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"
Thursday, June 3, 2004
Posted by Bruno at 8:05am