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English definition of “underpayment”

underpayment

noun [C or U]
 
 
/ˈʌndəˌpeɪmənt/
COMMERCE the act of paying someone too little for the work they do, or an occasion when this happens: Problems included underpayments to some employees.
the act of paying less than is necessary or less than the value of something, or an occasion when this happens: She received a bill for underpayment of more than $1000. Much of the surplus is the result of underpayments to past policyholders.
BANKING, FINANCE the act of making smaller payments than originally agreed when paying back a loan, or an occasion when this happens: It is important to have a loan with flexible features, which allow overpayment and underpayment. You will be charged interest and possibly surcharges on any underpayment.
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(Definition of underpayment from the Cambridge Business English Dictionary © Cambridge University Press)
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