Irene Byrne & Co has identified core principles we believe are integral and imperative for all Lay-by agreements to be fair and reasonable per the NSW Fair Trading Act 1987.

The following principles below therefore make up the Terms & Conditions for any Lay-by or Lay-by contract and related transactions entered into. This applies to all and any lay-by contract template utilised by both the vendor or consumer:

1. Lay-by Terms

Our Lay-by terms are strictly as follows:

a) An initial Lay-by deposit of 20% is required for all Lay-bys.

b) The money will be forfeited if the Lay-by is cancelled by the buyer.

c) Term of Lay-by is strictly 6 weeks. The Lay-by will be forfeited after 8 weeks.

d) Please choose carefully as we do not exchange or refund if you change your mind.


2. Record of Payment

A record of payment 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.

3. Storage and Identification of Lay-by Products

Product’s on Lay-by 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 other identification.


4. Cancellation of Lay-by by Buyer

The buyer may cancel their Lay-by 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-by, 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-By; and

d) Any amount owing to either the buyer or seller under the Lay-by terms on the cancellation of the Lay-by. 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 immediately.


5. Cancellation of Lay-by by Seller

The seller under a Lay-by must not cancel it unless –

a) The buyer breaches a term of the Lay-by; or

b) The seller stops trading; or

c) The products are no longer available


6. Cancellation on breach by Buyer

If a buyer has breached a term of a Lay-by and seller intends to cancel the Lay-by, before doing so seller must –

a) Give the buyer notice of seller’s intention to cancel the Lay-by; 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:I) in writing, sent to the buyer’s last known address, or, if the buyer so agrees, orally; and

II) must specify the breach of the Lay-by for which the Lay-by is being cancelled; and

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-by y;

* any amount owing to either the buyer or seller under the terms of the Lay-by on the cancellation of the Lay-by. The Lay-by 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.


7. Cancellation where business closes

If Seller under a Lay-by 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-by


8. Cancellation where products not available

If the products are no longer available, Seller must cancel the Lay-by and refund all monies to the buyer.


9. Effect of Cancellation

Subject to the above, when a Lay-by is cancelled by a buyer, a cancellation of 20% of the sale price is charged as an administration and re-stocking fee. The seller must refund all money paid within 14 days by way of payment made for the sale. 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 there has been a breach of term in the Lay-by statement.


10.Cancellation Charge

Seller shall charge the buyer a AUD 20% cancellation fee under the terms of all Lay-by purchases.


11. Banking Charge 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-by purchase.


12. Service Fee

Seller shall not charge the customer any interest charges, bank fees or service fee on any Lay-by sales transaction.


13. Lay-by Reporting

Seller shall have reporting in place for all Lay-by deals covering Down Payment made, Lay-by period, Frequency of payments required, Payment amount required per instalment; and a full record of all payments made to-date (amount and date on which made).


14. Delivery

The seller will only dispatch the buyer product/s after receiving the final instalment payment for all Lay-by deals.



15.1   This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the representatives, successors and assigns of the parties hereto.

15.2   This Agreement may be amended only by a written instrument duly executed by all parties hereto.

15.3   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 obligations hereunder.

15.4   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.

15.5   Article headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.