grandfather. v. To exempt a person or company from new laws or regulations based on circumstances that existed in the past. Example: A travel agency might decide to cut outside agents' share of total commissions earned from 60% to 50%, but grandfather those agents with whom it is already working. If that were the case, agents already on the books would continue to earn 60 percent, while new agents would be paid 50 percent.
To find the abbreviation, acronym, or term you’re looking for, use the Search box (below) or click on any letter (above).
Become A Home-Based Travel Agent
Join the home-based travel revolution. A complete home study course with a no-risk guarantee. Click here.