advance payment (B2)

noun

Pronunciation: ədˈvæns ˈpeɪmənt

Definition

A sum of money paid before the goods or services are actually delivered or completed.

Examples

• The landlord required an advance payment of one month's rent to secure the apartment.

• Many freelance designers ask for an advance payment to cover their initial time and software costs.

• The company policy prohibits any advance payment until the contract has been signed by both parties.

Synonyms of advance payment

Words with a similar meaning to advance payment:

• deposit
• prepayment
• down payment
• retainer

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