Room Bond definition
Room Bond means a payment — made by a Resident to gain residency in a Room — that is returned to the Resident after departure from residency, subject to terms and conditions outlined in this Residential Agreement;
Examples of Room Bond in a sentence
My student will be a (please tick): Full time residential student Weekly residential student (Mon 8.00 am – Fri 4.00 pm) I agree to meet the following financial responsibility (please tick): Pay $ 300 Room Bond.
Any cost of damages/fines, as well as outstanding Residential Fees will be deducted from the Refundable Room Bond.
However, Damages/Fines/Residential Fees in excess of the Refundable Room Bond amount must be paid by the expelled Resident by the designated due date.
This Refundable Room Bond, minus all outstanding fees and charges, will be returned to the payee when they leave upon final departure.
If not received, these penalties will be deducted from the Room Bond.