Section 6: Fees

6.1 New Application Fee

All Applicants must pay an application fee. The application fee is non-refundable regardless of the application’s success.

6.2 Membership Fee

On admittance to LBMA Membership, a Membership Fee is payable. Membership runs from 1 January to 31 December and subscription fees will be adjusted on a pro rata basis throughout the first Membership year. This subscription fee must be made before the publication of any admittance decision is made. This Membership Fee may vary from time to time. All current fees are listed on the LBMA website.

All Members must pay the Membership Fee within 30 days of invoicing on or before 1 January of each year, except for the calendar year in which Membership first commences. Should the payment of any subscription fees be extended beyond the 90-day point, a non-negotiable surcharge will be added to the fees at the rate stated within the annual subscription renewal letter.

A Member is not entitled to exercise any of the rights or privileges of Membership unless and until it has paid all fees owed to LBMA.

If a Member resigns or Membership is terminated/revoked, the Membership Fee will be payable in full for the year in which the resignation or termination occurs. If the Member has already paid the Membership Fee, there is no entitlement to recover such payment or any part thereof from LBMA.

Ultimately, the Board reserves the right to regulate, and therefore amend, any of the fees as provided for under Article 87b of the Articles.