Layby Terms, agreements and contract
The following principles below therefore make up the Terms & Conditions for any
Lay-Buy or Layby 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-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
3.Cancellation of Lay-Buy 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 or if seller 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 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-Buy; and
d) Any amount owing to either the buyer or seller under the layby terms on the
cancellation of the Lay-Buy.If seller does not accept the buyer’s oral cancellation it is
obliged to give/send the buyer a duly completed Lay-By Form of Cancellation
4.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
5.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 in writing, sent to the buyer’s last known email
address, or, if the buyer so agrees, orally; and
II) must specify the breach of the Lay-Buy for which the Lay-Buy is being cancelled;
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.
6.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
7.Cancellation where products are not available
If the products are no longer available, Seller must cancel the Lay-Buy and refund all
monies to the buyer.
8.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 a R300 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.
Seller shall charge the buyer a R300 cancellation fee under the terms of all Lay-Buy
10.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.
Seller shall have reporting 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
The seller will only dispatch the buyer product/s after receiving the final installment
payment for all Lay-Buy 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
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