an extra amount of money that you have to pay for using more of something than was expected or agreed: With overage charges, she has had cell phone bills of $140 a month.
What is a overage in business terms?
Overage (or clawback) is a seller’s right to recover additional payment(s) from a buyer at some point in the future, usually after completion of a sale, often triggered by the occurrence of an event which increases the value of the land (eg the grant of planning or completion of development).
How long can an overage last?
How long does Overage last? Overage can be imposed for any number of years. There is no minimum or maximum period but where development is more likely to happen in the short term, 5 – 10 years is more reasonable.
What is overage in real estate?
With an overage agreement the buyer is agreeing to pay extra on top of the original price if the value of the property increases over time. For example, if a seller manages to sell a field and after a while, the buyer receives permission to build houses on the field, the value of the land increases.
What is a budget overage?
A “budget overage” is when the actual expenditures in an account exceed the budget. When a budget overage has occurred, or is anticipated to occur, the overage may be corrected or avoided by recording a journal entry and/or a budget change.
What does it mean to be underaged?
Definition of underage
1 : of less than mature or legal age. 2 : done by or involving underage persons underage drinking.
What is an overage payment?
Overage payments are typically a percentage of the uplift in value derived from the grant of planning permission for a particular development, or if triggered by a sale on of the property by the buyer at a profit, the difference between the price received by the buyer and the price originally paid to the seller.
What is overage in accounting?
Overage. If the money (e.g., cash, checks, and credit card receipts) received exceeds the invoice receipts and log sheets, or the ring out on a non-point-of-sale cash register, the department reports the overage amount on a Cash Deposit Report under source-subsource 490-10 using transaction type 01. Example.
What does customer overage mean?
The practice is known as “overage.” Essentially it means that when a mortgage loan officer quotes an interest rate or fees that are higher than those posted by the lender who will actually be funding the loan, the loan officer and his or her company get to pocket the difference. Advertisement.
What is overage clause?
An overage clause in a sale contract is the means through which a seller may be entitled to receive further monies after completion if a specified condition is satisfied.
What does overage mean in shipping?
Overages denote shipping quantities that exceed those specified in the shipping documents. For example, a truck may deliver 100 crates of orange soda when the customer bought only 50. And that customer might not want or need the extra 50 cases. Most of the time, overages are sent back to the vendor.
What is the opposite of overage in accounting?
▲ Opposite of a surplus of inventory or capacity or of cash that is greater than the amount in the record of an account. deficiency. deficit. insufficiency.
What is another word for over budget?
cost overrun
Also found in: Dictionary.
What is the synonyms of eager?
Some common synonyms of eager are anxious, athirst, avid, and keen. While all these words mean “moved by a strong and urgent desire or interest,” eager implies ardor and enthusiasm and sometimes impatience at delay or restraint.
