Did you ever step in a store just to realize there are far much better things that you require besides what had taken you to the store? Lay-by allows you to get what you want even when you do not have enough money for the purchase.
All that is required of you is to fill out a layby agreement with a lay-by store and you can begin the journey to own that item that you really need. It is a requirement that every lay-by sale agreement be in writing and expressed in plain language.This agreement must contain:
• A Clear Description of the Goods to Be Supplied
A good lay-by agreement clearly indicates the description of the goods that the consumer wishes to have on lay-by.It is wise to have the item you want to have on layby clearly indicated and the features set out clearly. This may come to your rescue in case during the day of delivery you get to receive an item completely different to what you have been paying the installments for. Let alone the features of the item, you are expected to check the condition that the item is in.
• A Summary Of Your Rights To Cancel The Agreement
A lay-by agreement should also contain a summary of your rights.Before committing yourself and your resources into this deal make sure that you have read through all the stipulated terms and conditions of the agreement. This terms and conditions assist you at the slimmest of moments; for instance you want to cancel the agreement somewhere in between the set period of payment. In case you didn’t go through the rights provided on the first page of the agreement, then you may not be able to cancel your lay-by agreement. This can incur you huge losses contrary to the benefits expected.
• Whether Or Not A Cancellation Charge Applies
There are several instances which can get businesses cancel lay-by agreements.
First,if the business is no longer trading .In case the business stops that line of trade, then the lay-by agreement can be cancelled.
Secondly, if the consumer has broken the agreement. For example failing to pay installments can lead to lay-by sale agreement termination.
Lastly, in case the product being paid for lay-by is no longer available and the face off is outside the trader’s control.In case of any of these instances, termination of the lay-by agreement can be made. A lay-by sales agreement should include information whether there are any cancellation charges. In case there are any charges involved, it should also include the amount and how the charges are calculated.
• The Trader’s Details
A lay-by agreement should have the traders name, street address, phone number and email indicated on the first page of the agreement. This page should also include any useful details of the trader, this helps trace the store. This information may also assist you in case you receive a damaged item, varying item etc. Any queries can be handled by tracing the stores via the details indicated on the lay-by sale agreement. This agreement should also bear the consumers phone number as well as their personal details.
Always ensure the lay-by agreement is detailed on the price, the amount you’ve paid, how much is owing, and any cancellation charge payable if you cancel.
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