Whatsoever business dealings that you purge yourself into in life -especially in modern times when people are getting sued for very minor offences, you should ensure that you seal all the loopholes that might be used against you.
Lay-by stores can be easy to run if you properly understand how they work but can also be a nightmare, the trick to smooth running is to first features of a lay-by sale, conditions and risks that come with the items on sale and also the prices of the items. This way you are able to save some money and still get what you are looking forward to achieve. In order to effectively go through the lay-by sales you will require to answer this question; what is a lay-by sale?. A lay-by sale is characterized by the following features;
- Relates Only To Goods Lay-by sales is not applicable to services.
By this, you get to understand that it only relates to goods/items. It is not possible to pay for services in order to collect them later. In lay-by sales, you put down a deposit on the good or item of your choice and have it kept for you in the store until you have it paid for fully. You pay by installments and the goods are held by the retailer until you pay off the balance or a specified portion of the total price. In most cases you pay a deposit ranging between ten and twenty percent of the interest free price. However this varies on your agreement with the trader or retailer. The ownership of the item is still under the retailer till you have all installments paid. Any damage before you receive the item gets to be the retailer’s duty or responsibility
- Goods Are Retailer’s Responsibility
In lay-by sales, the consumer takes possession when all, or rather a stated amount, of the total price of the goods has been paid. The insuring of the lay-by item is the retailers’ responsibility till all payment has been made and delivery initiated. Before the goods are delivered to the consumers, all damages on the item fall under the retailer unless stated otherwise on the terms and conditions stipulated.
- The Agreement Is Between The Retailer And A Consumer
Every consumer is entitled to a lay-by sales agreement at the beginning of every lay-by, the seller must provide a written copy of the agreement to the consumer. This is because not every Dick and Harry out there is to be trusted. You need some papers to provide incase there are any legal procedures to be undertaken. The agreement should also be a guide on how the payments are expected to be made. It also carries a summary of terms and conditions that you are required to adhere to. A retailer has all his duties stipulated on the agreement as well as those of the consumer. It is advisable to have a copy of the agreement of your own. Consumers are also advised to take a keen look on the terms and conditions provided on the agreement.
Therefore, if the sale process meets this description, it will be defined as a lay-by. With layby sales, you don’t own the goods until you’ve made the final payment. It’s the retailer’s responsibility to have the goods insured. There are special rules that apply to laybys. Both sellers and consumers need to be aware of these rules.