pre-payment - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “pre-payment”

pre-payment

noun [C or U] ( also prepayment)
 
 
COMMERCE the act of paying for something before you receive it, or the amount of the payment: Send your order with pre-payment by cheque.
FINANCE the act of paying back all or part of a debt before you have to: People didn't discover the prepayment penalties until they tried to refinance their loans.
(Definition of pre-payment from the Cambridge Business English Dictionary © Cambridge University Press)
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