Remittable

Remittable describes something that can be sent back, forgiven, or cancelled. It often applies to debts, penalties, or responsibilities, signifying the possibility of reducing, eliminating, or transferring them to a designated authority or account. This term implies a degree of flexibility and potential for resolution, suggesting that the obligation or requirement is not necessarily fixed and immutable. Remittability is a crucial factor in financial and legal contexts, offering a pathway to alleviate burdens and adjust commitments. It also can extend to situations such as returning goods or withdrawing charges.

Remittable meaning with examples

• The late fees associated with the overdue account were considered remittable by the bank if the customer could demonstrate extenuating circumstances and pay the principal amount. This policy allowed for financial flexibility for loyal customers who may have had occasional payment issues.
• Under the terms of the grant agreement, certain performance targets were established, and if the organization failed to meet these, a portion of the funds might be considered remittable back to the foundation. The goal was to ensure responsible fund allocation.
• After reviewing the evidence presented by the defendant, the judge determined that the penalty imposed was, in part, remittable. The ruling reduced the fine, acknowledging the defendant's willingness to cooperate in the matter and plead guilty.
• The company’s policy stated that damage to the product within the warranty period was usually remittable, offering customers the option of a replacement or refund depending on the extent of the damage. This commitment improved customer satisfaction.