Definition of Honorarium
What is the definition of the term "honorarium"? What does the term "honorarium" mean?
An "honorarium" is a voluntary payment that is given for a service that usually doesn't require a payment.
"Honorariums" are usually given to help cover travel costs and other expenses.
An example of an honorarium? Let's say that a major brokerage firm wants to hire former President Bill Clinton to come and give a speech regarding the business world and its impact on geopolitical issues.
Due to President Clinton's status as a former President of the United States, and also due to the fact that he will have to travel a long distance to give the speech, the major brokerage firm will pay the former President an honorarium of $250,000.
In many cases, giving a speech does not necessarily result in a payment being made. However, in the case listed above, former President Bill Clinton will be given a large honorarium.
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