Legal Definitions - net price

Definition: Net price refers to the actual price of a product or service after any discounts or deductions have been applied. It is the amount that a buyer pays to the seller for the product or service.

Example: If a shirt costs $20 and there is a 10% discount, the net price of the shirt would be $18. This means that the buyer would pay $18 for the shirt after the discount has been applied.

Explanation: The example illustrates how net price is calculated by subtracting any discounts or deductions from the original price. In this case, the discount of 10% is applied to the original price of $20, resulting in a net price of $18. This is the amount that the buyer would actually pay for the shirt.