PAYMENT Definition

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PAYMENT is the satisfaction of a debt or claim; primarily money paid to fulfill an obligation.

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CONTRACT ALLOWANCE is the limit set within an agreement as to what is the maximum allowed of any given item covered under contract, e.g., home construction with a builder may have allowances or "limits" set in your contract that tell you how much the price of your house "allows" for things such as floor coverings, countertops, and cabinets.

FULL DISCLOSURE, generally, is the requirement to disclose all relevant or material facts to a transaction.

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