Services: An intangible commodity in the form of
human effort, such as labor, skill, or advice <contract for services> Black's Law Dict. 7th Ed., page 1372.
Compensation: renumeration and other benefits received in return for services rendered; esp., salary or wages.
"Compensation consist of wages and benefits in return for services. It is payment for work. If the work contracted for is not done, there is no obligation to pay. [Compensation] includes wages, stock option profit sharing, commissions, bonuses, golden parachutes, vacation, sick pay, medical benefits, disability, leave of absence, and expense reimbursement." Kurt H. Decker and H. Thomas Felix II, Drafting and Revising
Employment Contracts §3.17, at 68 (1991). Black's Law Dict. 7th Ed., page 277.
