PAYMENT TERMS AND POLICIES

PAYMENT TERMS AND POLICIES

1. PURPOSE

This Payment Terms and Policies document outlines the financial expectations, obligations, and rules governing all payments related to Fordax Speakers Clubs. It applies to all members, coaches, and club operators licensed by Fordax Speakers International.

2. MEMBERSHIP FEES

2.1 Payment Obligations

1. All members are required to pay their club dues on or before the due date agreed by the local club.
2. The standard monthly fee shall be set at ₦20,000, unless otherwise approved by Fordax HQ. Some clubs may charge higher or lower if/when they are approved.

2.2 Payment Methods

• Payments may be made via online platforms, direct bank transfers, or approved in-person methods. No cash payment is allowed. There is no refund on cash payment.

2.3 Payment Frequency

• Members may choose to pay monthly, quarterly, or annually, based on available club subscription options.

2.4 Refund Policy

• No refunds will be issued for missed meetings, absenteeism, or withdrawal, except where:
  • A formal written request is submitted to the Club Leader;
  • Written approval is granted by the Club Leader in consultation with the club’s finance officer.

2.5 Missed Payment Consequences

• Members who default for more than 30 days:
  • May be temporarily suspended from club participation;
  • May lose track progress status until payments are updated;
  • Will not be eligible for badges, certifications, or coaching support.

3. COACHING FEES

3.1 Free Coaching Scope

• Track-based coaching is provided free to all members as part of the club system.

3.2 Paid Coaching Services

1. Any additional private or advanced coaching (e.g., English Classes, speechwriting, interview prep, high-stakes presentation, etc.) may attract separate fees.
2. Such fees are determined and collected directly by the coach.

3.3 Coach Income Rights

• Coaches keep 100% of any income earned from their advanced coaching services outside the official track curriculum.

4. CLUB LICENSING FEES

4.1 License Fee Structure

• Individuals or organizations operating a Fordax Club are required to pay an annual licensing fee, as determined by Fordax HQ.

4.2 Royalties

• A percentage of all membership dues (15% or 30% depending on the plan) is to be remitted to Fordax HQ monthly.

4.3 Late Remittance

• Failure to remit licensing royalties for more than 21 days may result in:
  • Suspension of the club license;
  • Freezing of access to Fordax materials and systems;
  • Legal and financial recovery procedures, if necessary.

5. GENERAL FINANCIAL POLICIES

5.1 Receipts & Documentation

1. Members and licensees are entitled to receipts or digital confirmation for all payments made.
2. Clubs must maintain accurate and up-to-date financial records.

5.2 Fee Adjustment Policy

1. Clubs cannot arbitrarily increase membership fees.
2. Any adjustment (in venue, fee, or any other aspect of the club) must be reviewed and approved by Fordax Headquarters.

5.3 Financial Transparency

• Club leaders must provide periodic financial reports to their members if requested.
• All club funds must be used for the growth and operation of the club, not personal gain.

6. DISPUTE RESOLUTION

6.1 Process

1. Any payment disputes should be reported first to the local club leadership.
2. If unresolved within 7 days, the matter may be escalated to Fordax Speakers International Headquarters.

6.2 Final Authority

• Fordax HQ reserves the right to make the final decision on financial disputes and refund cases.
• There’s no refund on the licensee fee.

Approved by:
Fordax Speakers International Headquarters
Effective Date: August 2025