Definition - What does Partial Payment mean?
A partial payment is a payment on a debt that does not represent the entire repayment of the debt. In a legal sense, the lender agrees to allow the borrower to make repayments at a set amount and over a set length of time; any failure by the borrower to keep the terms of the repayment will result in the borrower's default on the loan.
Justipedia explains Partial Payment
If a borrower agrees to repay a debt in partial payments and does not, the entire sum borrowed will become due and payable after the borrower is termed to have defaulted on the partial payments.
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