Q: I usually get the advice that I should read the fine print in any contract, bank application, etc. But when I do and object to any of the points, the answer is: it's the company's policy or those are the bank's regulations. So what is the point?
A. Most people don't read the fine print in contracts and that is a big mistake. Most people don't enjoy reading contracts, but when they do, they find it very enlightening.
Companies are careful to advise the consumer to read through the fine print and the various clauses that apply to specific contracts. The clauses may be in the company's, rather than the consumer's, interest, but as long as they are there, the ball is in the consumer's court. You need to read them, understand them, ask questions to gain clarity, and then accept or refuse to sign.
Consumers who insist they have been cheated by the fine print have in reality signed their rights away. Either they did not read the fine print, or they read it and felt that that it did not matter and signed anyway.
Many consumer advocates and lawyers recommend that the consumers read their contract in advance of making a major purchase.
Reading the contract is one thing and understanding it is another. You want to be sure that it is clear in your mind; otherwise seek advice from experienced professionals. Many consumers depend on the salesman to explain the clauses and leave themselves open to errors or omissions.
It may even be worth paying for legal advice if necessary before signing. Also, make sure that all agreed upon terms are included in the contract.
Normally, contracts cannot be cancelled. The buyer and the seller are the two parties to the contract and each is bound to uphold the terms of the deal.
Neither one can break the contract without the permission of the other. This means if you change your mind, the seller can legally refuse to let you out of the contract. Your signature on a contract indicates that you have read and understood it - even if you haven't. Objecting to fine print can bear fruit sometimes depending on the type of contract you sign. There is room for negotiation some times, but if the other party is insistent, you might want to take this as a sign that the deal is not for you. In many instances, "small print" cannot be changed, so it's important that you consider carefully before signing.
Finally, verbal promises are not enough. If you want a clause added or deleted for your protection, write it in or ask for an addendum to the contract and get a company representative to sign or initial it. If an employee says that it can't be done, ask for a manager. If the manager refuses, come up with a compromise or consider taking your business elsewhere.
There is an old saying: "Buyer beware!"
The writer is an expert consultant at Nexus, a leading financial advisor in the Middle East. The opinions expressed above are the writer's and don't necessarily represent views of Gulf News. Readers are encouraged to thoroughly investigate all investment decisions. Please send your questions to advice@gulfnews.com.
