SUITE OWNER TERMS & CONDITIONS
Terms & Conditions
Here you’ll find information on what we do and how our service works. If your query isn’t answered below, feel free to get in touch and we’ll endeavour to resolve it as quickly as possible.
Wellspring Practice Suites
Wellspring Practice Suites is the trading name of Wellspring Therapy Suites NYC INC; a company registered in the State of Delaware with Federal EIN 823585500.
On a full-time, 12 month contract, our fee is 10% (no fees thereafter). For a full-time, 24 months contract, 10% for first 12 months, 5% for the following 12 months. For a part-time, 12 month contract, our fee is 10% (plus 5% for any subsequent renewals, up to 24 months).
Summary of Terms
In the event that an Wellspring client or any associated entity signs an agreement at your location or any of your associated locations, our usual terms apply i.e. 10% of the inclusive license fee agreement which increases or decreases pro-rata, in accordance with the client’s expansion or contraction. Any incentives such as rent-free periods are to be averaged out over the term of the agreement. Invoices are payable on either the client paying a deposit or taking occupation, whichever is the sooner. If you have already been introduced to a client from another party, you are required to email us to reject this introduction within 48 hours, otherwise our fees will be applicable.
New Client Introductions
Wellspring will send introductions of prospective new clients to the Therapy Suite via email. All mail introductions also appear in the ‘Operator Portal’. All introductions are assumed to be accepted unless rejected.
New Client rejection
If the Therapy Suite wishes to reject our introduction, you need to send us an email stating the reasons. If a rejection email is not received within 48 hours, then our 10% fee will be payable to Wellspring.
Regardless of which broker is first to send an introduction to the Therapy Suite, the introduction should be overturned to the referrer who subsequently arranges a viewing (which is attended) for the customer at the Therapy Suite. Should this viewing result in a sale, the referrer who arranges the viewing which the customer attends shall be credited with the fee. In the event that the Therapy Suite arranges the viewing, and not the referring agency, then the referrer that was first to send the introduction shall be credited with the fee.
All prospective clients introduced to the Therapy Suite by Wellspring are strictly private and confidential and for the exclusive use of the Therapy Suite. The Therapy Suite can only use customer information in relation to offer your Therapy Suite services.
Referral Fees structure
When an Wellspring client signs an agreement or acquires any of the services at the Therapy Suite (as a result of Wellspring’s introduction), it is the responsibility of the Therapy Suite to advise Wellspring of the tenancy details so that an invoice can be raised by Wellspring. Wellspring’s referral fees are 10% (unless agreed higher in the case of any relevant promotions) of the inclusive licence fee for a period of 12 months, unless the client initially signs for a period of longer than 12 months, then 5% will be charged for any period of time beyond month 13. For example, if the license fee is 20,000 per annum on a 3 year deal, Wellspring’s fees will be 10% of 20,000 = 2,000 plus 5% of 40,000 = 2,000, total = 4,000.
If a customer signs up for an initial period of less than 12 months, Wellspring is entitled to fees on any renewal period up to the first 12 months of tenancy, irrespective of whether Wellspring was involved in the renewal negotiations. For deals exceeding 12 months which include a rent-free period within the first year, the rent-free period must be averaged out over the period of the agreement. For example, if 2 months’ rent-free period is agreed on a 2-year deal, then Wellspring will be remunerated for 11 months, as opposed to 10 months or 12 months.
For renewals after the initial 12 month period, Wellspring fees will be 5% for up to the 24 month, thereafter no further fees are applicable.
Expansions are payable within the initial 24 months. Should the licence fee increase during the term of the agreement, it will be the responsibility of the Therapy Suite to advise Wellspring by email within 48 hours of the change in terms.
Settlement of invoices is payable on either the client paying a deposit or taking occupation, whichever is the sooner.
Change of Ownership
If a Business Centre (or Group) is sold, it is the responsibility of the selling Business Centre to advise Wellspring and to ensure that the new owners are aware of all future referral fee obligations to Wellspring, and that they will be honoured. Failure to do so shall result in the outstanding fees remaining the responsibility of the selling Business Centre (vendor).