Usually means: Payment due every three months.
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We found 6 dictionaries that define the word quarter bill:

General (6 matching dictionaries)
  1. quarter bill: Merriam-Webster
  2. quarter-bill, quarter bill: Wordnik
  3. quarter bill: Wiktionary
  4. Quarter bill: Dictionary.com
  5. quarter bill: FreeDictionary.org
  6. Quarter bill: TheFreeDictionary.com

Definitions from Wiktionary (quarter bill)

noun:  (nautical) A list specifying the different stations to be taken by the officers and crew in time of action, and the names of the men assigned to each.

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