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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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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