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Definitions from the Web

Initial Payment

Description:

The term "initial payment" refers to the first amount of money paid or a deposit made at the beginning of a transaction, agreement, or purchase. It is typically the first installment or contribution made towards a larger payment or total cost.

Examples:

As a Noun:

1. She made the initial payment of $1000 for the car.
2. The initial payment for the apartment includes the first month's rent and a security deposit.
3. You need to make an initial payment to secure your booking.

As an Adjective:

1. The initial payment terms were clearly stated in the contract.
2. He couldn't afford the initial payment amount, so he had to renegotiate.
3. Make sure to check the initial payment requirement before applying for the loan.

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