Is it bribing or rewarding?

That is a bribe. Misbehavior should not be tolerated (time-outs, etc) and good behavior should be rewarded but NOT with money. Praising him with words is better. My son gets either a dollar or a McDonald's toy (his choice) if he does his "chores" and behaves. He knows that even if he does his chores if he is not good it will be taken away.