Thursday, June 3, 2004

Payment in Kind

Payment in Kind: "When a good or service is used as payment, as opposed to cash"
   <http://www.investopedia.com/terms/p/paymentinkind.asp>

When I was young I worked as a cleaner for my godfather.  One week he didn't
have any cash to pay me, so he offered me a secondhand racer bike as payment.
I accepted because I didn't have a bike at the time and wanted one.

Here are some news items which also illustrate the concept ...

1. "Firm repays loan with earthworms"
   <http://www.ananova.com/news/story/sm_783649.html>

2. "Man paid off more than $600 in outstanding fines ... in ramen noodles"
   <http://www.kansascity.com/mld/kansascity/news/6103558.htm>

3. "Man pays for petrol with nephew"
   <http://www.in-sourced.com/article/articleprint/960/-1/13/>

4. "Workers to be paid in reject carpets instead of cash"
   <http://www.ananova.com/news/story/sm_715631.html>

5. "Workers of bankrupt firm paid off in combs"
   <http://www.ananova.com/news/story/sm_704232.html>

6. "Textile firm offered to pay workers in pullovers"
   <http://www.ananova.com/news/story/sm_786888.html>

7. "Cash-strapped abattoir pays workers in dead chickens"
   <http://www.ananova.com/news/story/sm_837761.html>

8. "Mordovian teachers' salary again paid in most covertible currency"
   <http://english.pravda.ru/economics/2001/06/08/7362.html>
   "The biggest part of teachers' salary was paid with vodka"