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Term · Law · MLC-T-LAW-000408

A payment made before it is due, or a loan provided in anticipation of future earnings or services. This can take the form of a down payment, a prepayment for goods, or funds provided to an employee against future wages. The terms of repayment or offset are typically outlined in a contractual agreement.

Table 1. Record
IdentifierMLC-T-LAW-000408
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000408",
  "term": "Advance",
  "field": "Law",
  "definition": "A payment made before it is due, or a loan provided in anticipation of future earnings or services. This can take the form of a down payment, a prepayment for goods, or funds provided to an employee against future wages. The terms of repayment or offset are typically outlined in a contractual agreement.",
  "url": "https://mlchart.com/terminology/law/advance/"
}

Record 178 of 5,441 in Law terminology (MLC-0107). Request the full dataset.