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Prorate

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

Added: Fri Jan 06 2006
Last Modified: Wed Apr 09 2008

Related Terms

Contract Pro rata

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