Lay-Buy Terms and Conditions
The following principles below therefore make up the Terms & Conditions for any Lay-Buy related transactions entered into.
- 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.
- Storage and Identification of Lay-Buy Products
Product’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 provided by the customer.
- Cancellation of Lay-Buy by Buyer
The buyer may cancel their Lay-Buy agreement at any time prior to delivery of products.
- The buyer will receive a full refund of any amount that has been paid to the current date, minus your initial 20% non-refundable deposit and any late payment fees charged.
- Cancellation of Lay-Buy by Seller
The seller under a Lay-Buy must not cancel it unless –
a) The buyer breaches a term of the Lay-Buy; or
b) The seller stops trading; or
c) The products are no longer available
- Cancellation on breach by Buyer
If 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; 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: I) in writing, sent to the buyer’s last known address.
II) must specify the breach of the Lay-Buy for which the Lay-Buy is being cancelled; and
III) must state the time within which the buyer must rectify the breach;
IV) 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 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.
- Cancellation where business closes
If 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 available
If the products are no longer available, Seller must cancel the Lay-Buy and refund all monies to the buyer.
- Effect of Cancellation
Subject to the above, when a Lay-Buy 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-Buy statement.
- 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-Buy deals.
- Banking Charges back Fees
The seller shall be entitled to pass-on to the buyer all charge back fees received by any given bank for any given customer charge back from any given Lay-Buy deal.
Late Payment Fee
A late payment fee is charged when the buyer faults in payments. This is, they have not made at least 1 payment within the month.
The late payment fee is charged at $5.00 per month and is not refundable.
The seller will only dispatch the buyer product/s after receiving the final instalment payment.
14.1 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, power 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.