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Bus/Financial - Accounting / fees | | English term or phrase: diligence fee | In an agreement for a service of obtaining an accepted loan:
"A DUE DILIGENCE fee equal to __% of the ___% is due prior to commencement of work by the XXX in procuring the loan for $_________________. Once the loan is accepted the DUE DILIGENCE will be returned." |
|  Zehavit EhreKudoZ activityQuestions: 111 (none open) ( 1 without valid answers) ( 4 closed without grading) Answers: 35
Israel
| | Local time: 08:21
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| | Selected response from:
beky4
Local time: 08:21
| Grading comment | 4 KudoZ points were awarded for this answer |
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1 hr confidence:  peer agreement (net): -1
1 hr confidence:  peer agreement (net): +1
4 hrs confidence: peer agreement (net): -1 עמלת טיפול/מאמץ/השקעה/שקדנות
Explanation:
I believe the fee is not for taking due diligence, which is a practice you adhere to whenever you do this sort of thing.
It is for the diligence itself, i.e. the efforts you made - and is simply another form of service charge. See refs. below.
Example sentence(s):- Evergreen, which became an IDA member at the end of January, was paid a $30,000 diligence fee. (The fee is specified in the prospectus.) Also known as a work fee, the diligence fee covers the time and costs incurred by Evergreen in structuring and develop
Reference: http://myenergyreport.wordpress.com/2007/03/05/look-who%E2%8...
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