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 ?
Sanford Heisler Kimpel Files $10 Million Employment Retaliation Suit Against Biomet In NY Supreme Court: Plaintiff Asserts Retaliation And Dismissal For Revealing Company's Illegal Sales, Marketing Practices - Including Kickbacks to Medical Providers
2001) (scheme by manager and his brother to create phony brokerage firm and collect kickbacks from vendors); United States v.
Drugmaker Johnson & Johnson paid millions of dollars in kickback payments, including disguised pay-offs, to nursing home pharmacy company Omnicare Inc to prescribe its drugs to patients, U.
Also, Omnicare regularly paid kickbacks to nursing homes by providing consultant pharmacist services at rates below the company's cost--and below fair market value for such, services--in order to induce the homes to refer their patients to Omnicare for pharmacy services, the government alleged.
The company said that an investigation has been launched into allegations that it was used to pay kickbacks by a South African company that did business in Iraq.
chemical company and its subsidiary, Naaman allegedly offered and paid 10 percent kickbacks to the then Iraqi government in exchange for five contracts under the OFFP.
A former General Motors Corp executive, now said to be living in St Kitts & Nevis, has been indicted in what federal prosecutors said was a kickback scheme involving bulk aluminum sales that cost the automaker about US$80 million, reports Reuters (March 15, 2008):
Attorney's Office agreed to drop three other charges relating to taking kickbacks from the medical supply companies Osteotech, Orthofix, Alphatec and Signus.
In the affidavit, Internal Revenue Service Special Agent Robert Salisbury claims the kickbacks paid mortgage and credit card payments, enriched a retirement account and funded a golf club membership, boat storage and car purchases.
For example, we know that a common way of getting business in some nations is to pay for it with bribes and kickbacks.
while the company gave him $500,000 in cash, vacations and other kickbacks.
The market and practices of the title insurance industry are worthy of further study following federal and state investigations identifying potentially illegal activities such as kickbacks, according to a report by the Government Accountability Office issued April 24.