PROBATION DISCUSSIONS 21 21

[InvstmntComcSuply]

 

I know Roy doesn't appear to be heading down a PL nomination but if you were, does the clock start ticking when the first payment is due or when the deal was struck?

30 days from failure to meet contract conditions ie when payment was due

 

Conversely let's say you sell the book now to someone else and original supposed buyer then sends payment within the time frame, does that put the seller at risk of PL nomination?

 

Really just curious.

Yes. Seller is not meeting the contract conditions.

 

This is why a nominal non-refundable down payment is probably the way to go

[Dr. Balls]

 

I know Roy doesn't appear to be heading down a PL nomination but if you were, does the clock start ticking when the first payment is due or when the deal was struck?

30 days from failure to meet contract conditions ie when payment was due

 

Conversely let's say you sell the book now to someone else and original supposed buyer then sends payment within the time frame, does that put the seller at risk of PL nomination?

 

Really just curious.

Yes. Seller is not meeting the contract conditions.

 

This is why a nominal non-refundable down payment is probably the way to go

 

Yeah, I mean - a 5% good faith non-refundable deposit could bolster confidence in the sale, not strain the buyer and cover everyone in a PL situation. I mean $50 or $100 wouldn't be outrageous I wouldn't think.

[KPR Comics]

I finally parsed the PL/HOS rules and am wondering why there is an automatic 30-day grace period. Does that mean if seller's terms require payment within 3 days, I actually have 33 days in which to pay? So no contracting around it?

[slym2none]

Basically, yes - but it's considered a -move, and people here will remember and respond accordingly.

 

 

 

-slym

[KPR Comics]

As it should be but if someone does it, who's to know other than the two parties (and anyone the seller may PM) given the no negative feedback rule.

[wombat]

Can the 30 days be trumped by conditions in the sales thread? If you say payment is due in 48 hours do you have to wait 30 days to nominate someone for the PL?

[KPR Comics]

That is what I was asking.

[jaybuck43]

It's complicated. In Roy's case read rule 1B)

b) If the transaction is agreed on by both parties to take longer than 30 days - for example, a transaction involving time payments over a longer time, the 30 day clock begins from the time the agreed upon conditions were violated.

 

However in regards to contracting to earlier 1C says that:

The 30-day rule is suspended if the accused refuses to complete the transaction or if the transaction cannot be completed due to, for example, the item being sold to someone else.

 

So If I say payment due in 3 days and you then don't pay I should be able to nominate you.

[Cascaders27]

The 30 day rule is how long until it is eligible for PL/HoS. If I put my AF 15 up for sale for $2,500 and say payment due within 1 day paid in 1992 silver dollars (I'm insane) and you but don't comply. I am relieved of my obligations and I can put the book back up for sale. However I can nominate you after 30 days to the PL for not completing the transaction. So yea, you can "contract" around it.

 

How would the nominated party be able to get off the PL if you had already sold the book to someone else willing to meet your outlandish payment terms?

 

Insane payment requirements aside it sort of seems like you'd be forfeiting your ability to nominate someone to the PL by selling it after the fact.

[jaybuck43]

There are always curative effects. For instance let's say I wasn't able to get the $2500 I had but rather got $2450. He could get off by paying the difference of where I would have been had he gone through with the deal and the position I am actually in (so pay me $50). Similarly some people may be satisfied with a simple "I'm sorry" and ask to take the person off the list. Or the two can work something else out.

[Speedy-D]

I finally parsed the PL/HOS rules and am wondering why there is an automatic 30-day grace period. Does that mean if seller's terms require payment within 3 days, I actually have 33 days in which to pay? So no contracting around it?

No. It's 30 days unless there are other specific terms in the first post of the sales thread. So, if you say three days and the buyer tacitly agrees by throwing up the it's three days, not 33 days.

[KPR Comics]

Then Roy should be able to nominate this week, but that's not what he thinks or what others have said. It should be as you describe, but there seem to be different interpretations.

[Speedy-D]

Then Roy should be able to nominate this week, but that's not what he thinks or what others have said. It should be as you describe, but there seem to be different interpretations.

How do you figure? They set up a payment plan and the first payment isn't even due yet.

[KPR Comics]

It's due this week, I think.

[jaybuck43]

Roy never said payment must be made by that day. He agreed that first payment of time payments would start on that day. His concern is similar to the last concern aired here, lack of communication. He sent 3-4 messages, all of which have been read but none responded to that said "Hey roy, yup we're all good, first payment coming on 11/15/2014 (or whatever date)"

[Speedy-D]

Then Roy should be able to nominate this week, but that's not what he thinks or what others have said. It should be as you describe, but there seem to be different interpretations.

How do you figure? They set up a payment plan and the first payment isn't even due yet.

It's 30 days from the point where one of the parties doesn't hold up their end, unless a different time frame is set. In the case of a seller's stating payment is due in three days, that three days supersedes the default 30. In the case of time payments, it's still 30 days from the point of failure, unless stipulated otherwise. If Roy had said something like "Payments start on 11/15 and you have a three day grace period to make each payment," then it'd be three days not 30. As far as I know he didn't, so it's 30 days. Dig?

[KPR Comics]

Isn't that a term that must be complied with? 1st payment due on 11/15. 11/16 rolls around with no payment, is it a nominatable offense?

[Speedy-D]

Isn't that a term that must be complied with? 1st payment due on 11/15. 11/16 rolls around with no payment, is it a nominatable offense?

It's 30 days from the point where one of the parties doesn't hold up their end, unless a different time frame is set. In the case of a seller's stating payment is due in three days, that three days supersedes the default 30. In the case of time payments, it's still 30 days from the point of failure, unless stipulated otherwise. If Roy had said something like "Payments start on 11/15 and you have a three day grace period to make each payment," then it'd be three days not 30. As far as I know he didn't, so it's 30 days. Dig?

[comicdonna]

Isn't that a term that must be complied with? 1st payment due on 11/15. 11/16 rolls around with no payment, is it a nominatable offense?

Not until 30 days from 11/15

[bababooey]

I've always thought 1 b) was too forgiving to non-paying buyers & the rules don't address anything for sellers wanting quicker payment.

 

Today's Rule:

30 Day Rule 1 b) If the transaction is agreed on by both parties to take longer than 30 days - for example, a transaction involving time payments over a longer time, the 30 day clock begins from the time the agreed upon conditions were violated.

 

A Tighter Rule:

30 Day Rule 1 b) If the transaction is agreed on by both parties to take shorter or longer than 30 days - for example, a seller requiring payment in 48 hours or a transaction involving time payments over a longer time; in these instances the 30 day clock is waived once an agreed upon payment time has passed - a 72 hour PM notifying the buyer of your intent to nominate to the probation list will serve as the grace period.