Part of a financial services company client agreement - before plain English

Apart from any work carried out for the Client under Clause (3), the Client will pay the Company a fee for the time spent on the Client's affairs or fixed as agreed. The rate to be charged by the Company initially will be £20.00 per quarter hour or part quarter hour, but the Company may increase this by notifying the Client in writing without affecting the continuing validity of this Agreement. If, however, the Company receives a commission or discount from an insurance company or other institution in respect of the Client's business being placed there, the Client will be given details of the amount by the Company, and any fee which might otherwise be charged by the Company to the Client may be waived. Any commissions received by the Company may be shared with other parties. If the Company waives such a fee as aforesaid, and the Client SUBSEQUENTLY CEASES TO PAY PREMIUMS ON THE POLICY IN QUESTION, and because of this the Company requires to refund commission paid to them or fails to receive commission due to be paid to them, the Company shall be entitled to ignore the waiver previously granted by them and charge a fee equal to the refunded commission or the unpaid commission as the case may be.

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