Final Payment
/ˈfaɪ.nəl ˈpeɪ.mənt/
Definitions
- (n.) The last installment of money paid to fulfill a contractual obligation.
The final payment was made after all services were completed.
- (n.) A payment that conclusively settles an account, leaving no further liability.
Once the final payment was received, the debtor was released from further claims.
Forms
- final payment
- final payments
Related terms
See also
Commentary
Final payment often marks the contractual completion and may trigger the release of liens or obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.