FINANCIAL AGREEMENT
This Financial Agreement applies jointly and severally to:
Midstream College (Pty) Ltd, operating as Laerskool Midstream College Primary
and
Midstream Ridge College (Pty) Ltd, operating as Laerskool Midstream Ridge Primary
hereinafter collectively referred to as “the School.”
1. School Fees
School fees are published annually on the School’s official website and form an integral part of this agreement.
A discount of 5% is applicable where the full annual school fees are paid by 31 January of the relevant school year.
School fees are subject to annual adjustment.
2. Payment Structure
School fees are payable over eleven (11) months.
Fees for December will be charged to any learner admitted after February.
3. Deposit
A non-interest-bearing deposit of R10 000 (Ten Thousand Rand) is payable upon acceptance.
A learner may not attend school until the full deposit has been received.
From the R10 000 deposit:
R2 000 becomes immediately payable upon acceptance to secure the place offered and is non-refundable should the learner not take up the place at the School.
The balance of R8 000 is payable by 31 August of the year preceding entry, or as stipulated in the acceptance letter.
If the application is withdrawn:
Before 1 October of the year preceding entry → R4 500 of the deposit will be refunded.
On or after 1 October → the full deposit is forfeited.
The deposit is fully refundable once the learner leaves the School, provided that:
All amounts owing to the School have been settled in full; and the provisions of Clause 4 have been complied with.
4. Notice of Withdrawal
One full school term’s written notice is required when withdrawing a learner.
Failure to give proper notice will result in:
Full fees for the remaining term becoming payable; and
Forfeiture of the deposit.
5. Billing and Interest
Accounts are billed on the 25th of each month and must be paid by the 7th of the following month.
The School may, at its discretion, charge interest on overdue accounts at a rate not exceeding 2% per month, calculated from the due date until date of payment, subject to the maximum rate permitted by applicable law
6. New Applications
A non-refundable Administration fee of R400 is payable on submission of the online application.
7. Allocation of Payments
All payments received will be allocated first to the oldest outstanding amounts, including interest and collection costs.
8. Non-Payment
The School reserves the right to:
- Refuse admission, or
Suspend attendance,
until all overdue fees have been paid in full.
9. Legal Recovery & Credit Bureau Listing
The School may institute legal proceedings to recover outstanding fees.
The person responsible for payment will be liable for attorney-and-client legal costs and all related expenses.
Outstanding amounts may also be reported to credit bureaus, which may affect the debtor’s credit record.
10. Consolidation of Accounts Across Both Schools
Any learner linked to the debtor may be precluded from attending either school until all outstanding amounts owed to:
Midstream College (Pty) Ltd; and/or
Midstream Ridge College (Pty) Ltd
have been fully settled.
The debtor expressly agrees that:
All amounts owing to either school, past or present, may be consolidated into a single debt; and
“Learners linked to the debtor” includes all learners for whom the debtor is or was financially responsible at either school.
11. Reallocation of Payments
Where the debtor is responsible for more than one account, the School may reallocate any payment to any overdue account at its sole discretion to reduce outstanding debt.
12. Credit Enquiry Consent
By signing this agreement, the debtor consents to credit enquiries with registered South African credit bureaus.
13. Duration of Agreement
This agreement remains binding for the full duration of the learner’s enrolment at the School and continues year-to-year unless amended in writing by the School.
Acceptance
By signing below, the undersigned confirms that they:
Have read and understood this Financial Agreement; and
Agree to be legally bound by its terms and conditions.