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A Reference for the Laws and Rules of the Congressional Budget Process

§022a. (GAO) Advance Payment

GAO Glossary of Terms and Definitions (September 2005)

 

Advance Payment

An amount paid prior to the later receipt of goods, services, or other assets. Advances are ordinarily made only to payees to whom an agency has an obligation, and they do not exceed the amount of the obligation.

[Pages 9]

 

 

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