Common use of Cancellation and Transfer Clause in Contracts

Cancellation and Transfer. Paragraph 1 is deleted and replaced with the following: RIGHT TO RETURN CONTRACT You have the right to return or void this Contract. You may return the Contract within sixty (60) calendar days after the date Our Administrator mails a copy of the Contract to You or within sixty (60) days if it is provided to You at the time of sale. If You return this Contract within the applicable time period, the Contract shall be void and Our Administrator will refund the entire Contract purchase price within thirty (30) days. A ten percent (10%) penalty per month shall be added to a refund that is not paid or credited within thirty (30) days after the return of the Contract to Our Administrator. The right to return or void this Contract applies only to the original purchaser of this Contract. If this Contract is canceled after the first sixty (60) days, a refund of the unearned fee will be determined by the pro-rata method, based upon the number of months of the Contract term expired at the time of cancellation less a thirty dollar ($30) cancellation fee. If at the time of cancellation, your Finance Agreement has not been paid in full, the lienholder will be the sole payee on the cancellation refund. Texas: Under Section A – DEFINITIONS – the definition of ADMINISTRATOR is deleted and replaced with the following: ADMINISTRATOR: means American Auto Guardian, Inc., Texas Service Contract Provider Administrator Registration Number 105, P.O. Box 925, Arlington Heights, IL 60006-0925.