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The phrase "for compensation of" is correct and usable in written English.
It is typically used to indicate that something is being done or provided in exchange for payment or reparation. Example: "The company agreed to settle the lawsuit for compensation of $50,000 for the damages caused by their faulty product."
Exact(60)
This study proposes a new rate-dependent feedforward compensator for compensation of hysteresis nonlinearities in smart materials-based actuators without considering the analytical inverse model.
The DSTATCOM (Distribution Static Compensator) is one of effective and reliable solution for compensation of harmonics and load balancing which are common in normal distribution system.
The properties and their contents have been sold to raise money for compensation of Madoff's victims.
It called for compensation of $10.20 per hour (including benefits), health care coverage and job protection.
After the storm, Electricity North West (ENW) encouraged customers to apply for compensation of about £70.
NSW's $73m package will include $59m for compensation of one-off payments of up to $75,000.
Families of troops who died while on stop-loss are also eligible for compensation, of the same amount.
They would give the Treasury secretary the authority to set "appropriate standards" for compensation of senior executives whose companies sell troubled assets to the government.
Despite fears that affected customers would be in line for compensation of £1,000 each, TalkTalk said any payouts would be based on individual merits.
Transfer evacuated settlements to the State of Palestine in good condition, with the understanding that the value of the housing and infrastructure will count as a credit in any ultimate plan for compensation of Palestinian refugees.
An ISDS provision in Australia's investment treaty with Hong Kong allowed tobacco giant Philip Morris to sue the Australia government for compensation of lost profits because of Australia's plain packaging laws.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com