The amount of the sale price that a seller refunds (rebates) to a buyer, based on certain criteria or conditions being met. A rebate is actually a special type of discount that is refunded to a customer (i.e., a partial refund), if eligible (e.g., when the amount supplied over a period of time reaches a specific level, whether monetarily or in terms of units of products, etc.)

In a broader context, rebates refer to any partial refund to payer of consideration- i.e., a person (natural, legal) who has paid too much of an amount- e.g., tax, rent, a utility, price, etc. The amount of reduction, return, or refund that is paid retrospectively. In connection with sales of product/ services, it is a type of sales promotion that marketers extend as incentives for customers to buy more.