A fee is a price charged for specific service. Fees form of monetary compensation that differs from a salary in the sense that it is of a limited nature or limited to a specific work that is done.
A fee is a fixed price charged for a specific service. Fees can be applied in a variety of ways such as costs, charges, commissions, and penalties.
The term is commonly used for payment to so-called liberal professions such as artists and lawyers and for positions such as board work in organisations or companies.
Who can receive a fee?
To receive a fee as a commission, certain criteria must be met. The compensation is reserved for specific, often project-based, work. The individual undertaking the assignment bears financial responsibility and must use their own resources in the execution of the designated tasks. Compensation is common, however not required.
Whether if board members or chairmembers of a company or organisation receive a fee or not is a decision that falls under the purview of the company’s owners, typically determined during the general meeting.