TERMS AND CONDITIONS
The following terms and conditions for digital pawn transactions supplements the terms and conditions of the standard pawn ticket. By accessing or using this service you agree to be bound by these terms. If you disagree with any part of the terms, then we respectfully request that you refrain from continuing this transaction immediately.
- The pawner hereby accepts the pawnshop’s appraisal as proper.
- The pawner agrees on the interest rates imposed in this contract of pledge. In case of dispute, the regular courts of law have the vested power to determine the reasonableness and legality of interest rates. The pawnshop hereby agrees not to collect advance interest for a period of more than one (1) year.
- Charges and Fees
- This loan is renewable for such amount and period as may be agreed upon between the pawnshop and the pawner subject to the same requirements for new loan.
- Upon maturity of this loan, as indicated on the face of this pawn ticket, for jewelry the pawner has ninety (90) days from maturity date within which to redeem the pawn by paying the principal loan plus the interest that shall have accrued thereon. For electronic gadgets subject for obsolescence, the pawner has ten (10) days grace period after maturity within which to redeem the pawn by paying the principal loan plus the interest that shall have accrued thereon.
- The amount of interest due and payable after the maturity date of the loan up to the redemption period shall be computed upon redemption at the rate of provided above based on the sum of the principal loan and interest earned as of the date of maturity. Any additional penalty and/or interest shall also be computed in the same manner.
- The pawnshop shall notify the pawner of any change in its business address/ location through: (1) publication in English and in Filipino or in the local dialect in two (2) daily newspaper of general circulation in the city or municipality where the pawnshop is closing business; and (2) posting in English and Filipino or in the local dialect for one (1) month after date of publication in a conspicuous place in the premises to be vacated and to be transferred to.
- The pawner and the pawnshop agree that the notice of auction sale shall be delivered via:
e-mail, SMS, fax or registered mail or courier at __________________________. (check box of agreed mode and indicate the email address; mobile phone no; fax no; or complete residential address, as may be appropriate, in the space provided). In case no mode of notification is agreed upon, the default shall be via ordinary mail. The pawnshop shall have the right to sell or dispose of the pawn in public auction if the pawner fails to redeem the pawn within the ninety (90) days grace period for jewelry and ten (10) days grace period for electronic gadgets. The pawnshop shall send the reminder on or before the expiration of the ninety (90) days grace period for jewelry and ten (10) days grace period for electronic gadgets.
- The pawner shall advise the pawnshop of any change of address/mobile phone number/e-mail address/fax number.
- This ticket shall be surrendered at maturity date upon payment of the loan. In case of loss or destruction of this ticket, the pawner hereby undertakes to personally present an affidavit to the pawnshop before the redemption period expires. The pawnshop has two (2) days to decide whether to accept: (1) the affidavit in place of the original pawn ticket; or (2) to issue a substitute pawn ticket, thereby cancelling the original.
- In case of pre-payment of this loan by pawner, the interest collected in advance shall accrue in full to the pawnshop.
- The pawner shall not be entitled to the excess of the public auction sale price over the amount of principal, interest and service fee; neither shall the pawnshop be entitled recover the deficiency from the pawner.
- The pawner declares under the penalty of the Anti-Fencing Law that he is the owner of the property subject of this contract.
- The pawnshop shall exercise reasonable care and caution that an ordinary prudent person would as to his own property over the thing pawned in accordance with Republic Act. No. 386 (Civil Code of the Philippines), as amended. Accordingly, the pawnshop shall insure all pawned items, except those which are kept inside a fireproof vault, in accordance with the pertinent regulations of the Bangko Sentral ng Pilipinas. Claims for restitution by pawners in case of loss, destruction or defect of the pawn due to robbery, fire and other fortuitous event, with or without the fault or negligence of the pawnshop, its owner, managing partner, directors and officers are cognizable by the regular courts.
- The pawnee shall not be liable for the loss or damage of the article pawned due to fortuitous events or force majeure. When the loss is due to the fault and/or negligence of the pawnee, the amount of its liability, if any, shall be limited to the appraised value appearing on the face hereof.
- In case this loan is not paid on maturity date, the pawner hereby agrees to pay in addition to accrued interest a 2% of the principal, as liquidated damages for jewelry. For purposes of computing the amount of liquidated damages, a fraction of a month shall be considered as (1) full month. For electronic gadgets a past due interest of 1% per day of the principal up to ten (10) days as grace period after maturity shall be applied.
- Upon expiration of the redemption period, the pawnshop has the right to open the sealed pawn for purposes of public auction.
- The authorized representative shall present a valid identification paper.
- If the amount remitted to renew the pawn or to redeem the pawned item is not sufficient, such insufficient amount will not be accepted and will be returned to the pawner, and will have no effect of renewing or redeeming as to CVM Pawnshop and Money Changer Corp. The cost or expense in the remittance of the insufficient amount to and from CVM Pawnshop and Money Changer Corp. will be shouldered by the pawner.
- The presence of any flaw or defect on the item not declared by the pawner during the preliminary appraisal, shall merit a decrease on the final appraisal value, or refusal of transaction if the item is not acceptable based on standards of actual condition. Should an item be labelled as a counterfeit by our appraisal team, the transaction will automatically be cancelled.
- If the transaction is cancelled for any reason whatsoever, the cost or expense incurred by CVM Pawnshop and Money Changer Corp. in getting the item from the pawner shall be paid by the latter, and furthermore, the pawner will take care of retrieving the item from CVM Pawnshop and Money Changer Corp.
- If the amount remitted in payment of renewing or redeeming the pawn is in excess of that which is necessary or required, the excess amount shall be remitted to the pawner in 1-3 business days, the cost of remittance of which shall be shouldered by the pawner.
- In case of redemption of the pawned item, the pawner may personally go to CVM Pawnshop and Money Changer Corp. to redeem and receive the pawned item. As an alternative, the pawner may request CVM Pawnshop and Money Charger Corp. to ship to him the pawned item, the cost or expense of which will be shouldered by the pawner. If a courier has already been booked for the purpose of shipping to the pawner the pawned item, cancelling the booking with the courier will be at the cost and expense of the pawner.
- If the pawner declines the final appraisal value offered by CVM Pawnshop and Money Changer Corp., or if the transaction is cancelled for any reason whatsoever, the pawner agrees to retrieve the item at the assigned branch and reimburse to CVM Pawnshop and Money Changer Corp. the cost and expense in getting the item from the pawner.
The service charge for Jewelry is equivalent to one percent (1%) of the principal loan, but shall not exceed five pesos (P 5.00). No other charges shall be collected.
Pawner agrees to retrieve the unit within 7 days from the date of redemption, otherwise, CVM Pawnshop and Money Changer Corp. shall collect (10%) of the principal loan amount as storage fee after the given 7 days grace period until the item is claimed. There shall be imposed an additional 10% for every succeeding 30 days as storage fee until the value of the pawned item is fully consumed.
The pawner hereby accepts the obligation to shoulder the cost or expense of shipping the pawn item from the place of the pawner to CVM Pawnshop and Money Changer Corp.’s designated branch and or vice versa.
The pawner hereby accepts the obligation to shoulder the cost or expense of transfer/disbursement fees that may be charged in remittance of the funds.