Rolex AD Deposit Legal Contract

[enjoythemusic]

I am sure there must be a few lawyers here. So...

TRF needs a sticky with a legal contract for those who pay deposits to ADs. The contract will state the AD received said deposit amount of (qty and date), there is a firm date of 'must deliver by', and full refund if this contract date is not met.

Also, the contract may add some protection as first to be paid to said depositor in case the AD goes bankrupt.

So, who here is a lawyer and will draw up this contract?

[Panos Cosmatos]

Sorry man an ad will never sign that. Also you can’t simply write that you’re first to be paid in the case of bankruptcy, that depends on whether you have a “secured” loan (which a deposit is not) and takes a lot of additional steps that are not feasible in this context

ADs will continue to take deposits with no guarantees for as long as customers are willing to make them.

[WatchEater666]

That wouldn't help you at all. You'll be very low in the stack. Court generally triages payroll + customer deposits in a formal BK but by the time an AD (who are usually small) gets there...they probably already spent your money.

[-Ally-]

Yeah, good luck getting an AD to sign a contract written by you.

[N2theCAPE]

Originally Posted by enjoythemusic

I am sure there must be a few lawyers here. So...

TRF needs a sticky with a legal contract for those who pay deposits to ADs. The contract will state the AD received said deposit amount of (qty and date), there is a firm date of 'must deliver by', and full refund if this contract date is not met.

Also, the contract may add some protection as first to be paid to said depositor in case the AD goes bankrupt.

So, who here is a lawyer and will draw up this contract?

No business would sign this, they would rather turn down your business. You play by their rules not the other way around.

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[Mr. Miami]

Disclaimer: I am not a lawyer, but I interned at a debt collection law firm. First off, bankruptcy court doesn’t work like that. What I mean is you can’t demand to be paid first. Their are rules on what creditors get paid first and so on. Secondly, I don’t believe any AD would sign that. If people are giving deposits freely, why would they sign that and subject themselves to that liability.

[enjoythemusic]

Ah well... then best to never give a deposit.

[blada4life]

Can we add that the depositor takes secured interest in the AD valued at the amount of the deposit, if the watch is not delivered? Just have the sales rep sign off. I’m sure it’ll hold up


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[mfserge]

Originally Posted by enjoythemusic

I am sure there must be a few lawyers here. So...

TRF needs a sticky with a legal contract for those who pay deposits to ADs. The contract will state the AD received said deposit amount of (qty and date), there is a firm date of 'must deliver by', and full refund if this contract date is not met.

Also, the contract may add some protection as first to be paid to said depositor in case the AD goes bankrupt.

So, who here is a lawyer and will draw up this contract?

And the RF would want that exposure because????? What if the contract fails and the buyer loses, RF would be drug into a lawsuit. That’s a terrible idea.

[inadeje]

Leave the deposit with a credit card and get something in writing concerning delivery date. If you don’t receive the goods on the date shown on the promise from the AD file a charge back with your card issuer and submit the written proof of delivery date as a supporting document with the charge back.

[LSA916]

Originally Posted by inadeje

Leave the deposit with a credit card and get something in writing concerning delivery date. If you don’t receive the goods on the date shown on the promise from the AD file a charge back with your card issuer and submit the written proof of delivery date as a supporting document with the charge back.

I had a similar question about this from several past threads with similar topics. If you leave a deposit using a credit card, and the AD files Chapter 7, will a cc chargeback be successful, say, 2 months after providing the deposit? What about 12 months? My guess is that the chargeback is likely to be successful, but I've seen weirder things happen.

[bobabreath]

Probably not a good time to buy if the possibility of AD bankruptcy is on your radar.

[brucethemanlee]

why would you give a deposit in this current environment?

[Razorsedge1]

Originally Posted by LSA916

I had a similar question about this from several past threads with similar topics. If you leave a deposit using a credit card, and the AD files Chapter 7, will a cc chargeback be successful, say, 2 months after providing the deposit? What about 12 months? My guess is that the chargeback is likely to be successful, but I've seen weirder things happen.

Depending on your credit card I believe you have between 75 and 120 days to initiate a charge back. After that I assume you are out of luck.

[MickCollins1916]

...so the idea is the TRF equivalent of (insert website with template legal forms here).

[socalwatchcollector]

Originally Posted by mfserge

And the RF would want that exposure because????? What if the contract fails and the buyer loses, RF would be drug into a lawsuit. That’s a terrible idea.

The covid makes people going insane

[mfserge]

Originally Posted by socalwatchcollector

The covid makes people going insane

You ain’t kiddin!

[cdmorenot]

Originally Posted by LSA916

I had a similar question about this from several past threads with similar topics. If you leave a deposit using a credit card, and the AD files Chapter 7, will a cc chargeback be successful, say, 2 months after providing the deposit? What about 12 months? My guess is that the chargeback is likely to be successful, but I've seen weirder things happen.

Merchant accounts generally go through extensive underwriting in most cases for this very same reason.

If the underwriting bank considers the business is too high risk they will have a reserve in place in the form of a standby letter of credit or cash. And the amount will spend on many factors. If a merchant can’t show solid financials there’s going to be a PG so you’re likely safe there.

The cardholder will get their money. And then it’ll be up to the issuer/processor/merchant to duke it out.

I would NEVER ever give a deposit to any merchant. Ever.


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[maveric]

This is currently a buyer’s market and no buyer should accept having to pay a deposit for anything.

[enjoythemusic]

Originally Posted by MickCollins1916

...so the idea is the TRF equivalent of (insert website with template legal forms here).

Yes sir

[Brew]

We need to get some sort of "Precious Metal Security Interest" written into the Uniform Commercial Code!

[brandrea]

Originally Posted by brucethemanlee

why would you give a deposit in this current environment?

Pretty much my thought too.

[Calatrava r]

Originally Posted by inadeje

Leave the deposit with a credit card and get something in writing concerning delivery date. If you don’t receive the goods on the date shown on the promise from the AD file a charge back with your card issuer and submit the written proof of delivery date as a supporting document with the charge back.

Isn't there a fairly short window to do that? The problem I see is the deposit was received and put towards the watch. That part of the contract is completed which is all the credit card requires. If months later you do not receive the watch, that is a breach of the watch purchase agreement. What they then do with the deposit is another matter. I think credit card protection is designed where you actually buy a product at that time and then do not get it shipped forthwith. I don't think it helps much with deposits. Just my view on it.

[Michael T]

Originally Posted by enjoythemusic

I am sure there must be a few lawyers here. So...

TRF needs a sticky with a legal contract for those who pay deposits to ADs. The contract will state the AD received said deposit amount of (qty and date), there is a firm date of 'must deliver by', and full refund if this contract date is not met.

Also, the contract may add some protection as first to be paid to said depositor in case the AD goes bankrupt.

So, who here is a lawyer and will draw up this contract?

You can not under US bankruptcy law simply crawl in front of other secured creditors, unless they specifically subordinate their claim.

Under the Uniform Commercial Code, another creditor's (bank or lender) blanket inventory filing with the state the collateral is located, if filed prior in time to yours, would be a senior lien, and have to be paid in full before junior liens, and then unsecured creditors, are paid anything.

Having the deposit have conditions provides some protection in making the deposit due and payable back to you, but not elevate its claims status.

[ecdc]

Deleted. This is a horrible idea but I don't need to explain why.