How is Initiation Fees defined in a legal contract?
- Initiation Fees means the specific amounts paid for the sole purpose of initially admitting a person as a member to a club or equivalent. Authentic initiation fees only encompass the one-time payment that truly reflects the value of membership in a club or similar entity. These fees do not include any sum paid for the privilege of receiving any goods or services other than mere nominal membership. Seen in 12 SEC filings.
- Initiation Fees means the amount determined by the Board for each category of membership required for admission into a club, which will not be returned to a person whose membership is terminated for any reason. Seen in 2 SEC filings.
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of initiation fees' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Initiation Fees means one-time payments made to attain membership in a [club], not including payments for goods or services.
Relevant Contract Types
Relevant Circumstances
- Establishing membership criteria and cost structure for a new club or organization
- Adjusting fee structure in response to changes in club operations or member expectations
- Defining terms while drafting or revising membership agreements
Relevant Sectors
Genie Definition 2
- Initiation Fees means a non-refundable sum, decided by [Board], required for membership admission in a [club].
Relevant Contract Types
Relevant Circumstances
- Setting up a new franchised club or organization
- Deciding on the financial structure of membership fees
- Drafting club or organization rules and regulations
Relevant Sectors
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Initiation Fees means one-time payments made to attain membership in a [club], not including payments for goods or services.
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