The Customer shall pay an amount as agreed between the Parties as interest free refundable security deposit (“Security Deposit”) on the Effective Date. It is agreed and acknowledged that without the payment of the Security Deposit the Term shall not commence and the Customer shall not have any rights in terms of the Agreement and the Terms of Use.
AltF does not adjust rent/ TDS balances/ Interest/ Pending dues in the Security Deposit. Security Deposit shall be retained by AltF during the Term and the said deposit shall be refunded to the client within 45 days after termination of the Service Agreement in accordance with the ‘terms of use’ herein contained. However, the Security Deposit may not be refunded by AltF if the Customer terminates the Agreement during the lock-in period as specified in the Agreement.
The Fee payable by the Customer shall not be deducted from the Security Deposit even though the same may be paid in lieu of advance by the Customer. The refund or deduction of the Security Deposit shall be purely in accordance with the terms herein.
AltF shall be at liberty to terminate this Agreement by giving 30 (thirty) days prior notice in writing.
In case a member company wants to terminate its membership, the member company must give a Notice Period. Notice Period will be applicable post completion of lock-in period (If applicable). A notice period is mandatory and shall be accepted on the 1st of every month. Any notice, if received post the 1st Day of the month, shall be considered from the 1st Day of the next month.
In the event of a material breach of the Agreement by the Customer, AltF will be entitled to terminate this Agreement without any prior notice to the Customer. The Term will be considered to have concluded from the date of the communication, unless the same has been revoked and recalled by AltF.
The Customer shall make full and final payment of all outstanding sums and the applicable Fee or part thereof, commensurate to the period that the Workspace was utilised by the Customer since the date of last payment of the Fee until the date of termination. Any default or delay in such payment shall carry an interest of 1.5% (one decimal five per cent) per month. AltF reserves the right to recover such dues from the Security Deposit.
Prior to, and no later than the date of termination, the Customer shall vacate the Workspace and in case the Customer fails to do so, the Customer shall be liable to pay damages equal to double the Fee, proportionate to the number of days that the Customer has exceeded post the termination of the Agreement till the actual date of full and final vacation. Provided however that in the event the Customer fails to fully vacate the Workspace even after 14 days after termination of the Agreement, AltF shall be at liberty to vacate the Workspace on behalf of the Customer and shall hold the possessions of the Customer for a period of 48 hours, which if not collected by the Customer, shall be destroyed by AltF, at its sole discretion, at the risk and cost of the Customer. The Customer acknowledges and admits that payment of the above damages would not in any way create any rights of the Customer on the said Workspace.
In a situation of partial termination of the Agreement during the lock-in period as specified in the Agreement, it is hereby stated that at any given point of time, only a maximum of 10 (ten) per cent of the seats may be vacated by the Customer. Provided however, at any given point of time such 10 (ten) per cent vacation shall not result in rendering any one of the rooms booked by the Customer as partially vacant.
