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Maelstrom Posted 11 years ago
Vocabulary

Looking for a word

What's the technical term for the type of payment that is paid before the work or service begins, which in most cases are half of partial amount of the total amount.
BTW. It's not "surcharge", whose definition I'm also fully aware of.

Thank you!
  

Top answer

" Particular venues have special terms -- "advance," in publishing; "binder," in insurance, "earnest money," in real estate, and so on.

— Deadrat

  • " Particular venues have special terms -- "advance," in publishing; "binder," in insurance, "earnest money," in real estate, and so on.
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8 Answers
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The term of art in contract law is "advance payment."

Particular venues have special terms -- "advance," in publishing; "binder," in insurance, "earnest money," in real estate, and so on.
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deadratThe term of art in contract law is "advance payment."Particular venues have special terms -- "advance," in publishing; "binder," in insurance, "earnest money," in real estate, and so on.
Thank you deadrat.
But I'm wondering if it can be "upfront payment"?
Also, could it be applied to describe the amount of wage being requested by an employee. (I
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maelstromWhat's the technical term for the type of payment that is paid before the work or service begins, which in most cases are half of partial amount of the total amount. BTW. It's not "surcharge", whose definition I'm also fully aware of.Thank you!
first installment or down payment come to mind.

CJ
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CalifJim maelstromWhat's the technical term for the type of payment that is paid before the work or service begins, which in most cases are half of partial amount of the total amount. BTW. It's not "surcharge", whose definition I'm also fully aware of.Thank you!first installment or down payment come to mind.CJ
Not sure about first installment, but "down paymen
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"Upfront payment" is fine. For wages, the term is usually "draw against salary," or against sales or against commission, depending on the terms of employment.
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maelstrombut "down payment" is almost always associated with the real estate sector.
... and purchases of vehicles.

I should have said 'initial installment'; I've also heard that term.

CJ
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deadrat"Upfront payment" is fine. For wages, the term is usually "draw against salary," or against sales or against commission, depending on the terms of employment.
Aren't those the verbal form of the reference here? Sorry couldnt even find a matching result on google
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