yearly rebate
Definition
A yearly rebate is a partial refund or discount that a supplier or vendor pays back to you at the end of the year, usually because you hit a certain purchase volume or met agreed-upon conditions. Think of it as a reward for loyalty or bulk buying that gets paid out after the fact rather than being deducted upfront at the register. The rebate amount is typically calculated as a percentage of everything you spent over the course of the year.
Example
Your office supply vendor might promise to refund you 3% of your total annual spending if you buy more than $50,000 worth of products from them in a calendar year, so in January you receive a check covering last year's purchases.
Watch Out
Make sure any rebate agreement is spelled out in writing with clear thresholds and payment deadlines, because verbal promises about rebates are notoriously hard to enforce if a dispute arises.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.