Definitions from the Web
Term: Proration
Description:
Proration refers to the allocation or distribution of something proportionally based on a particular factor or criteria. It is commonly used in financial and business contexts to divide or distribute costs, expenses, or benefits among different parties or time periods.
Sample sentences:
- The landlord will prorate the rent for the month if the tenant moves in after the beginning of the month.
- During the merger, both companies had to prorate the costs of the shared resources.
- The insurance company will prorate the claim settlement based on the coverage period.
- The sales commission will be prorated based on the individual contribution of each salesperson.
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