PREPAYMENT Definition

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PREPAYMENT is the payment of all or part of a debt prior to its due date.

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LETTER OF GUARANTEE is a written promise issued by a bank to compensate (pay a sum of money) to the beneficiary (third party, local or foreign) in the event that the obligor (customer) fails to honor its obligations in accordance with the terms and conditions of the guarantee/agreement/contract.

ACRS is Accelarted Cost Recovery System.

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