We talk regularly about the supplier of equipment who’s terms you need to fully understand, however, a number of businesses will, at the seller’s suggestion, lease equipment which leaves you the buyer with another page or two of microprint to wade through and make no mistake, you do need to read and understand it all.
Looking through the micro print of an agreement from the leasing arm of a rather large French bank we came across clause 6.2 which ends with the words “You and We also agree that We have not assumed any duty of care towards You”!!! How would you feel if that was in the conditions of a contract you signed up to?
How would you feel when the Leasing company you were introduced to by a seller, who itself is in contract with that Leasing company to market the Lease company’s products and services to you?
A seller who calculates all of the monetary elements and terms of the Lease and physically completes all parts of the lease agreement except perhaps for the sections where you sign and the leasing company sign.
The contracted seller who according to clause 6.8 of the lease terms “is not Our agent to make any statements concerning this agreement or the Products” the same one who introduces you to the Leasing company, completes all of their paperwork for them, calculates what you will pay and for how long. The One who does all of the above and who can only do so under a trading agreement with the Leasing company, yet because it is not an agent, entitles the leasing company to reject any duty of care to you the customer.
Neither fair or particularly ethical in my opinion but if you sign the contract, then you will have agreed to those terms.
You must be sure to read and understand all of the terms of all contracts before you sign. If you do not understand any term, ask the company who’s contract it is (in this instance a leasing company) and not the agent who completed the transaction, who of course isn’t an agent in the leasing world.
To save yourself being scammed:
Keep in mind this is a very creative and totally unregulated industry, therefor, you must be sure you take time to read and fully understand all the terms of an agreement before you sign it. If you do not have time or the inclination to do so, then send the agreement to us to review before you sign and for a nominal fee, we will highlight to you any pitfalls it holds.
Unsure about the contract you already have? whoever your supplier is, send a readable copy of the agreement to: email@example.com we will look at it for free and tell you if it is fair to you.
To see more in the series of unfair agreement terms or for a copy of the ’13 Scurrilous Scams’ visit www.faircontracts.co.uk