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Simple English definitions for legal terms
one-time charge
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A quick definition of one-time charge:
A one-time charge is a fee that is only charged once, rather than on a regular basis. It can be a special fee for a specific service or product, or a penalty for not paying on time. It is important to pay attention to one-time charges to avoid unexpected expenses.
A more thorough explanation:
A one-time charge is a fee that is assessed only once, rather than on a recurring basis. It is also known as a special charge or exceptional charge. This type of charge is typically excluded from income calculations as it is considered an ordinary cost of business.
Examples of one-time charges include:
- Delinquency charge: A fee assessed against a borrower for failing to make a payment on time.
- Late charge: An additional fee assessed on a debt when a payment is not received by the due date.
- Noncash charge: A cost, such as depreciation or amortization, that does not involve an outlay of cash.
These examples illustrate how a one-time charge is a fee that is only assessed once, rather than on a recurring basis. They are typically associated with specific events, such as a missed payment or the depreciation of an asset.