Legal Definitions - markdown

Term: MARKDOWN

Definition: Markdown refers to a reduction in the selling price of a product or service.

Example: A shirt that was originally priced at $50 is now being sold for $30 due to a markdown.

Explanation: Markdown is a term used in retail to describe a decrease in the price of a product or service. This can be due to various reasons such as clearance sales, end of season sales, or simply to attract more customers. The example given illustrates how a markdown can result in a lower selling price for a product.