Payment that is made for a colony (10)

I believe the answer is:

settlement

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This could be a double definition.

'payment that is' is the first definition.
'settlement' can be an answer for 'payment' (thesaurus). I'm unsure of the rest of the definition.

'for a colony' is the second definition.
(synonyms)

'made' is the link.

Can you help me to learn more?

(Other definitions for settlement that I've seen before include "Reservation" , "Resolution" , "Working out" , "Colonial outpost" , "Small colony" .)

I've seen this clue in The Irish News.

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