Student or Learner
This is part of an agreement.
I'm not sure of "returns" and "chargebacks" in the following sentence.
A.Net profit shall be defined as the gross receipts for the sale or products bearing the Artistic Design hereunder minus the manufacturing cost thereof, sampling cost, returns and chargebacks.
Are they important to be considered?
Thank you in advance
RETURN means somebody buys your product and comes back later saying they actually don't want it and 'here is your product and please give me my money back'. With this a so-called return has occurred.
CHARGEBACK means somebody completes a transaction with you by paying with a credit card or charge card, but several weeks later a bank or financial institution sends a letter to you claiming that the payment is actually invalid because it is a stolen credit card or say, the cardholder says he never makes a purchase in your place. Then you go thru a process of providing proof that the transaction is good. If the bank says that is not good enough and the charge must be reversed, you lose and the whole nightmare is called a chargeback.