This page contains some explanation and practical examples on the operation of the proration and notice clauses which are contained in our shared space, ad hoc and virtual office membership agreements.
Our invoices are due calendar monthly in advance so the most straightforward way to sign up is to choose the 1st of the month as your start date. However you can choose a start date other than the 1st of the month and if you do this, we will prorate your first invoice. So for example, if you choose a start date of the 10th of May, your first invoice will contain your membership charges from the 10th of May to the 31st of May. Your second invoice will then contain your membership charges for the period 1st June to 30th June (a full calendar month) and so on each month until you provide notice to leave.
However, because our billing day (the date on which we raise and send our invoices) is the 15th of each month if a member chooses a start date of a month which is the 15th or onwards, your first invoice will include the membership fee for the remaining bit of the first month and the following full month. This is to ensure no member is using the space who has not paid for it.
Example: Take a chosen start date of the 17th of May – because our billing day is the 15th and the prorated day is the 1st, if we only charged from 17 May to the 1 June then the member would not be invoiced again until the 15 June which would mean that the member would be in the space for June but would not have paid for that period.
If however, your chosen start date is before the 15th of a month then your membership fee on your 1st invoice will be equal to the days on which you are a member for the 1st month only and will not add on the membership fee for the following month. Tip: Charges are billed in advance so to avoid a 1st invoice which includes more than one month’s membership fee, choose a start date from between the 1st and the 14th of the month. The most straightforward way to sign up is to choose the 1st of the month as your start date.
In order to consolidate billing periods and therefore simplify our accounting process, all contracts end on the last day of the month. This means that when a member gives notice to leave, the notice period must be a minimum of one full calendar month which shall commence on the 1st day of the month which immediately follows the month in which notice is provided.
Example: So for example, if notice is given on the 20th of July, the notice period will end on the 31st August (not the 19th August).
When you sign up we ask for a deposit which is equivalent to one-month license fee plus vat. This will be included on your first invoice. The deposit covers a few things to include damage to property that might be caused during your membership period as well as arrears on your account if for example, you don’t pay us on time. As such, the deposit cannot be treated as a substitute for your last month membership fee.