Payment, Late Fee & Deposit Policy
Horse boarding payment policy with due date and grace period, flat and escalating late fees, returned check fee, and a refundable security deposit. Signable.
Preview — first pages of the template
This Payment, Late Fee & Deposit Policy ("Policy") sets out how and when board is paid at [FACILITY NAME] ("Facility"). It is signed at intake and attached to invoices so that every boarder ("Owner") understands the payment terms before board comes due. Where this Policy and the parties' Boarding Agreement address the same subject, the Boarding Agreement controls; this Policy is meant to state the same terms plainly, not to change them.
1. Monthly Board and Due Date
Board is [AMOUNT] per month for the boarding level selected in the Boarding Agreement. Board is due in advance on the 1st day of each month and covers that calendar month. Payment is considered made when the Facility receives it, not when it is mailed or scheduled.
Monthly Board Amount: ______________________________
Due Date (day of month): ______________________________
Grace Period Before a Late Fee Applies (number of days): ______________________________
2. Grace Period and Late Fees
Payment received after the grace period above is late. Late fees compensate the Facility for the administrative cost and cash-flow burden of chasing overdue board; they are not interest on a loan. The following late fees apply:
- Flat late fee: a one-time fee of [AMOUNT] is added once payment passes the grace period.
- Escalating late fee: an additional [AMOUNT] is added if board remains unpaid after [NUMBER] days past the due date, and again for each additional [NUMBER]-day period the balance remains unpaid.
- Alternative percentage fee: in place of the escalating flat fee, the Facility may instead charge [PERCENT]% per month on the unpaid balance, not to exceed the maximum rate allowed by [STATE] law.
The Facility may apply the flat fee, the escalating fee, or the percentage fee, but will not stack a percentage charge on top of a flat charge for the same overdue balance. Late fees are due with the overdue board.
________ (initials) Owner understands that board is due on the stated date and that the late fees above apply to overdue balances.
3. Returned Payments
A check returned for insufficient funds, or an electronic payment (ACH, card, or app) that is declined, reversed, or charged back, is treated as non-payment. A returned-payment fee of [AMOUNT], plus any bank or processor fee the Facility is charged, is added to the Owner's balance. After one returned payment, the Facility may require future payments by certified funds, cash, or card only.