Common Contracts

1 similar Layaway Agreement contracts

Layaway meaning in business
Layaway Agreement • July 14th, 2023

A purchasing agreement in which the the product is reserved for a period of time for the buyer Layaway is a purchasing arrangement where a retailer reserves and stores an item for a customer who has a predetermined period to pay for the item in full. The customer typically enters into an agreement to pay the full price for the item within an agreed period of time; failure to do so will cause the item to be returned to the retailer’s shelves for other customers to buy. In such cases, the customer’s money may be returned in whole, minus a storage fee, or forfeited in whole, depending on the initial agreement between the store and the customer. Layaways come with minimal risks for the seller and provide a way of assisting customers with bad or simply no credit history, or those with a restrictive amount of disposable income to purchase higher-priced items. How Layaway Transactions Work Different retailers impose different rules for layaway transactions. Typically, the basic process is as

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