prestation

American  

[pre-stey-shuhn] / prɛˈsteɪ ʃən /

noun

Law.

1. a payment in money or in services.

2. a duty to do or not do something in fulfillment of an obligation, or the performance of such a duty.

   The contract imposes reciprocal prestations upon the parties.

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Usage

What is a prestation? A prestation is a payment made using money or services, as in Our contract with the client is not complete until we receive our prestation. Prestation is an uncommon legal term that encompasses all forms of payment that were agreed upon or stated in a contract. While a prestation is normally a payment in the form of currency, it can also be the performance of a service. A prestation can also be a duty to do something or not do something as part of a larger obligation, as in As a scientific researcher for my employer, I have a prestation not to reveal my research to other companies. Example: The defendant has neglected to pay the contractually designated prestation.

Etymology

Origin of prestation

From Middle English, from Middle French, from Late Latin praestation-, stem of praestatio “payment,” from Latin: “warranty,” from praestatus (past participle of praestare “to perform, pay, give”) + -ion