Holding Deposit Agreement
Applicant hereby submits $50 as a holding deposit as consideration for the Colorado Homebuilding Academy (“Academy”) to reserve 1 (one) trainee spot in the program described below for a fixed Pop-Up registration period.
Program: Pop-Up Bootcamp (PUB)
Applicant understands that the holding deposit is a deposit held on a temporary basis. Applicant understands that a trainee spot is being removed from the available PUB trainee spots and reserved solely for the Applicant. Applicant understands that the spot will only be reserved until all necessary commitments, paperwork, including signed documents, are provided to the Colorado Homebuilding Academy prior to commencement of the PUB. This Holding Deposit Agreement does not obligate the Academy to reserve the spot indefinitely. The holding deposit solely holds 1 (one) trainee spot from the available PUB spots. Upon the Academy’s approval of the Applicant to enroll in the PUB program, Applicant agrees to honor and fulfill all program stipulations and expectations until the completion of the entire PUB program. The Academy intends on having the trainee spot ready by the 1st day of training per the Academy PUB schedule; however, if the trainee spot is not available or the PUB is cancelled, Applicant may elect to have 100% their holding deposit returned immediately or elect to apply the holding deposit for a future PUB spot. The Parties agree that these are the only remedies available in the event the spot is not available.
If Applicant fails to 1) appear 2 (two) consecutive days starting at the beginning of the PUB the Applicant is enrolled in; 2) complete all coursework and adhere to safety guidelines, both construction-related and COVID19-related; or 3) execute and fulfill ALL PUB-related stipulations, deadlines, projects, and expectations until the completion of the entire PUB program, the holding deposit for the trainee spot reserved for the Applicant, that could have been offered to other PUB prospects/applicants, will be retained by the Academy indefinitely. Applicant agrees that forfeiture of the holding deposit, in such instance, is not a penalty, but represents a fair and reasonable estimate of the costs that the Academy has and will incur as a result of Applicant’s failure to timely occupy the trainee spot and participate in the PUB program. The Owner/Agent agrees to refund the entire balance of the holding deposit by the following Tuesday after the PUB program has successfully completed. The parties hereto shall have no further obligation to one another.