Kickback


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Kickback

In the context of finance, refers to compensation of dealers by sales finance companies for discounting installment purchase paper.
In the context of contracts, refers to secret payments made to insure that the contract goes to a specific firm.

Kickback

A payment or discount that one may receive in exchange for performing certain services. A kickback may be both legal and proper, or it may be a bribe. This depends on the specific nature of the kickback and the rules surrounding different transactions.

kickback

An illegal fee or rebate paid to someone in order to gain that person's decision or recommendation for the award of business. Under the Real Estate Settlement and Procedure Act (RESPA), federal law prohibits kickbacks to real estate agents from mortgage companies.

References in periodicals archive ?
Swiss was ultimately subjected to numerous other retaliatory acts and harassment by Biomet after he reported his kickback observations to company officials, including Biomet's placing him on "Performance Improvement Plans," one of which followed a serious injury incurred while taking a Biomet client mountain biking; denying his worker's compensation claim for this injury; and denying him an expanded sales territory, which he had earned with an exceptional sales record.
The standard includes specifications for a kickback-testing machine, the corresponding testing procedures, and a metric for quantifying the kickback tendency of a given chainsaw.
Official investigation of information voiced by PM Otorbayev about Finance Ministry's demand to pay kickback from funds provided for coal procurement launched
The indictment said Wagner and AFI paid kickbacks to Wayne Kepple, an ex-vice president of ground operations for Ryan, in return of offering contract to AFI.
The SEC has now taken 15 FCPA enforcement actions against companies involved in Oil for Food-related kickback schemes with Iraq, recovering more than $204 million.
The two principal federal statutory bases for prosecuting private pay kickback arrangements in the healthcare sector are the federal mail and wire fraud statutes, and the Racketeer Influenced Corrupt Organization statute (commonly known as the RICO statute).
The DOJ said Omnicare paid a $50 million kickback to the chains, which was disguised as a purchase of a small business unit of Mariner that had only two employees and was worth far less than the money offered.
Securing the work piece allows the operator to keep two hands on the saw and increases control over kickback.
Another kickback mentioned was US$133,405 paid by Socona Holdings, of Switzerland, for a 'steel' contract netting US$1.
So-called "rebating" of title insurance is restricted under several state laws and the federal Real Estate Settlement Procedures Act, which bars paying or accepting "any fee, kickback, or thing of value" in connection with a referral for any real estate settlement service that involves "a federally related mortgage loan.
The major focus of the following stages was the patient's foot position on the body and kickback power.