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 ?
Kickback data were obtained from randomly selecting 86 kickbacks from the 141 kickbacks measured.
All three former MART employees are charged with one count of Medicaid kickbacks and two counts of offering corrupt gifts, offers or promises to influence the acts of officials.
It also claimed that due to the kickbacks, India had to pay almost Rs.
The SEC alleges that Germany-based Marquette paid or agreed to pay illegal kickbacks in the form of computer equipment, medical supplies, and services on three contracts worth $8.
Johnson & Johnson Accused of Kickbacks, Associated Press, January 15, 2010.
As a result of kickbacks during these years, "Omnicare engaged in intensive efforts to convince physicians to prescribe J&J drugs and Omnicare's annual purchases of J&J drugs increased from approximately $100 million to over $280 million, with annual purchases of Risperdal alone rising to over $100 million," the U.
alleges J&J paid the kickbacks from 1999 to 2004 in three different ways: by boosting rebates in exchange for programs that promoted drug prescriptions; paying for "data" which Omnicare never gave; and issuing kickbacks disguised as "grants" and "educational funding.
According to the DOJ, Omnicare allegedly solicited and received kickbacks from pharmaceutical manufacture Johnson & Johnson (J&J) in exchange for agreeing to recommend that physicians prescribe Risperdal, a J&J antipsychotic drug, to nursing home patients.
PK) has announced that it has launched a probe into alleged oil kickbacks.
Canadian National Charged With Foreign Bribery and Paying Kickbacks Under the Oil for Food Program
4 million in kickbacks from an Illinois metals dealer from the sale of bulk aluminum owned by GM.
Searcy neurosurgeon Patrick Chan pleaded guilty last week to one count of receiving kickbacks from a medical supply saleswoman in ex-change for performing surgeries using her company's supplies.