Discounts and rebates have been a longstanding practice of sellers in order to lure customers to buy their products. The practice goes by various different names, often used interchangeably,1 as loyalty or fidelity discounts/rebates, quantity or volume discounts/rebates or bundled discounts/rebates. Loyalty discounts or rebates are agreements whereby a seller gives discounts to buyers on fulfilling a condition in purchase which may range from buying some percentage of the relevant product from the seller to buying all of it.
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(Mr. S. Seetharaman & Mr. J. Parthasarthy are Executive Partner & Associate respectively in Lakshmi Kumaran & Sridharan, New Delhi)