Refund/Forfeiture Sample Clauses
The Refund/Forfeiture clause defines the conditions under which payments made by one party may be returned (refunded) or retained (forfeited) by the other party. Typically, this clause outlines scenarios such as cancellations, breaches, or failure to meet certain obligations, specifying whether a deposit or advance payment will be given back or kept. Its core function is to clarify financial consequences in the event of contract changes or non-performance, thereby reducing disputes and allocating risk between the parties.
Refund/Forfeiture. All Agreement cancellations must be approved by Provider in writing and are subject to applicable cancellation fee(s). Withdrawal or removal from the University does not relieve Resident of the financial obligations detailed within this Agreement.