👉 In the context of the United Kingdom, "premunitory" is a legal term used to describe a payment made by a party in exchange for another's services or goods. It typically refers to payments made before the contract has been signed or the delivery of goods has occurred.
Examples of premunity include:
A pre-agreed payment for an item that was delivered but not yet accepted
A payment received after the contract has been signed, such as a deposit or security deposit
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What is the definition of Premunitory? 🙋
