Terms and Conditions: PUT IT ON LAYAWAY
Lay-Buy Financial Solutions Pty Ltd trading as www.lay-buys.com has identified core principles we believe are integral and imperative for all Layaway deals transacted through our PUT IT ON LAYAWAY checkout payment option to be fair and reasonable per the Fair Trading Act 1999.
The following principles below therefore make up the Terms & Conditions for all Layaway transactions:
- 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 Layaway Products
Product’s on Layaway will be set aside and stored separately to other products. Products will be clearly identified as Layaway products by a number or some other identification.
- Cancellation of Layaway by Buyer
The buyer may cancel a Layaway at any time prior to delivery of products and on delivery of products if the products are damaged by so advising seller in writing or if seller agrees, orally.If a buyer cancels a Layaway, 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 Layaway Contractual Agreements; and
c) The total amount paid under the Layaway; and
d) Any amount owing to either the buyer or seller under the terms of the Layaway on the cancellation of the Layaway.If seller does not accept the buyer’s oral cancellation it is obliged to give/send the buyer a duly completed Layaway cancellation form immediately.
- Cancellation of Layaway by Seller
The seller under a Layaway must not cancel it unless –
a) The buyer breaches a term of the Layaway; 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 Layaway and seller intends to cancel the Layaway, before doing so seller must –
a) Give the buyer notice of seller’s intention to cancel the Layaway; 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, or, if the buyer so agrees, orally; and
II) must specify the breach of the Layaway for which the Layaway 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 Layaway;
* any amount owing to either the buyer or seller under the terms of the Layaway on the cancellation of the Layaway.The Layaway 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 Layaway 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 Layaway
- Cancellation where products not available
If the products are no longer available, Seller must cancel the Layaway and refund all monies to the buyer.
- Effect of Cancellation
Subject to the above, when a Layaway is cancelled by either party, Seller must refund all money paid within 14 days less a USD $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 Layaway statement.
- Cancellation Charge
Seller shall charge the buyer a USD $25 cancellation fee under the terms of all Layaway deals.
- Banking Charge 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 Layaway deal.
- Service Fee
Seller shall not charge the customer any interest charges, membership fee or service fee on any Layaway sales transaction. Lay-Buy Financial Solutions Pty Ltd trading as www.lay-buys.com charge an admin fee, which is a once-off 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.
- Layaway Reporting
Seller shall have reporting in place for all Layaway deals covering Down Payment made, Layaway 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)
The seller will only dispatch the buyer product/s after receiving the final installment payment for all Layaway deals.
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.