Definition

The transfer of money or value in exchange for goods, services, or to settle a debt—capitalism's way of saying "we're square now." It can be cash, check, digital transfer, or any other method that moves value from Point A to Point B. In legal and business contexts, failure to make payment on time is how friendly relationships turn into lawsuits.

Example Usage

The contractor refused to begin work until she received the first payment installment, having been burned by non-paying clients before.

Source: Wiktionary via Free Dictionary API

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