Upfront Fee

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Upfront Fee

A fee paid before a good is produced or a service is performed. The upfront fee is generally a portion of the total fee that the buyer must pay. For example, one may commission an artist to paint a portrait and pay a 20% upfront fee, paying the remainder when the portrait is finished. It is also called an advance fee.
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Advanced fee fraud schemes involve solicitations that encourage potential victims to provide personal information such as signatures or bank account information, and to pay certain advance fees, often described as "processing fees" or finders fees.
The annual Financial Awareness Survey 2019, carried out by OnePoll and commissioned by credit experts TotallyMoney, asked a representative sample of 2,000 UK adults about cash advance fees.
A letter dated May 3 alleged schools were illegally demanding advance fees before issuing students statements of entry so they could sit their exams
It may be recalled that last month, Sindh High Court (SHC) had ordered the privately owned schools to halt recovery of advance fees of more than one month from students.
A two-member bench of SHC, headed by Justice Aqeel Abbasi, heard the contempt of court petition against the private schools for getting advance fee of two months of summer vacations and stopped the school management from receiving the advance fees.
KARACHI -- The Sindh High Court (SHC) on Monday directed private schools to stop recovery of advance fees of more than one month from students.
According to the charges, Toran failed to provide his client with a written agreement, failed to hold advance fees in trust and failed to return advanced fees when he knew he would not be completing the work.
New language in Rule 4-1.5, on fees and costs for legal services, provides a definition for retainers, flat fees, and advance fees. Language also is being added to the rule comment to provide, "A nonrefundable retainer or nonrefundable flat fee is the property of the lawyer and should not be held in trust.
Coun Marcus Hart, joint committee chairman of the team, said: "Scams take many forms, including fake prize draws, bogus health cures, pyramid selling and letters asking for advance fees.
You will likely be asked to provide advance fees for taxes, attorney fees or transaction costs.
He claimed the fraudsters obtained pounds 269,000 in advance fees and collected almost pounds 500,000 in outstanding debts,but only paid out pounds 32,000 over three years from their offices,basedin Birkenhead and the West Midlands.

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