Definitions (2)

1.Remuneration: In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates, and reflects factors such as the risks involved. Fee is usually subject to statutory limitations, and may be either fixed (as in a cost plus fixed fee contract) or allowed to vary within a specified range (as in a cost plus incentive fee contract).
2.Land law: Estate capable of being transferred. See also fee simple absolute in possession and fee tail.

Use fee in a sentence

  • We didn't have anymore out of pocket expenses, because everything was written in the contract was covered under his fee.

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  • Upon getting a title loan on our vehicle we were told there would be a $7 a day fee on the loan that would accrue on top of our interest rate if we paid late.

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  • The fee listed by the lawyer was higher than expected but we valued his services greatly and simply paid it.

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