Rebate

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Rebate

Discount; diminution of interest on capital lent in consideration of prompt repayment thereof; reduction of a stipulated charge that is not credited in advance but is returned subsequent to payment in full.

A tax rebate is a sum of money refunded to a taxpayer after full payment of the tax has been made.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

rebate

1) n. a discount or deduction on sales price. A secret rebate given by a subcontractor to a contractor in return for getting the job is illegal, since it cheats the person hiring the contractor. 2) v. to give a discount or deduction.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

REBATE, mer. law. Discount; the abatement of interest in consequence of prompt payment. Merch. Dict. h.t.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The focus of rebating in life insurance sales has always been the agent's first-year commission.
We do not have to imagine what our marketplace would be like if there were no restrictions on rebating, for we have been there before.
The Board testified on a similar bill in the Senate in 1979 and continues to believe that the sum of the digits, or Rule of 78s, method for rebating unearned finance charges may be less fair to consumers who prepay longer-term loans in early years than other methods, such as rebates calculated according to the actuarial method.