Record of PaymentA record of payments transaction history will always be available for both the merchant and buyer, recording all amounts paid to-date and the date and value of all future pending payments as per your agreed lay-by policy.
Storage and Identification of Lay-Buy ProductsProduct’s on Lay-Buy will be set aside and stored separately to other products. Products will be clearly identified as ‘Lay-By contract’ products by a number or some other identification.
Cancellation of Lay-Buy by BuyerThe buyer may cancel their LayBy agreement form at any time prior to delivery of products and on
of products if the products are damaged by so advising seller in writing or if
agrees, orally.If a buyer cancels a Lay-Buy, seller will, if so requested by the seller, give the buyer a “cancellation statement” which sets
) The purchase price of the products;
) Advise customer of the cancellation fee payable to seller under all Lay-By terms and conditions;
) The total amount paid under the Lay-Buy;
) Any amount owing to either the buyer or seller under the layby terms on the cancellation of the Lay-Buy.If
does not accept the buyer’s oral cancellation it is obliged to give/send the buyer a duly completed Lay-By Form of Cancellation immediately.
Cancellation of Lay-Buy by SellerThe seller under a Lay-Buy must not cancel it unless –a) The buyer breaches a term of the Lay-Buy; orb) The seller stops trading; orc) The products are no longer available
Cancellation on breach by BuyerIf a buyer has breached a term of a Lay-Buy and seller intends to cancel the Lay-Buy, before doing so seller must –a) Give the buyer notice of seller’s intention to cancel the Lay-Buy;
) Allow the buyer at least 14 days within which to rectify the breach;
) The notice to be given has to be:I) in writing, sent to the buyer’s last known address, or, if the buyer so agrees, orally; andII) must specify the breach of the Lay-Buy for which the Lay-Buy is being cancelled; andIII) must state the time within which the buyer must rectify the
) must state the matters listed per below:* the purchase price of the products;* all cancellation charges payable under the agreement; and* the total amount paid under the Lay-Buy;* any amount owing to either the buyer or seller under the terms of the Lay-Buy on the cancellation of the Lay-Buy.The Lay-Buy is
at the end of the period specified in the notice unless the buyer rectifies the breach before then or Seller agrees not to cancel it.
Cancellation where business closesIf Seller under a Lay-Buy agreement proposes to stop trading before the agreement is completed, Seller must give notice of the proposal to the buyer and must either –(a) allow the buyer 7 days within which to complete the agreement; and(b) cancel the Lay-Buy
Cancellation where products not availableIf the products are no longer available, Seller must cancel the Lay-Buy and refund all monies to the buyer.
Effect of CancellationSubject to the above, when a Lay-Buy is
by either party, Seller must refund all money paid within 14 days less
$25 cancellation fee. There are circumstances which prohibit Seller from keeping the cancellation charge. These include but are not limited to, situations where the products are damaged or not delivered or where Seller has breached a term of the Lay-Buy statement.
Cancellation ChargeSeller shall charge the buyer
$25 cancellation fee under the terms of all Lay-Buy deals.
Banking Charges back FeesThe seller shall be entitled to
to the buyer all
fees received by any given bank for any given customer charge back from any given Lay-Buy deal.
Service FeeSeller shall not charge the customer any interest charges, membership fee or service fee on any Lay-Buy sales transaction. Lay-Buy Financial Solutions Pty Ltd trading as www.lay-buys.com charge an admin fee, which is a
0.9% of the total order value at checkout. The buyer will pay this amount to Lay-Buys at checkout at time of paying the down payment. This fee is an admin fee and is therefore not refundable.
Lay-Buy ReportingSeller shall have
in place for all Lay-Buy deals covering Down Payment made, Lay-Buy period, Frequency of payments required, Payment amount required per installment; and a full record of all payments made to-date (amount and date on which made).
DeliveryThe seller will only dispatch the buyer product/s after receiving the final installment payment for all Lay-Buy deals.
MISCELLANEOUS14.1 This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the representatives, successors and assigns of the parties hereto.14.2 This Agreement may be amended only by a written instrument duly executed by all parties hereto.14.3 The parties hereby represent and warrant that each of them has full legal right,
and authority to enter into this Agreement and to carry out its obligations hereunder.14.4 This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.14.5 Article headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.