"Investor shall pay Adviser on a flat fee, per-transaction basis, at the rate of 2,000 dollars ("Advisory Fees"), in the case of the Initial Transaction."


"in the event that investor is entitled to, and does withdraw its investment principal from the Initial Transaction, then Adviser will issue a partial refund of the Advisory Fees in the amount of 2,000 dollars. The balance of the Advisory Fees is nonrefundable."

Does it mean the Advisory fee is 2,000 dollar or the partial refund is 2,000 dollars? Thank you in advance.

  • could you please rephrase your question in a way so that we can see the paragraphs in their original sequence, it might change their meaning significantly.
    – Vickel
    Dec 30, 2021 at 1:48
  • 1
    added more details and looking forward to your help. thank you.
    Dec 30, 2021 at 2:10

2 Answers 2


2,000 is the amount of the refund.

Linguistically, the sentence is technically ambiguous. It could mean:

(a partial refund of the Advisory Fees) (in the amount of 2,000 dollars)

-2,000 is the amount of the refund


(a partial refund of) (the Advisory Fees in the amount of 2,000 dollars)

-2,000 is the total amount of the advisory fees

However, I believe that any reasonable person would assume the first meaning. If someone used this sentence with the intent of the second meaning, I would consider that to be intentionally misleading.

If you did intend the second meaning, you could write something like

partial refund of the Advisory Fees, which totaled 2,000 dollars

  • Thank you so much, SegNerd. Appreciate your help here. I do agree with your analysis other than the fact that the total Advisory Fee for this transaction was indeed 2,000 dollars. If the 2,000 refers to a partial refund, while contextually this is a full refund, so why bother to say it's a partial refund?
    Dec 30, 2021 at 2:01

it means, as an investor you'll pay a minimum advisory flat fee of 2000 USD

Then there may be other paragraphs that we don't know about, but the next one you mention suggests that there were other consultation/advisory fees besides the flat fee.

therefore you need to look at:

The balance of the Advisory Fees is nonrefundable

This means that any amount you paid in excess of the 2000 USD is lost.

  • I see. So the 2000 USD is the refundable amount, regardless of the total of the Advisory Fees being just 2000 USD or more. It's the word "partial" that's confusing here.
    Dec 30, 2021 at 2:35
  • Thank you so much, Vickel.
    Dec 30, 2021 at 2:35
  • partial refers to a global advisory fee you might have paid
    – Vickel
    Dec 30, 2021 at 2:45
  • since you seem to be new on StackExchange sites, please have a look at: On Stack Exchange sites the way to say thank you is to upvote helpful answers and accept the most helpful by clicking the tick mark on the left. You're free to switch later when a better answer comes along.
    – Vickel
    Dec 30, 2021 at 16:00

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