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 ?
Next is a discussion of testing conducted with a battery-powered chainsaw in which basic motion characteristics of kickback are identified.
In a separate interview, Dr Ayham Reft, managing director of medical billing consultant Accumed PM, who found shocking discrepancies in diagnostic tests prescribed by doctors in a recent survey, said: "There is an issue with kickbacks in the market and we could do with some whistleblowers."
After they became aware of the government's investigation, the leaders of the two nursing home chains allegedly created backdated documents in a further attempt to hide the kickback.
Saw manufacturers have also developed safety features to lessen the probability of kickback occurring.
Securing the work piece allows the operator to keep two hands on the saw and increases control over kickback.
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.
Parties on both sides of an impermissible kickback transaction are liable.
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." Under guidelines issued by HUD, a mortgage loan is considered to be "federally related" if it involves permanent financing; is secured by a lien on improved residential property; and is made by a lender that either is regulated by a federal agency, such as the Federal Reserve, or has federal insurance on its deposit accounts.
The major focus of the following stages was the patient's foot position on the body and kickback power.
The prosecutors said in the opening statement that Sato had concealed the alleged kickbacks by entrusting the money with his acquaintances or preparing false documents to show the money was not a kickback.
(a) profess loyalty to the government (b) go abroad for further study (c) teach for a year in a madrassa (d) pay a bribe or kickback.