Back Charge: Billings for work performed or costs incurred by one party that, in accordance with the agreement, should have been performed or incurred by the party to whom billed. Owners bill back charges to general contractors, and general contractors bill back charges to subcontractors. Examples of back charges include charges for cleanup work or to repair something damaged by another subcontractor, such as a tub chip or broken window.

 

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Back Charge: Billings for work performed or costs incurred by one party that, in accordance with the agreement, should have been performed or incurred by the party to whom billed. Owners bill back charge . . . View Full Definition

Late Charge: A charge imposed by a lender to a borrower when the borrower fails to make payment on the due date.

Kickbacks: The dividers between lanes; so called because pins often kick back off a divider to knock other pins downs.

Leaseback: A transaction that involves the sale of some property, and an agreement by the seller to lease the property back from the buyer after the sale.