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Deposit Policy

For the purposes of this document, the terms ‘we,’ 'our,' and ‘us’ refer to Pride & Pinion Ltd and selected partners such as Watchmakers. The terms ‘you’ and ‘your’ refer to the client. ‘General sale’ refers to our collection of products available for immediate purchase by members of the public. 'Deposit' refers to an amount of money paid towards the purchase of a good or service that is not full cost of the item.

 

Deposits

On some occasions, clients may wish to pay a portion of the price of a product, in order to remove it from general sale and purchase at a later date. Furthermore, an initial deposit is required for certain services we provide, such as Watch Sourcing or Repairs and Services. Our deposit policy is outlined below:

 

Paying a deposit on an item in stock:

Should you wish to pay a deposit on a product currently in stock in our physical store, or on our website, we require a minimum deposit of 10% of the selling price of the item. The terms and conditions of such a deposit are outlined below:

  • Upon receipt of a deposit, we will remove the selected item from general sale and retain its current selling price for a total of 30 days from the date the deposit was paid.
  • Due to the continually changing nature of the pre-owned watch market, prices can fluctuate on a regular basis. Therefore, if the item is not purchased within 30 days of the initial deposit, we reserve the right to update the selling price of the item to reflect the current market value. Please note that prices can go down, as well as up.
  • You have a total of 30 days from the date of the initial deposit to request a refund on your deposit. Refunds will be returned to the original payment method and we will return the item to general sale. After a period of 30 days, Pride & Pinion reserve the right to retain your deposit, and you will be ineligible for a refund. This can still be put toward the purchase of a product or service.
  • If the selected item has not been purchased within 3 months of the date of deposit, we will return the item to general sale. You will be ineligible for a refund, but you can still use any money paid towards the purchase of a product or service.
 

Deposits for Repairs & Services 

In order to begin the process of Repairing or Servicing an item, we require an initial deposit of £50.00. The terms of Repairs and Services are outlined below:

  • Your initial deposit of £50.00 covers the cost of sending your item to our watchmaking partners and the generation of an estimate for the necessary work to complete your requested Repair or Service.
  • Repairs will not be proceeded without your permission. We will notify you of the estimated cost via email. Upon receipt of your estimate, we will request that you notify us in writing of your decision whether to proceed with or reject the estimate.
  • Should you proceed with the estimated interventions, your initial payment of £50.00 will be deducted from the total cost outlined on the estimate. For example, if an estimate for repair was for £100.00, the payment of £50.00 would be deducted, leaving a balance of £50.00 to be paid upon collection of your watch.
  • Should you decide to reject an estimate and have your item returned from the workshop unrepaired, you will forfeit your initial deposit of £50.00
  • In the event that we cannot repair your item, you will be entitled to a refund of your £50.00 deposit upon collection of your item. Refunds will be returned to the original payment method.
  • If we do not hear from you within 2 weeks of the date we notify you of your estimate, we will automatically request your item returned to us un-repaired. You will then forfeit your £50.00 deposit.

  

Deposits for Watch Sourcing

When you contact us regarding sourcing a watch, we will begin with an initial consultation regarding the watch(es) you are interested in, your expected lead time, budget and any other requirements you may have. We will notify you of the expected price of your requested watch, lead time and any other necessary factors to take into consideration. The terms and conditions of watch sourcing are outlined below: 

  • Should you choose to proceed with a watch sourcing request, we will require a deposit of 50% of the estimated cost of the watch. For example, if we estimate that a watch will cost £4,000.00, we will require an initial deposit of £2,000.00.
  • Please note that the ever-changing nature of the pre-owned watch market means prices can fluctuate regularly. We will expend all our resources to find your requested watch at the quoted price, however, we cannot guarantee quoted prices and you may have to pay a different price than the initially quoted price. Prices may go down, as well as up.
  • When we take delivery of the requested item, we will notify you. Please note that at this point, your deposit will be non-refundable.
  • Should you decide not to purchase the item after we have taken delivery, we will add the item to general sale. Your deposit can still be used to pay for other goods and services from us, but you will be ineligible for a refund of your deposit.
  • When we take delivery of the requested item, any remaining balance must be paid before we can release the goods to you.
  • Due to the continually changing nature of the pre-owned watch market, prices can fluctuate on a regular basis. Therefore, if the item is not purchased within 30 days of us taking delivery of your requested item, we reserve the right to update the selling price of the item to reflect the current market value. Please note that prices can go down, as well as up.
  • If the selected item has not been purchased within 3 months of the date we take delivery of your requested item, we will return the item to general sale. You will be ineligible for a refund of your deposit, however your deposit can still be used to pay for other goods and services from us.
  • If we are unsuccessful in sourcing your requested watch, we will refund your deposit. Please note that refunds will be paid to the original payment method.

If you require any further information on deposits, please contact a member of the team. Our contact details can be found at the link below:

 

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