Common use of F ees Clause in Contracts

F ees. 2.1 The parent/guardian by entering into this agreement acknowledges and agrees that the hostel is an independent company and as such is dependent on the boarding fees paid by parents to render the services contemplated in this agreement. 2.2 The parent/guardian undertakes to pay the hostel fees or any other expenses either as charged from time to time or as set out in the hostel’s Prospectus at its premises or by bank transfer, upon signature of this agreement or as provided in clause 2.5 below. 2.3 In the event of the parent/guardian electing not to pay the hostel fees in full upon signature of this agreement, he/she undertakes to make payment of the hostel fees on the dates prescribed in the Prospectus for the relevant payment scheme. 2.4 All payments made by bank transfer will only be credited to the boarder’s account upon receipt of a copy of the deposit slip with the name and number of the boarder clearly legible. The hostel accepts no liability for deposits which cannot be traced, and it will be the responsibility of the parent/guardian to trace such deposits. Where the deposit cannot be traced the parent/guardian remains fully liable for the payment and shall re-deposit the amount owing. 2.5 Whilst the fees and expenses as set out in the Prospectus are valid for the duration of this agreement, the hostel reserves its right to increase the fees and expenses payable in the event of there being an extraordinary increase in the running costs of the hostel. However, the hostel undertakes to communicate such intention to the parent/guardian prior to the implementation of such an increase. 2.6 The parent/guardian agrees that any failure on their part to pay the hostel fees either timeously or at all will constitute a material breach of this agreement. 2.7 The parent/guardian agrees that the hostel may suspend the boarder from the hostel until all outstanding fees and/or expenses have been settled in full. Any action as aforementioned will not constitute a waiver of the hostel’s right to cancel this agreement. 2.8 Interest at the prevailing prime rate and collection costs will be charged on all arrear fees and expenses from the due date to date of payment.