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Simple English definitions for legal terms
prorate
Read a random definition: Multiple Party Account
A quick definition of prorate:
Term: PRORATE
Definition: Prorate means to divide or distribute something proportionately. For example, if you and your friend share a pizza, you might prorate the cost based on how many slices each of you ate. This way, you each pay a fair amount. Proration can also be used for things like taxes, where the amount owed is divided between different parties based on their share of the responsibility.
Related Word: Proration (noun)
A more thorough explanation:
Term: PRORATEDefinition: To divide, assess, or distribute proportionately.
Example: The rent for the apartment was prorated based on the number of days the tenant lived there in the month.
Explanation: This means that the rent was divided and calculated based on the number of days the tenant actually lived in the apartment during the month. If the tenant only lived there for half the month, they would only be responsible for paying half of the monthly rent. This is an example of prorating because the rent was divided proportionately based on the amount of time the tenant spent in the apartment.
Related Word: Proration (noun) - the act of prorating.