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Honorarium

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Honorarium
Payment that is given to a professional for services which fees are not legally or traditionally required.
    
An honorarium is an ex gratia payment made to a person for their services in a volunteer capacity or for services for which fees are not traditionally required. This is used by groups such as schools or sporting clubs to pay coaches for their costs.  Another example includes the payment to a guest speaker at a conference to cover their travel, accommodation, or preparation time. For example, when a past President or Prime Minister makes a speech at a party they might receive an honorarium.
    
When something has been done ex gratia, it has been done voluntarily, out of kindness or grace. In law, an ex gratia payment is a payment made without the giver recognising any liability or legal obligation.
Posted by  Privatebanking.com
 
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