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WordNet-Online
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Definitions from WordNet
Noun final payment has 1 sense
- payoff, final payment - the final payment of a debt
--1 is a kind of payment
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Definitions from the Web
Term: Final Payment
Description:
Final payment refers to the last installment of a payment or the sum of money that settles a debt, contract, or obligation completely. It signifies the conclusion of a financial transaction.
Possible Parts of Speech:
Senses and Usages:
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Sense 1:
As a noun, final payment can refer to the last payment made towards the total amount owed in a financial transaction.
Example sentence:
After making all his monthly payments, John was relieved to submit his final payment on the car loan.
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Sense 2:
Final payment can also be used to describe the conclusion of a contract or the fulfillment of an agreement, where the last payment signifies the completion of the involved obligations.
Example sentence:
The contractor demanded his final payment upon successfully completing the construction project within the agreed timeframe.
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