Lay-by • Terms • Agreement

Lay-by Policy, Agreement & Disclaimer

Company: Reserved Designs • Effective date: [Insert date]

1. Introduction

This Lay-by Policy & Agreement governs all lay-by (also known as layaway) transactions between Reserved Designs ("the Company") and the Purchaser ("the Client"). By entering a lay-by arrangement you acknowledge that you have read, understood and accepted these terms, the attached Purchase Invoice and any specific schedule associated with the order.

2. Policy overview

The lay-by option allows Clients to reserve products — including standard, customised or prototyped units — by paying in instalments over an agreed period before full ownership transfers. The Company remains the legal owner of the goods until the purchase price is paid in full.

3. Payment & Deposit

  • Minimum deposit: A minimum deposit of 10% of the total order value is required to place a lay-by.
  • Instalments: The outstanding balance must be paid according to the payment schedule (monthly or otherwise) agreed and attached to this agreement.
  • No interest: No interest or initiation fees apply to lay-by transactions unless expressly stated in the schedule.
  • Payment methods: Payments are accepted by the methods listed on the Purchase Invoice. All payments are due on or before the dates indicated in the schedule.

4. Ownership, Production & Reserved Designs

The Company retains ownership of the goods until full payment is received.

Important IP note:

All product designs, CAD models, prototypes, manufacturing documentation and intellectual property (collectively "Reserved Designs") remain the exclusive property of Reserved Designs. Purchasing the physical goods under lay-by does not transfer design ownership, nor does it entitle the Purchaser to any digital design files, manufacturing instructions, or reproduction rights unless a separate written licence or transfer agreement is executed.

5. Pricing & Price Protection

Goods placed on lay-by are secured at the agreed price on the date of signing. The Purchaser will not receive a price reduction if the retail price falls during the lay-by period. The Company also will not increase the agreed price after the agreement is signed.

6. Collection & Storage

  • Once the total purchase price is paid in full, the Purchaser must collect the goods within 14 days from the original store or design studio of purchase, upon presentation of a copy of this agreement, the Purchase Invoice and a valid identity document.
  • Failure to collect within 14 days may result in a reasonable storage fee. If goods remain uncollected after 30 days following full payment, the Company may terminate the agreement and treat the order as cancelled (see Cancellation section).

7. Cancellation, Termination & Refunds

  1. The Purchaser may cancel the lay-by at any time prior to final payment. If cancelled: the Company will refund amounts paid, less a 20% termination fee of the purchase price — unless the goods are custom and production or prototyping has commenced (see clause 7.4).
  2. If the Purchaser defaults on payments and remains in arrears up to the expiry date on the schedule, the Company may terminate the agreement after giving 14 business days written notice. Refunds (if any) will be issued within 10 business days minus the termination fee.
  3. For custom or made-to-order products are non-refundable. The Company will clearly indicate such non-refundable clauses on the Purchase Invoice and schedule prior to accepting the order.

12. Acknowledgement & Signature

By signing below, the Purchaser confirms they understand these terms, have the legal capacity to enter into this agreement and accept the stated obligations and limitations.

Purchaser name

ID/Passport number: ____________________

Date: ____________________

Reserved Designs (Authorised representative)

Name: ____________________

Date: ____________________

Contact: legal@reserveddesigns.co.za | Studio address: JHB, South Africa | Website: reserveddesigns.co.za

This lay-by agreement is a summary document. For complete details please refer to the Purchase Invoice and the full White Labelling Agreement (if applicable). Always seek independent legal/tax advice if unsure of your rights or obligations.