Definition, Meaning & Synonyms
predeposit
noun
/priːdɪˈpɒzɪt/
Definition
A predeposit is a sum of money that is deposited in advance, often required for securing a service or payment arrangement.
Examples
- Before signing the lease, you must make a predeposit to secure the apartment.
- The hotel required a predeposit for the reserved accommodations.
- She made a predeposit for her event planning services to confirm her booking.
Meaning
The act of making an initial deposit before a service is rendered or a transaction is completed.
Synonyms
- advance deposit
- initial deposit
- upfront payment
