GREASE PAYMENT Meaning and
Definition
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Grease payment is a term used to describe a form of bribery or illicit payment made to expedite or facilitate a business transaction or secure preferential treatment, often in international or emerging markets. Also known as a facilitation payment, it involves offering money or gifts to public officials or individuals in positions of authority to gain an unfair advantage or receive services that one is legally entitled to.
Typically, grease payments are made to bypass bureaucratic red tape, speed up administrative processes, obtain necessary permits or licenses, or even avoid penalties or fines. Such payments are commonly associated with countries where corruption is prevalent or where there is a lack of transparency and accountability in public institutions. They can occur in various sectors, including customs, law enforcement, transportation, healthcare, and construction.
It is important to note that grease payments are different from regular bribes, as they often involve smaller amounts of money and are considered more of a common practice than an exception in some regions. While these payments may be culturally accepted in certain countries, they undermine the principles of fairness, integrity, and equal opportunity for businesses and individuals.
Many countries and international organizations have taken measures to address and discourage grease payments due to their negative impact on economic development, political stability, and fair competition. Laws and regulations have been established to combat corruption and promote ethical business conduct, making it necessary for organizations and individuals to adopt a zero-tolerance approach towards bribery, including grease payments.
Etymology of GREASE PAYMENT
The term "grease payment" is a colloquial phrase used to describe a bribe or unofficial payment made to facilitate or expedite a transaction, often involving government officials or business dealings in certain parts of the world.
The etymology of the term "grease payment" is not well-documented. However, it is believed to have its origins in the early 20th century, possibly in the United States. The use of the word "grease" is metaphorical, implying that the payment helps to "grease the wheels" of a transaction, making it smoother or easier to accomplish.
The term gained popularity due to its ability to convey the idea of an unofficial payment without explicitly using the word "bribe". It is often used in contexts where bribes are common or expected, such as in certain countries with a history of corruption in business or government sectors.
Idioms with the word GREASE PAYMENT
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grease payment
A bribe or illegal payment made to secure a favor or advantage, often in business or politics.
