The "Fees And Expenses" clause outlines the obligations of each party regarding the payment of fees and expenses incurred during the execution of a contract. It typically specifies what costs will be covered, who is responsible for them, and the timelines for payment.
FEES AND EXPENSES OF THE PORTFOLIO. The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.
Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund: Shareholder Fees (fees paid directly from your investments) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.59 % Distribution and/or Service (12b-1) Fees(1) None Other expenses 0.74 % Administrative Service Fees 0.25% All Other Expenses(2) 0.49% Acquired Fund Fees and Expenses(3) 0.05 % Expense Recoupment(4) 0.10 %
Total Annual Fund Operating Expenses(4)(5) 1.48 % (1)“Distribution and/or Service (12b-1) Fees” have been restated to reflect expenses for the current fiscal year. Prior to April 1, 2021, Distribution and/or Service (12b-1) Fees were 0.25%. (2)“All Other Expenses” have been restated to reflect estimated expenses for the current fiscal year. (3)“Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. AFFE have been restated to reflect estimated expenses for the fiscal year ended March 31, 2021.
Fees and Expenses refer to the costs associated with services provided or tasks performed. This term encompasses various charges that might be included in agreements between parties, including service fees, administrative fees, legal fees, and other related costs incurred during the execution of a contract or project. These costs are typically stipulated in contracts to ensure transparency and mutual understanding of financial obligations.
You should use “Fees and Expenses” when drafting or entering into any contractual agreement where services are exchanged for compensation. This includes service agreements, consulting contracts, project management contracts, and any situation where outlining the financial obligations between parties is necessary. Including this section helps prevent misunderstandings and disputes over the costs incurred and how they will be handled or reimbursed.
When writing a “Fees and Expenses” section in a contract:
Clearly Define Fees: Specify the fees for each service or deliverable. Be explicit about the amount, frequency (one-time, monthly, etc.), and payment terms.
Detail Expense Policies: Clarify which expenses will be reimbursed and any caps on expenses. Outline the process for submitting expenses for reimbursement.
Include Payment Terms: State the payment schedule and any penalties for late payment to ensure clarity on financial expectations.
Example format:
Fees and Expenses:
The Client agrees to pay the Contractor a service fee of $500 per month for the duration of the project. Expenses incurred by the Contractor while performing the services under this agreement will be reimbursed only if pre-approved by the Client. The Contractor must submit all receipts and an itemized expense report within 30 days of incurring the expense for reimbursement.
“Fees and Expenses” are commonly contained in the following types of contracts:
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A finance contingency clause in a contract allows a buyer to withdraw from an agreement without penalty if they are unable to secure financing within a specified timeframe. This provision ensures that the buyer is not obligated to complete the purchase if they cannot obtain the necessary loan or mortgage approval.
A financing contingency is a contract clause that allows a buyer to cancel a purchase agreement without penalty if they are unable to secure the necessary financing within a specified timeframe. This provision protects the buyer by ensuring they are not obligated to complete the transaction if they cannot obtain a loan or suitable financing terms.
The "First Right of Refusal" clause grants a party the opportunity to enter into a business transaction with the owner of an asset before the owner is entitled to enter into that transaction with a third party. If the holder of this right declines, the owner is then free to negotiate with other potential buyers or parties.
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