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Simple English definitions for legal terms
overage
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A quick definition of overage:
Term: OVERAGE
Definition: Overage means having too much of something. It can refer to having too much of a product or item, like having too many toys or clothes. It can also refer to a percentage of money that a store pays to their landlord in addition to their regular rent.
A more thorough explanation:
Definition: Overage is a term used to describe an excess or surplus of goods or merchandise. It can also refer to a percentage of retail sales paid to a store's landlord in addition to fixed rent.
Example 1: The store ordered too much inventory, resulting in an overage of products that they couldn't sell.
Example 2: The lease agreement for the store included a clause that required the tenant to pay a 5% overage on all retail sales in addition to the fixed rent.
In the first example, the overage refers to an excess of inventory that the store couldn't sell. This can result in financial losses for the store. In the second example, the overage refers to a percentage of retail sales that the store must pay to the landlord in addition to the fixed rent. This can increase the overall cost of running the store.