Legal Definitions - lump-sum payment

Definition: A lump-sum payment is a single payment of a large sum of money, rather than smaller payments over time.

Example: When you win the lottery, you may have the option to receive your winnings as a lump-sum payment or as smaller payments over a period of years.

This example illustrates the definition because it shows that a lump-sum payment is a one-time payment of a large amount of money, rather than receiving smaller payments over time.