[on-uh-rair-ee-uh
m] 
[-rair-ee-uh] . | 1. | a payment in recognition of acts or professional services for which custom or propriety forbids a price to be set: The mayor was given a modest honorarium for delivering a speech to our club. |
| 2. | a fee for services rendered by a professional person. |
| hon·o·rar·i·um (ŏn'ə-râr'ē-əm) n. pl. hon·o·rar·i·ums or hon·o·rar·i·a (-ē-ə) A payment given to a professional person for services for which fees are not legally or traditionally required. [Latin honōrārium, from neuter of honōrārius, honorary, from honor, honor.] |
Honorarium
Payment that is given to a professional for services which fees are not legally or traditionally required.
Investopedia Commentary
For example, when a past President or Prime Minister makes a speech at a party they might receive an honorarium.