Creditor is an entity that provides to another entity (debtor) performance (it can be money, a specific thing, the right to use, or anything else). The creditor has a claim against the debtor, debtor has a debt to the creditor. Creditor may be a natural or legal person.
The relationship between the creditor and the debtor resolves the contract. The entry into force of the agreement, there is incurred a liability of the debtor to the creditor. The agreement usually contains the subject of the contract, the due date and in most cases also the penalties against the debtor, if the maturity of the obligation is not repaid. These sanctions may increase the amount owed on a fine (surcharge) for late payment (default interest) or non-compliance of obligations arising from the contract.
The term creditor derives from the concept of credit.