Reservation Terms
Last updated: July 25, 2024 | Version 2.1
Agreement to Terms
By placing a reservation with us, you (“The Customer”) automatically agree to the following terms and conditions without the need to affix your signature on any document.
You are contracting with Lycan Motorcycles Inc., the wholesale and retail company of the Lycan group of companies, with an office address at B229 L28 Mindanao Ave. Ext., Brgy. Sta. Monica, Quezon City, Philippines.
You acknowledge and agree that you may, at any time during the reservation period, contract or do business with other subsidiaries and sister companies of the Lycan group, to which any and all transactions or negotiations made by any Lycan companies shall constitute as official business.
Introduction
Lycan (“the Company”) is a Filipino electric vehicle manufacturer, distributor, and technology solutions company that is developing mobility solutions for the market. With a goal to be one of the prominent players in the industry, the Company is working to put its technologies at the forefront of innovations in the Philippines and in the world.
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As part of its initiative and efforts to achieve its goal and mission, Lycan is launching a reservation campaign for its new and upcoming model. The goals of this campaign, through economies of scale, are to:
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Reduce the costs of building and making electric vehicles, which would make the final prices more affordable to the market;
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Open more flexible financing terms and options for the benefit of its customers;
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Identify geographic regions where Lycan’s battery infrastructure, service centers, and dealerships may be opened; and
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Bring innovative, locally-made vehicles to the market
Reservation and Reservation Fee
“Reservation” refers to a payment made by You, the Customer, to express your intent and secure a position for the potential purchase of Lycan electric vehicles. It is an expression of interest and does not constitute a purchase or sales order, nor does it guarantee the immediate availability or delivery of the product. The Reservation is merely a placeholder, allowing You, the Customer, to participate in the negotiation of final terms, including pricing and financing options, and does not obligate either party to complete a sale or initiate production until final terms are mutually agreed upon.
By placing a reservation, you agree to pay a refundable reservation fee.
This reservation fee shall be deducted from the final agreed-upon Suggested Retail Price (“SRP”) of the vehicle.
Payments shall be made to the Company’s official payment channels, including but not limited to bank transfers; online payments; eWallets; third-party payment providers such as PayPal, InstaPay, and PesoNet.
Use of Reservation Information
The reservation data gathered (location, order quantity, amount, product model, and total reservation volume) shall be used to:
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Project and forecast production batch volume quantity
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Negotiate lower costs with suppliers
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Negotiate financing terms with financial institutions to offer up to 60-month installment plans
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Plan and project the locations of business footprints to be established such as dealerships, distribution centers, storage facilities, battery infrastructure, and service centers
Your personal information will never be sold to third parties and will only be used for the purpose of developing and improving the Company’s products and services.
Production Timeline
Production of the vehicle shall commence once any of the following criteria have been met:
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The target production volume has been achieved,
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The majority of the reserving customers agree to the presented SRP and have motioned to proceed with production, and/or
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Sufficient capital has been raised to begin production, with or without the reserving customers’ initial down payment
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Depending on the number of reservations and the time it takes to meet our target, the waiting period can range from three (3) months to two (2) years.
Refund Policy
The reservation fee is 100% refundable should You decide to cancel your reservation at any time throughout the waiting period. To cancel Your reservation and request a refund, please contact us through the provided customer service channels. Refunds will be processed within thirty (30) days of your cancellation request.
The Company reserves the right to deny any refund request should it determine that the request is made in bad faith, is part of a fraudulent activity, or if the customer has breached any of the terms and conditions outlined in this agreement.
No Guarantees
The Company does not guarantee nor promise that it will offer the lowest price or the best monthly installment terms possible as the final decision made by the Company’s suppliers and financing partners may be outside the Company’s control.
Should You not approve of the price and payment terms presented during the final stages of the negotiation, and would like to retract your reservation, you may request to cancel your reservation and receive a full refund as stated within the Refund Policy of this document.
Non-Constitutive Nature of the Reservation
Please note that placing a reservation does not constitute a down payment. A separate down payment shall be required before production begins or before a full sales transaction is performed to the purchasing of the vehicle unit.
Customer Agreement
By placing a reservation, You agree to:
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The terms and conditions outlined in this document
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The waiting period for production
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The use of your reservation information for negotiation purposes
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Should you not agree with the terms, please do not place a reservation.
Company’s Rights
1. Modify Reservation Terms
The Company may, at its discretion, modify or update the terms and conditions of the Reservation at any time to reflect changes in market conditions, production timelines, or other relevant factors. Customers will be notified of any significant changes, and they will have the option to accept the modified terms or cancel their reservation for a full refund.
2. Delay or Cancel Production
The Company reserves the right to delay or cancel the production of the vehicle if the minimum threshold of reservations is not met, if unforeseen technical or logistical challenges arise, or if the Company deems it necessary to do so due to changes in business strategy or market conditions. Should the Company decide to cancel the production altogether, the Company shall refund your reservation fees in a timely manner.
3. Transfer or Assign Reservations
The Company reserves the right to transfer or assign reservations to third parties, including suppliers or financing institutions, as part of efforts to reduce costs, secure better terms, or facilitate the production process.
4. Disqualify Customers or Reject Customer Reservations
The Company reserves the right to disqualify any customer from making a reservation or participating in the production process if they are found to be engaged in activities that could harm the Company’s reputation, disrupt its operations, or violate applicable laws and regulations. Should the Company confirm through thorough reasonable investigation that a reserving customer is found to be engaged in activities that could harm the Company’s reputation, disrupt its operations, or violate applicable laws and regulations, the Company reserves the right to terminate the agreement with the Customer and deny any refund requests.
5. Limit Liability
The Company’s liability in connection with the Reservation shall be limited to the amount of the Reservation Fee paid by the customer. The Company shall not be liable for any indirect, consequential, or incidental damages arising out of or related to the Reservation, including but not limited to any losses incurred due to changes in production timelines or final pricing.
Miscellaneous
This agreement is governed by the laws of the Philippines. Any disputes arising from this reservation campaign will be resolved through amicable negotiation or, if necessary, through the appropriate legal channels.
For any inquiries or concerns regarding your reservation, please contact us at info@lycan.com.ph