The following make up the Terms & Conditions for any Lay-by contract and related transactions entered into. This applies to all and any lay-by contract template utilized by both the vendor or consumer:

  1. Record of Payment
    A 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.
  2. Storage and Identification of Lay-By Products
    Product’s on Lay-By will be set aside and stored separately to other products. Products will be clearly identified as ‘Lay-By contract’ products  or some other identification.
  3. Cancellation of Lay-By by Buyer
    The buyer may cancel their LayBy agreement form at any time prior to delivery of products and on delivery of products if the products are damaged by so advising seller in writing with a signature. If a buyer cancels a Lay-By, seller will, if so requested by the seller, give the buyer a “cancellation statement” which sets out-
    a) The purchase price of the products; and
    b) Advise customer of the cancellation fee payable to seller under all Lay-By terms and conditions; and
    c) The total amount paid under the Lay-By; and
    d) Any amount owing to either the buyer or seller under the layby terms on the cancellation of the Lay-By. 
  4. Cancellation of Lay-By by Seller
    The seller under a Lay-By order must not cancel it unless –
    a) The buyer breaches a term of the Lay-By; or
    b) The seller stops trading; or
    c) The products are no longer available
  5. Cancellation on breach by Buyer
    If a buyer has breached a term of a Lay-By and seller intends to cancel the Lay-By, before doing so seller must –
    a) Give the buyer notice of seller’s intention to cancel the Lay-By; and
    b) Allow the buyer at least 14 days within which to rectify the breach; and
    c) The notice to be given has to be: in writing, sent to the buyer’s last known address, or, if the buyer so agrees, orally; and
    1) must specify the breach of the Lay-By for which the Lay-By is being cancelled; and
    II) must state the time within which the buyer must rectify the breach;
    Ill) 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-By;
    * any amount owing to either the buyer or seller under the terms of the Lay-By on the cancellation of the Lay-By.The Lay-By is cancelled 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.
  6. Cancellation where business closes
    If Seller under a Lay-By 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-By
  7. Cancellation where products not available
    If the products are no longer available, Seller must cancel the Lay-By and refund all monies to the buyer.
  8. Effect of Cancellation
    Subject to the above, when a Lay-By is cancelled by either party, Seller must refund all money paid within 14 days less the 20% deposit as a 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-By statement.
  9. Cancellation Charge / Non-refundable Deposit
    Seller shall charge the buyer a 20% cancellation fee of the total order value under the terms of all Lay-By deals.
  10. Banking Charges back Fees
    The seller shall be entitled to pass-on to the buyer all charge back fees received by any bank for any customer charge back from any Lay-By deal.
  11. Service Fee
    Seller shall not charge the customer any interest charges, membership fee or service fee on any Lay-By sales transaction. 
  12. Lay-By Reporting
    Seller shall have reporting in place for all Lay-By deals covering Down Payment made, Lay-By period, Frequency of payments required, Payment amount required per instalment; and a full record of all payments made to-date (amount and date on which made) on invoice document.
  13. Delivery
    The seller will only dispatch the buyer product/s after receiving the final instalment payment for all Lay-By deals.