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English definition of “overpayment”

overpayment

noun [C or U]
 
 
/ˌəʊvəˈpeɪmənt/
FINANCE, BANKING the act of making bigger payments than originally agreed when paying back a loan, or the amount by which someone has paid more: It is important to have a flexible loan that allows overpayment and underpayment. There is no point in making monthly overpayments if your mortgage interest is calculated annually.
TAX, COMMERCE the act of paying more than is necessary or more than the value of something, or the amount by which someone has paid too much: Any overpayment will be treated as a payment of tax in advance.
HR, COMMERCE the act of paying someone too much, or the amount by which someone has been paid too much: An employee was compensated for unused vacation twice, resulting in an overpayment of $10,962.
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(Definition of overpayment from the Cambridge Business English Dictionary © Cambridge University Press)
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