Common use of Financial Hold Clause in Contracts

Financial Hold. I understand that if I fail to pay my student fee xxxx or any monies due and owing the University by the scheduled due date, the University will place a ‘Bursar hold’ on my student account, preventing me from registering for courses and accessing services such as recreation services, library services, parking services, obtaining transcripts and other important services. I understand that this hold will remain on my account until the balance is paid in full. I also understand that the University may decline to issue a certified copy of my academic transcript unless and until any past due balance owed by me is paid. Late Payment Fee/Returned Payment Fee: I understand that if I fail to pay my student account xxxx or any monies due and owing the University by the due date, the University will assess late payment fees against me. I understand that the late payment fees charged to students by the University are set forth on the webpage maintained by the Office of the Bursar. I understand that payments returned by the bank for any reason will be considered a late payment. In addition, I understand that if a payment is returned by the bank for any reason, I will be assessed a returned payment fee. I understand that if I am enrolled in the University’s installment payment plan, I will be assessed a late fee for each late installment payment. I agree to pay any and all late payment and/or returned payment fees assessed against me. Collection Agency Fees: I understand that if I fail to pay my student account xxxx or any monies due and owing the University by the scheduled due date, and fail to make acceptable payment arrangements with the University to bring my account current, the University may refer my delinquent account to a collection agency. I understand and agree that I will be responsible for paying a collection agency fee of eleven percent (11%) of the amount collected and accepted as payment in full satisfaction of the debt, together with all costs and expenses, including reasonable attorney’s fees, necessarily incurred in the collection of my delinquent account. Finally, I understand that my delinquent account may be reported to one or more of the national credit bureaus.

Financial Hold. I understand that if I fail to pay my student fee xxxx bill or any monies due and owing the University by the scheduled due date, the University will place a ‘Bursar hold’ on my student account, preventing me from registering for courses and accessing services such as recreation services, library services, parking services, obtaining transcripts and diplomas, and other important services. I understand that this hold will remain on my account until the balance is paid in full. I also understand that the University may decline to issue a certified copy of my academic transcript unless and until any past due balance owed by me is paid. Late Payment Fee/Returned Payment Fee: I understand that if I fail to pay my student account xxxx bill or any monies due and owing the University by the due date, the University will assess late payment fees against me. I understand that the late payment fees charged to students by the University are set forth on the webpage maintained by the Office of the Bursar. I understand that payments returned by the bank for any reason will be considered a late payment. In addition, I understand that if a payment is returned by the bank for any reason, I will be assessed a returned payment fee. I understand that if I am enrolled in the University’s installment payment plan, I will be assessed a late fee for each late installment payment. I agree to pay any and all late payment and/or returned payment fees assessed against me. Collection Agency Fees: I understand that if I fail to pay my student account xxxx bill or any monies due and owing the University by the scheduled due date, and fail to make acceptable payment arrangements with the University to bring my account current, the University may refer my delinquent account to a collection agency. I understand and agree that I will be responsible for paying a collection agency fee of eleven percent (11%) of the amount collected and accepted as payment in full satisfaction of the debt, together with all costs and expenses, including reasonable attorney’s fees, necessarily incurred in the collection of my delinquent account. Office of the Bursar 000 XXXXXXXXX XXXX, Xxxx 0000 XXXXXX, XX 00000-0000 PHONE 000.000.0000 FAX 000.000.0000 xxxxxx@xxxxx.xxx Finally, I understand that my delinquent account may be reported to one or more of the national credit bureaus.