Reimbursement of the deposit(s) Clause Samples
The "Reimbursement of the deposit(s)" clause outlines the conditions under which a party is entitled to receive back any deposits they have paid under the agreement. Typically, this clause specifies the circumstances that trigger reimbursement, such as the fulfillment or cancellation of the contract, and may detail the timeframe and method for returning the funds. Its core practical function is to protect the party who provided the deposit by ensuring they are refunded appropriately if certain conditions are met, thereby reducing financial risk and promoting fairness in the transaction.
Reimbursement of the deposit(s). If your child is leaving Brentwood School, and where you have not already indicated your preference, you will be asked to confirm whether you wish the deposit (after deduction of any outstanding fees or supplemental charges due to the School) to be credited to the Brentwood School Foundation to support the charitable aims of Brentwood School (including the funding of bursaries for future pupils), or returned to you in a final invoice. If we do not receive this confirmation in writing from you within 3 (three) months of the date of your child leaving the School, the balance of the deposit(s) (after deduction of fees and supplemental charges) will be transferred to the Brentwood School Foundation. Where you confirm that you would like the deposit to be refunded to you, payment will only be made once all the pertinent fee accounts have been reconciled and deductions made and the School has received notice in writing to confirm the bank account into which the balance of the deposit(s) should be paid. This usually means that payment will be sent to you during the Michaelmas Term for a child leaving the School during or at the end of the preceding Trinity Term. Where there is a dispute concerning any aspect of the reimbursement of the deposit(s), the School will retain the deposit(s) until this is resolved. PLEASE READ THIS NEXT SECTION CAREFULLY - it deals with what you need to do if you wish to withdraw your acceptance of a place before your child joins the School and what happens if you withdraw at that stage. The cancellation of a place which has been accepted can cause losses to the School, especially if it occurs after other families have taken their decisions about their children’s schooling. This is why we require the period of notice referred to here for a withdrawal, and why different consequences follow depending on whether we receive that period of notice or not.