Pro Rata Refund
/ˌproʊ ˈrɑːtə rɪˈfʌnd/
Definitions
- (n.) A refund calculated proportionally to the amount of time or usage remaining under a contract or agreement.
The tenant received a pro rata refund for the unused portion of the lease.
Forms
- pro rata refund
Related terms
See also
Commentary
Common in contracts and service agreements, pro rata refunds ensure fair reimbursement corresponding to partial fulfillment or early termination.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.