Advance Payment


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Advance Payment

A payment on an obligation that is paid well in advance. For example, if one pays May's rent in April, the payment is an advance payment. Often, though not always, the advance payment results in a discount on the amount owed. It is also called a payment in advance.
References in periodicals archive ?
Options include the greener BMW i3 E 120 Ah 5dr with an advance payment of PS1,999.
"The advance payments will provide some support to survivors until the full redress scheme is rolled out in 2021."
The Directorate of Criminal Investigations is investigating a total of Sh21 billion advance payments to CMC Ravenna for the construction of the two dams amid questions why money was wired without project designs.
LAHORE -- The manufacturers on Friday appreciated the central bank to allow advance payments on imports of basic industry raw material, which was restricted by the caretaker government, appealing the authorities to also give instructions for early processing of outstanding sales tax refunds of the industry.
Furthermore, the audit observed that the advance payment was made before fulfilling the conditions of the letter of acceptance resulting in an irregular payment of the mobilisation advance.
In view of representations made by a number of stakeholders, it has been decided that the restrictions earlier imposed on advance payment against imports shall not apply on letters of credit (containing clause regarding advance payment) established on or before July 14, 2018.
From the point of view of surety companies, these are: 1) the Bidder's Bond; 2) the Performance Bond; 3) Warranty Bond for the procurement of infrastructure projects; 4) Advance Payment or Down Payment Bond under Section 4 of Annex 'E' of the implementing rules and regulations (IRR); and 5) Retention Money Bond under Section 6 of Annex 'E'.
Entrepreneurs of Azerbaijan propose to increase the maximum possible period for providing the banks with documents on import transactions made after advance payment.
Upon agreement of a sale, the suspect will usually request an advance payment by money transfer or bank transfer.
In this regard, it has been observed that Suzuki requires full advance payment despite a non-negotiable delay in the delivery of its vehicles.
SX4 S-Cross, below, is available with nil advance payment for the 1.6 petrol SZ3 model.

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