Payment In Full Legal Meaning and Definition

Here is a simplified definition of the legal term Payment In Full.

Payment In Full (phrase): an act where the complete amount of money that was owed or expected is given. When a payment in full is made, the entire debt or obligation is settled, leaving no outstanding sum. This term is often used to describe the situation where the full amount of a bill, debt, or other obligation is paid at one time, either through cash, cheque, or other means. Payment in full is typically indicated by the person or business receiving the payment to confirm that all due funds have been received.