Owed is a term used to describe a situation in which one party has an obligation to pay another party for goods or services. Delayed payment on OWED is when the payment is not made on time, and the other party is forced to wait for their money. This can be a difficult situation for both parties, as the one who is OWED money may not have the resources to cover their expenses until they receive the payment, while the one who owes the money may not have the funds available to make the payment.