Common use of Due Dates for Payments Clause in Contracts

Due Dates for Payments. Your Security Deposit includes a Reservation Deposit of 20% of the quoted fee and a separate refundable Damage Deposit. Both are required upon the signing of this contract to reserve the space. Receipt of the 20% deposit obligates OBIC to hold the room until two (2) weeks prior to the event when full payment is required. The Damage Deposit is a minimum of $150 for all groups and $300 for groups serving food. The Damage Deposit is due at the time the reservation is made and is refundable (see below). Full payment is due two (2) weeks before the scheduled event. Insufficient Funds checks will result in a $35 processing fee and all future payments must be made by cash, money order or cashier’s check. For reasonable cause such as insufficient funds, management reserves the right to refuse or cancel contracts. initials