the payment for goods or services rendered. These disputes occur when one party believes there is an issue with the amount, quality, or timeliness of the payment, or they may dispute the charges altogether. Payment disputes can occur in various contexts, including:

1. Consumer Transactions: A customer may dispute a charge on their bank statement if they believe a breach in obligations arose.

2. Business Transactions: In business-to-business (B2B) relationships, disputes can arise when one company believes they were overcharged, received subpar goods or services, or were billed for items not covered in the contract.

A dispute becomes a chargeback when a cardholder's dispute with a transaction is escalated to the next level, and the card issuer officially debits the disputed amount from the merchant's account and credits it back to the cardholder.

A dispute remains a dispute after the 120-day period.