Lump Sum

A Lump sum may be paid as part of an Accommodation Bond agreement and is an amount that the resident deposits with the home for the duration of their stay in the home. The home is entitled to retain some part of the Lump Sum depending on the time that the resident remains in the home. The amount retained is referred to as the Retention and the regular amount transferred is referred to as the Transfer.

Where a lump Sum remains unpaid after the residents arrival in the home the home is entitled to charge interest at the Treasury Note Yield Rate that applied for the month two months before the resident arrived in the home.