Definition of prorated
: divided, distributed, or assessed proportionately (as to reflect an amount of time that is less than the full amount included in an initial arrangement) The catch is that the Dolphins can get back the prorated portion of the $5 million if Madison defaults on the contract.— Mike Freeman In some cases the warranty is prorated—its value declines over its time limit. Other warranties are not prorated.— Roy Berendsohn
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