Service charge


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Service charge

A component of some finance charges, such as the fee for triggering an overdraft checking account into use.

Service Charge

A fee a company or bank assesses for providing an unusual service. For example, a bank may assess a service charge if a person who does not have an account withdraws money from that bank's ATM. It is also called a service fee.
References in periodicals archive ?
The court could not interfere with the wording of the service charge clause.
Now that's not to say every restaurant or bar keeps the service charges - just that they can do.
the aACAyJointly Owned Property Law' of 2007 and its related directions of 2010 govern the issue of service charges," said Shahram Safai, Partner -- Real Estate at the law firm of Afridi & Angell.
The Service Charge and Maintenance Index is updated directly via an e-link with "Mollak", a system that has been developed specifically to assist property developers and owners associations in complying with all Rera registration and management requirements.
It is quite a complicated and tricky subject, especially in view of no standard agreements on whether service charge or breakfast is to be included in room revenue or not," he said.
The way in which service charges are handled is set out within the lease of the property.
While tenants should make the effort to understand service charges, a Royal Institution of Chartered Surveyors code of practice means the onus is largely on landlords to make things transparent.
new financial year, that cuts back common property service charges by an equally significant 25 percent.
At the Annual General Meeting of the co-owners' association of Viva Bahriyah 29, a co-owned property in The Pearl-Qatar, owners approved a budget for the ensuing financial year that will cut common property service charges by 25%.
However, they warn that without Government legislation, rogue landlords could still mislead lessees, who could end up paying too much for service charges without realising it.
SCOR also looked to identify any patterns between service charge costs and floor space occupied, however no correlation between the two was found suggesting that in retail service charges, economies of scale are surprisingly absent.

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