Refund Policy

Document Code: CW-RPA-001
Effective Date: Thursday, 22 May 2025
Applies To: All clients leasing coworking space under an annual (1-year) lease term at NeoWorkspace.

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📘 Overview

This document outlines the official Refund Policy Agreement between NeoWorkspace and its clients (both individuals and businesses). It is a mandatory component of the leasing process and is designed to bring transparency and clarity to all monetary transactions during and after the lease term.

The policy covers:

• Prepaid Rent Requirements

• Refundable Advance Rent Deposit

• Minimum Notice Period Terms

• Specific Conditions for Refund Eligibility

• Proration Clauses

• General Processing Timelines

• Terms of Deductions

• Policy Amendments

• Acknowledgement Clause

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💳 Prepaid Rent & Refundable Deposit

At the time of onboarding (i.e., when signing the lease agreement), the client must pay the following:

1. Prepaid Monthly Rent

• Equivalent to 1 month’s rent.

• This will be adjusted for the first month of occupancy and is non-refundable after the lease begins.

2. Refundable Advance Rent Deposit

To ensure the space is reserved and protected, a refundable deposit is collected based on the floor assigned:

Note: GST is not applicable on refundable rent deposits as per current regulations.

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📝 Notice Period Requirements

All clients are required to provide a minimum of 2 months’ written notice before terminating the 1-year lease agreement. This notice must be:

• Submitted in writing (email or signed document)

• Dated and acknowledged by the NeoWorkspace management team

Failure to provide notice will forfeit the client’s right to a refund on the refundable advance deposit.

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✅ Refund Conditions Explained

🔹 Condition 01: Notice Given, No Occupancy During Notice Period

• If the client provides a 2-month notice and does not occupy the space during that time:

  • No rent is payable for the notice period

  • The advance rent deposit is adjusted against the notice period (i.e., not refunded)

Example:
Client gives notice on 1st May, leaves immediately, and does not use the office in May & June. No rent will be charged, and their deposit will be adjusted against this period.

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🔹 Condition 02: Notice Given, Continues to Occupy

• If the client gives the required 2-month notice and continues to use the space during that time:

  • They must pay rent for the notice period

  • After vacating and clearing dues, the full refundable deposit will be returned

Example:
Client gives notice on 1st May and continues working until 30th June. They pay rent for May and June. Upon final inspection and clearance, their full deposit is refunded.

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🔹 Condition 03: Early Exit Due to Replacement Client

• If a new client expresses interest to occupy the same cabin during your notice period:

  • You must vacate within 1 week of notice from NeoWorkspace

  • Refund is calculated on a prorated basis

📊 Example Calculation:

Let’s assume your notice period is May and June.

• You vacate on 10th May after 7 days of preparation.

• New client takes over on 11th May.

• Refund is calculated as:

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📤 Refund Processing Time

• All refundable amounts will be processed within 20 working days from the date of:

  • Final vacating of the premises

  • Clearance of dues

  • Satisfactory inspection and handover

Refunds will be made via:

• Bank Transfer (preferred)

• UPI

• Cheque (in rare cases)

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🛠️ Deductions from Refundable Deposit

Refundable deposits may be partially or fully adjusted under the following conditions:

• Physical Damage to property, furniture, AC, or fixtures

• Pending Rent or service dues

• Violation of NeoWorkspace terms of use (noise complaints, misuse, subletting, etc.)

• Unpaid Utility Bills (if applicable)

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🛑 Policy Amendments

NeoWorkspace reserves the right to update or revise this Refund Policy Agreement at any time with a minimum of 15 days’ prior notice. Any changes will be communicated via email or official notice boards.

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✍️ Acknowledgment & Agreement

I, the undersigned, hereby declare that I have thoroughly read, understood, and agreed to the terms and conditions listed in this Refund Policy Agreement. I acknowledge that it is a binding part of my lease contract with NeoWorkspace and agree to comply fully during my tenancy.