But Albion successfully won that supply contract, and in return had to pay Dwr Cymru Welsh Water a fee for using its pipes.

BBC: Shotton paper mill

The "high-water mark" provision works this way: If the manager gets an incentive fee for taking the fund up X%, he doesn't get additional incentive fees until the fund tops a cumulative X% return.

FORBES: The $500 Billion Hedge Fund Fever

Mr. Byers earlier this year landed himself in hot water when he boasted to an undercover reporter that he could make introductions and gain influence for a fee.

FORBES: Politics, U.K. Style