The word "defrayment" is spelled with eight letters and pronounced as /dɪˈfreɪmənt/. The word refers to the act of paying money owed. Its spelling comes from the Latin root "fray," meaning "to break," and the prefix "de-", meaning "off." Together, they form the word that means "to break off or discharge a debt." While it might not be a commonly used word, it helps to understand and appreciate the nuances of English language and vocabulary.
Defrayment is a noun that refers to the act or process of paying a debt or covering expenses. It is the act of making a payment or providing funds to settle a financial obligation. In simpler terms, it is the act of reimbursing or settling a debt.
The term is often used in the context of business, finance, or personal payments. For example, when a company pays off its outstanding debts or an individual covers their monthly bills, they are making defrayments.
Defrayment can involve various methods of payment, such as cash, cheque, or electronic transfers. It encompasses all forms of settling financial obligations, including paying for goods or services rendered, repaying loans, or meeting contractual obligations.
The significance of defrayment lies in its role in maintaining financial stability and fulfilling monetary responsibilities. It ensures that debts are settled promptly, preventing further financial strain or consequences such as penalties, interest charges, or legal actions.
In summary, defrayment is the act of payment or reimbursement for expenses or debts owed. It involves settling financial obligations, either in business or personal contexts, through various payment methods. Proper defrayment practices contribute to financial well-being and responsibility, ensuring that debts are timely paid and obligations are fulfilled.
Payment.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
The etymology of the word "defrayment" traces back to the Old French term "defreier", meaning "to pay for". This Old French word further derives from "de-" (meaning "completely" or "thoroughly") and "frei" (meaning "to free" or "to exempt"). Ultimately, "defrayment" evolved in Middle English to refer to the act of paying or covering expenses, debts, or costs completely.