ADVANCE PAYMENT

A B C D E F G H I J L M N O P Q R S T U V W Y Z
Advance Payment — (from French avance) 1) a sum of money or other asset issued or transferred to organizations or individuals toward future expenses and payments for goods, works, or services. Unlike a security deposit, an advance is not a guarantee of performance and is subject to a refund if the obligation is not met. In international trade, it refers to any payment made by a buyer before the shipment of goods or provision of services; 2) funds issued to employees toward future expenses, or a portion of wages paid for the first half of the month.