Definitions from the Web
Term: Support Payment
Definition
A support payment refers to a sum of money provided by an individual to provide financial assistance or contribute to the maintenance and upkeep of another person or entity.
Noun - Sense 1
Support payment refers to the regular financial assistance provided by one separated or divorced parent to the other parent for the welfare and upbringing of their child.
Example: After the divorce, John agreed to make monthly support payments to Mary for their child's education and healthcare.
Noun - Sense 2
Support payment also denotes the amount paid by an individual to contribute to the financial support of a dependent family member, such as an elderly parent or disabled sibling.
Example: Jane is responsible for making support payments to her ailing mother to cover medical expenses and living costs.
Noun - Sense 3
In the context of business, support payment indicates the fee paid by a company to a third-party vendor for technical assistance, consulting, or maintenance services for a particular product.
Example: XYZ Corporation hired a software developer and agreed to provide annual support payments to ensure continuous updates and troubleshooting support for their custom software solution.
Verb - Sense 1
As a verb, support payment represents the act of providing financial aid or contributing funds to someone or something for their upkeep, maintenance, or continued existence.
Example: The charitable organization supports and makes payment to various social causes like education, healthcare, and disaster relief.
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