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English definition of “goodwill payment”

goodwill payment

noun [C]
 
 
COMMERCE a payment made by a company to a customer who has experienced a problem with its products in order to try to keep the customer: Although the insurance firm refused to pay her claim, they did offer her a goodwill payment of £5,000.
ACCOUNTING a payment made by someone buying a business for things that cannot be directly measured, for example, customers' loyalty →  See also ex-gratia
(Definition of goodwill payment from the Cambridge Business English Dictionary © Cambridge University Press)
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