Option Agreement for Accommodation ("Agreement")
Werner and Sons Cc Trading as Die Rotse Host House and Self-catering (the "Seller") hereby enters into an "Agreement" with the "Buyer" to exercise his ("his", "him" and "he" indicate both male and female in the rest of this document) right to turn his "option" into a Secure Booking before End of Day on the Expiration Date, provided that the Buyer establish availability and hold the written confirmation from the Seller that the desired Rental Booking Dates ("Strike Dates") are available.
Your Right as Buyer of the "Option"
The "Option" is our contractual obligation to provide you with the opportunity to convert the option into a Secure Booking for your Travel Dates ("Strike Dates") for your accommodation, provided you have our official confirmation of availability of the rental dates ("strike dates"), in which case the option is deemed to be exercised and converted into an official confirmed booking.
The Trigger Event to constitute the exercising of the "Option" into a confirmed booking is the strike dates ("travel dates"). Once your travel dates are confirmed as available you "strike these dates" and that then triggers the process to complete your Confirmed Reservation.
Your Obligation as Buyer of the "Option"
The Buyer is obligated to pay the Premium for the "option" as per the Pro Forma Invoice provided by the Seller. This premium is payable no later than 2 (two) Business days from the date on the above invoice ("Transaction Date") via Electronic Bank Transfer (EFT) directly into the nominated Bank Account of the Seller.
The Buyer is obligated to request written confirmation from the Seller that the desired booking dates are available for accommodation rental prior to exercising your right to convert his "Option" into a Confirmed Booking.
Confirmation of the "Option"
The Buyer will receive an Option Confirmation document from the Seller confirming the following information: Option number, Transaction date, Buyer's name and contact details, Name of self-catering unit, Number of nights, Number of guests, Fixed Price quoted per unit per night, Coupon Fixed Period, Option Expiration date, Future Duration Expiry date, Booking Total and Option Premium payable.
Establishing the Convertible Option for Accommodation "Option"
This "Option" is designed to allow you to facilitate your accommodation booking needs in the absence of your future Travel Dates. This "Option" allows you to secure a fixed Booking Value in a specific self-catering unit, with a flexible timeline, to finalise your travel arrangements and dates, by paying a small premium for the Right to Convert your "Option" into a Confirmed Booking with the condition that you establish availability prior to you exercising the "option". You can choose the timeline for your "Option" if it does not exceed 360 days (12 months). Refer to Duration Expiry End Date of the Option.
Consideration should be given when you plan to travel and when you more-or-less need accommodation, although not known yet. The Fixed Period Coupons i.e. 30, 60 or 90 days, offer you the flexibility to proceed to transact well in advance with your accommodation requirements. You will also need to make a choice, to allow the Writer to structure the "option" to suit your future accommodation needs by choosing the Duration Expiry End Date of Option, provided that it does not exceed 360 days (12 months).
These Fixed Period Coupons will determine the "Option" Expiration Date by applying your Fixed period Coupon choice by an add back method from the date chosen for the Duration Expiry End Date of the "Option", thus giving you the window within which you can pitch your future accommodation requirements.
Premium Payable for the "Option"
The Premium is calculated as 10% of the Total Booking Value as indicated on the Pro Forma invoice and is non-refundable.
Actions Required by you the Buyer on Expiration date
You have the Right to exercise the "option" and convert into a Confirmed Booking or you can walk away from your right and do nothing.
When the "option" reaches the End of Day on the Expiration Date and you have not exercised your "Option" the option will expire, and you will forfeit the premium paid.
Exercise the "Option"
When the "option" has been converted into a Confirmed Booking, a new Booking Confirmation will be issued, and the paid Premium will be deducted from the 50% Secure Deposit of the Booking Value required to secure the booking. The balance payment (Secure Deposit payable less the Premium paid) has to be paid no later than 2 (two) business days from the date on the Pro Forma Invoice in Clear Funds via Electronic Bank Transfer (EFT) directly into the nominated Bank Account of Werner and Sons Cc.
Cancellation of a Confirmed and Secure Booking
In the event that you has to cancel your Secured Booking, then we shall endeavour to re-let the unit, but if unsuccessful you are liable for the cancellation fee, which is calculated as a percentage of the Secured Deposit paid:
- Cancellation 90+ days prior to arrival: forfeit 10% of deposit payment
- Cancellation 30-15 days prior to arrival: forfeit 50% of deposit payment
- Cancellation 15-8 days prior to arrival: forfeit 75% of deposit payment
- Cancellation 7-0 days prior to arrival: forfeit 100% of deposit payment
- Non-arrival or curtailment of stay will incur the full cost of booking
Cancellation of the "Option" prior to Expiration Date
The Buyer has the Right to cancel the "Option" by giving 5 (five) Business days prior written notice to the Expiration Date of his intention NOT to convert his "Option" into a Confirmed Booking. In this case, the Seller will negotiate a refund for the difference between a R500 Administration Fee payable for the cancellation, and the Premium paid.
Confirmed Booking and Pro Forma Invoice and Account Statement
The Seller will issue a Pro Forma Invoice and Account Statement for payment to the Buyer once the booking is confirmed. These documents will include the Seller's payment instructions, the Secure Deposit Value, due date of the Secure Deposit, as well as the Final Payment of the outstanding balance on the Booking Total and when payments are due. It is a requirement that any outstanding payments be settled on or before arrival as per our standard settlement instructions.
Please refer to our Glossary of Terms and Conditions, which forms an Integral part of both our Terms and Conditions pages and therefore must be read in conjunction with this document: