This is a policy that a company provides to its customers who wish to return an item previously purchased and then returned to the place of purchase. The item is returned as it was found to be damaged or be cause it was not opened as it was purchased in error.
Link to This DefinitionDid you find this definition of PURCHASES RETURNS AND ALLOWANCES helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary