compensation

noun | \ ˌkäm-pən-ˈsā-shən \ | com·pen·sa·tion

1. : the act of compensating

2. : the ending of mutual obligations between two people for money or quantities of fungible things usually by operation of law but sometimes by an agreement

3. : something that makes up for a loss received compensation for the breach of contract; specifically : payment to unemployed or injured workers or their dependents — see also unemployment compensation, workers' compensation : payment to unemployed or injured workers or their dependents — see also unemployment compensation, workers' compensation

4. : payment for a thing of value tendered or a service rendered the Senators and Representatives shall receive compensation for their services —U.S. Constitution art. I