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LSDefine
Simple English definitions for legal terms
part payment
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A quick definition of part payment:
Part Payment: When someone owes money to another person, they may not be able to pay the full amount at once. In this case, they can make a part payment, which means they give some money or something valuable to the person they owe, but it is not the full amount. The person who is owed the money can choose to accept this part payment as a partial payment towards the debt.
A more thorough explanation:
Definition: Part payment refers to the delivery of money or some other valuable thing by a buyer to a seller, which is accepted by the seller as partial or full discharge of the obligation.
For example, if a buyer owes $100 to a seller, but can only pay $50 at the moment, the seller may accept the $50 as part payment and consider the debt partially discharged.
Part payment is a common practice in business transactions, especially when the buyer is unable to pay the full amount owed at once. It allows the buyer to make partial payments and the seller to receive some payment instead of waiting for the full amount.