Cost-exempt refers to a situation or item that is free from incurring a specific cost, typically a fee, tax, or charge. This exemption can arise from various factors, including legal statutes, contractual agreements, or organizational policies. The term signifies that the designated entity or object is relieved of the financial obligation associated with the particular expense. cost-exempt status often benefits the recipient by eliminating a financial burden, making goods or services more accessible or affordable. The reason for being cost-exempt can greatly vary, and is a vital component of the agreement.
Cost-exempt meaning with examples
- The new community center offers cost-exempt childcare services to low-income families, ensuring that parents can access essential care without financial strain. This policy promotes social equity and helps parents participate in the workforce by removing a substantial financial barrier. This access supports a wider range of the demographic. This benefits children and parents alike. This has a substantial benefit for many.
- Due to a charitable donation, all medical procedures at the local clinic are cost-exempt for uninsured patients, providing crucial healthcare regardless of their financial status. This allows citizens to have access to crucial help. The cost of many services can be a major obstacle for the population that may need it the most, This provides a vital service. They can all have the best available care.
- Under the terms of their contract, certain vendors are cost-exempt from the standard import duties on raw materials, facilitating international trade and reducing their operational expenses. The exemption helps the economy, and benefits the supplier, and buyer, which facilitates growth. This helps competition. This also decreases prices. These are important factors.
- The university grants cost-exempt tuition to veterans and active-duty military personnel, acknowledging their service and commitment to the nation. This also promotes education for citizens in this area. They have earned the right. This can make a difference in the economy as well. This helps with career building opportunities. This is a great honor.
- During the annual community festival, children's activities and entertainment are cost-exempt, encouraging families to attend and enjoy the event without facing upfront charges. This leads to a larger audience. This brings a great economic benefit. This allows for community cohesion and better participation from more families. The local economy is promoted. This is a great community benefit.