Definition - What does Fee mean?

A fee is a payment that is received in exchange for services rendered as opposed to goods received. Fees cover intangible items such as advice in specific areas like law, tax or finance, or other professional based administration services. There are limits in certain aspects of fees, but others act largely unregulated such as a lawyer's hourly fee. In most cases, the market sets the rate of the fee in terms of competition and in order to stay competitive with their peers and considered for roles employees will keep their fees aligned.

Justipedia explains Fee

Fees have to be agreed prior to the service being done and in most industries there are regulations that are followed under each instance of a fee incurring. It is normal that there is an explanation of the fee structure and an acceptance of same before work is undertaken. In most cases, there is an estimate given as to how many hours or days it will take for the service to be performed and all other specifics under the agreement. A fee agreement has all the binding applicability as any contract.

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