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English definition of “part payment”

part payment

noun [C or U]
 
 
(also partial payment) FINANCE
a payment that is less than the whole amount owed: part payment for sth The company received 500,000 shares as part payment for the sale of its transport division. We are unable to repay the debt, but have offered to make a partial payment.
(Definition of part payment from the Cambridge Business English Dictionary © Cambridge University Press)
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