MEMBERSHIP FEE: Your membership fee entitles you to all the rights and privileges of membership at Island Gym and Fitness (the club). You agree that by signing this contract, you are required to pay for all membership dues and on-account charges whether or not you utilize the services of the club. Unless within 3 days of the contract begin date, this agreement cannot be cancelled or payments withheld during the initial term. In order to terminate billing during the open renewal period, you must formally apply for cancellation of this contract in writing (see below). If the member wishes to cancel this contract within the initial term, the member must pay a cancellation fee of $96.00 or the balance of the contract whichever is less. BILLING: All accounts with a balance due for membership or on-account charges will be processed/drafted daily. PRICE INCREASE: Island Gym and Fitness reserves the right to increase membership dues at any time. LATE FEE: If your account is past due (1) day, a late fee of $15.00 will be imposed. This applies to every (all) individual past due invoices on account 15 days past due. AUTOMATIC OPEN RENEWAL: Upon the expiration of your initial membership term, your scheduled payments will continue in accordance with the contract for the rate and frequency as outlined. Your membership dues will not increase as long as your payments stay current, your credit is in good standing, and you do not apply for cancellation of this contract. Please be advised that scheduled dues payments in the open renewal period will continue indefinitely until you apply for cancellation. See below for cancellation policy and procedures.