PART PAYMENT Meaning and
Definition
-
Part payment is a financial term that refers to a partial settlement of a debt or obligation using an amount less than the total amount owed. It is a payment made towards the principal amount or outstanding balance of a debt, without clearing the entire liability.
When a debtor is unable to fulfill their financial obligation in full, they may negotiate with the creditor to make a partial payment as a means to temporarily alleviate the debt burden. This can be done by making a payment that is smaller than the full amount due, but is meant to demonstrate the debtor's willingness to fulfill their obligations.
Part payments are typically made under specific agreements or arrangements between the creditor and debtor. These agreements may outline the terms and conditions of the partial payment, including the agreed-upon amount, the schedule for further payments, and any interest or penalties associated with the outstanding balance.
While part payments provide some relief to debtors, they do not fully discharge the debt. The remaining balance continues to be an obligation, and the creditor has the right to pursue further collection actions until the debt is fully satisfied.
In summary, part payment refers to a partial repayment of a debt or liability, where a debtor pays less than the total amount owed as a means of temporarily addressing their obligation.
Common Misspellings for PART PAYMENT
- oart payment
- lart payment
- 0art payment
- pzrt payment
- psrt payment
- pwrt payment
- pqrt payment
- paet payment
- padt payment
- paft payment
- patt payment
- pa5t payment
- pa4t payment
- parr payment
- parf payment
- parg payment
- pary payment
- par6 payment
- par5 payment
- part oayment
Etymology of PART PAYMENT
The etymology of the phrase "part payment" can be traced back to the Middle English period.
The word "part" originated from the Old English word "dǣl", which meant a portion, a share, or a piece. It has Germanic roots and is related to the Dutch word "deel" and the German word "Teil".
The term "payment" came from the Old French word "paiment", which was derived from the Latin word "pacmentum". This Latin word stems from the verb "pacare", meaning to satisfy or to pay.
Therefore, the combination of "part" and "payment" came together to form "part payment", referring to the act of making a partial payment towards something, rather than paying the entire amount at once.
