Legal Term
identifying hidden fees in craft brewery equipment financing contract
Legal Definition
The legal process of examining financing agreements for craft brewery equipment to uncover undisclosed or ambiguously stated charges, such as origination fees, documentation fees, or prepayment penalties, which may violate disclosure mandates under statutes like the Truth in Lending Act and state usury laws.
In Plain English
Finding extra costs that aren't clearly explained in a loan or lease deal for brewery equipment, so you don't get surprised by higher bills later.
Example in a Contract
Section 8. Miscellaneous Fees: In addition to the principal and interest, Borrower shall be liable for all 'administrative costs,' 'processing surcharges,' and 'incidental expenses' as defined in Lender's proprietary fee schedule, which may be amended periodically without prior notice. Such fees shall be automatically deducted from Borrower's account.
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