Definition, Meaning & Synonyms
up-front payment
noun
ˈəp-ˌfrənt ˈpeɪmənt
Definition
A payment made in advance before receiving goods, services, or benefits.
Examples
- When you book a hotel, you might be required to make an up-front payment to secure your reservation.
- The contractor asked for an up-front payment before beginning the construction work.
- Many subscription services require an up-front payment for annual membership discounts.
Meaning
An up-front payment refers to the initial amount paid before the start of a transaction or agreement, ensuring commitment from both parties involved.
Synonyms
- advance payment
- prepayment
- initial deposit
