BE CALCULATED AS FOLLOWS Clause Examples for Any Agreement
The "BE CALCULATED AS FOLLOWS" clause defines the specific method or formula by which a particular value, such as a payment amount, interest, or damages, is to be determined under the contract. This clause typically outlines the variables, steps, or reference points to be used in the calculation, ensuring that both parties understand exactly how the figure will be derived. By providing a clear calculation method, the clause eliminates ambiguity and potential disputes over how amounts should be computed, thereby promoting transparency and fairness in the contractual relationship.
BE CALCULATED AS FOLLOWS. A pro rata refund pursuant to section 94919(c) or 94920(d) or 94927 of the California Code shall be no less than the total amount owed by the student for the portion of the educational program provided subtracted from the amount paid by the student and is to be paid within 45 days of the determination of withdrawal. Milan Institute is an institution that participates in the federal student financial aid programs, and, as required, Milan Institute shall provide a determination of tuition charges based on a pro rata refund of tuition based upon the students’ progress in their program of study up to point where the student who has completed 60 percent of the total charges for the current period of attendance. The amount owed equals the daily charge for the program (total institutional charge, divided by the number of days or hours in the program), multiplied by the number of days the student attended, or was scheduled to attend, prior to withdrawal. For purposes of determining a refund under this section, a student shall be considered to have withdrawn from an educational program when he or she withdraws or is deemed withdrawn in accordance with the withdrawal policy stated in its catalog. If the student obtains equipment, as specified in the agreement as a separate charge, and returns it in good condition (equipment seal cannot be broken, log-on occurred, or is marked or damaged in any way) within 45 days following the date of your withdrawal, Milan Institute shall refund the charge for the equipment paid by the student. If the student fails to return the equipment in good condition, allowing for reasonable wear and tear, within this 45-day period, Milan Institute may offset against the refund of the documented cost to the school of the equipment. The student shall be liable for the amount, if any, by which the documented cost of the equipment exceeds the pro-rated refund amount. The documented cost of the equipment may be less than the amount charged, and the amount Milan Institute has charged in the contract. For a list of these charges, see Addendum of the Enrollment Agreement If the amount that the student has paid is more than the amount that is owed for the time of attendance, and then a refund will be made within 45 days after the date of withdrawal. Milan Institute shall also provide a pro rata refund of non-federal student financial aid program moneys paid for institutional charges to students who have completed 60 percent or less of the period of a...