Common use of Initiation Fee Clause in Contracts

Initiation Fee. Applicant acknowledges and agrees that in the event this Application and Agreement is not accepted, and Membership is denied, the amount of the Initiation Fee paid by Applicant shall be fully refunded to Applicant, without interest. If Applicant’s Application and Agreement is accepted and Applicant is approved for Membership, Applicant further acknowledges and agrees that in the event the Membership is subsequently resigned or terminated for any reason, the entire Initiation Fee is non-refundable, and no portion thereof shall be returned to Applicant.

Initiation Fee. Applicant acknowledges and agrees that in the event this Application and Agreement is not accepted, accepted and Membership is denied, the amount of the Initiation Fee paid by Applicant shall be fully refunded to Applicant, without interest. If Applicant’s Application and Agreement is accepted and Applicant is approved for Membership, Applicant further acknowledges and agrees that in the event the Membership is subsequently resigned or terminated for any reason, the entire Initiation Fee is non-refundable, refundable and no portion thereof shall be returned to Applicant.