Meaning & use
interim payment
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Meanings
nouncountablefinance
A partial sum of money paid at an early stage, before the full amount owed is worked out and settled.
Grammar: Has a plural: interim payments are made monthly.
Patterns
- an interim payment of an amount
- an interim payment on something
The builder asked for an interim payment once the roof was finished.
The insurer made an interim payment while the claim was assessed.
An interim payment of five thousand dollars arrived last week.
nouncountablelegal
In a legal case, money awarded to the claimant before the final judgment so they can cover costs.
Grammar: Often used in legal contexts: the court ordered an interim payment.
Patterns
- order an interim payment
- apply for an interim payment
The court ordered an interim payment to cover her medical costs.
His lawyer applied for an interim payment before the trial.
Word forms
| plural | interim payments |
|---|
Common combinations
- make an interim payment
- The client agreed to make an interim payment.
- request an interim payment
- The contractor requested an interim payment.
- receive an interim payment
- She received an interim payment last month.
- interim payment certificate
- The architect signed the interim payment certificate.
- interim payment schedule
- The interim payment schedule is in the contract.
- apply for an interim payment
- They applied for an interim payment while waiting.
Synonyms and how they differ
- advance
- An advance is paid before the work is done, while an interim payment is usually made as the work progresses.
- installment
- An installment is one of several fixed, planned parts, whereas an interim payment may vary in size.
- down payment
- A down payment is the first part paid at the start of a purchase, not a payment during the process.
- progress payment
- Progress payment is a close alternative used in construction and ties payment to completed stages.
Opposites
Word family
Commonly confused: interim payment or interest payment?
interim payment vs interest payment
An interest payment is money paid for borrowing, whereas an interim payment is a partial payment toward a larger sum.
Practice
The contractor received an interim payment halfway through the project. This means the payment was ____.
Choose one answer.
Interim means in between, so an interim payment is a partial amount paid before the work ends. A final payment would come at the end.
Make it your own
Write a sentence using “interim payment”, then check it and compare it with the examples above.