Glossary

This glossary is a collection of terms (and their meanings) heard frequently in the daily life of the Controller's Office. Some are specialized, others are more commonplace - and our intent in compiling them is to help MIT staff, faculty, and students conduct their Controller's Office business more effectively.

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Hold Harmless Agreement

Contract provision under which the potential legal liability and defense of one party for damages payable, for some future loss, is assumed by another party to the contract.

Honorarium

Taxable payment made representing a token of appreciation.Honoraria payments can generally be submitted to Accounts Payable on a Request For Payment form.The Accounting Office requires a name, address, social security number (if applicable) and country of citizenship. Individuals who are not United States citizens are subject to 30 percent withholding tax, required by the IRS.