advance(redirected from advances)
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2. To make a payment before it is due to the payee. For example, an employer may advance an employee part of his/her paycheck the week before pay day so the employee may make a needed payment. If this happens, the amount of the employee's paycheck is reduced by the amount of the advance.
In construction financing,to disburse money from the allowable total amount of a loan in order to pay bills currently due,or to pay the builder or developer according to a previously agreed upon schedule of payments.Typically,a certain percentage will be advanced upon approval of plans and drawings,another amount at completion of all clearing and grubbing,at the end of final grading, when the structure is in the black (the roof decking has been completed), and then again at completion and final inspection.