Definition, Meaning & Synonyms
part-payment
noun
/ˌpɑːrt ˈpeɪmənt/
Definition
A part-payment is a partial payment made toward a debt or purchase, rather than the full amount.
Examples
- The buyer made a part-payment of $500 towards the car, with the remaining balance due next month.
- She agreed to a part-payment plan to make it easier to manage her expenses.
- The company accepted a part-payment to secure the deal, allowing the client some time to gather the remaining funds.
Meaning
It refers to the act of paying a portion of the total cost of an item or service, which can be agreed upon by both the buyer and seller.
Synonyms
- installment
- partial payment
- down payment
