underpayment Meaning in the Cambridge English Dictionary

Meaning of “underpayment” in the English Dictionary

"underpayment" in Business English

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underpaymentnoun [C or U]

uk   us   /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 ​smallerpayments than originally ​agreed when ​paying back a ​loan, or an occasion when this ​happens: It is important to have a ​loan with ​flexiblefeatures, which ​allow overpayment and underpayment. You will be ​chargedinterest and possibly ​surcharges on any underpayment.
(Definition of underpayment from the Cambridge Business English Dictionary © Cambridge University Press)
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