This agreement grants the right to use a vacation unit/residence, domestically or internationally, for a minimum of three years, with a stay of two or more days annually. For example: A 20-year agreement to use a hotel room in Eilat for one week in April.
Cancellation is permitted within 14 days of contract signing or receipt of the “disclosure statement,” whichever is later. Consumers wishing to cancel must send written notification to the vendor via this link. Cancellation takes effect at the end of the annual period following notification, or at the end of the current annual period if notification occurs during that period. For example: A cancellation notice submitted in early August for a vacation unit booked for the last week of August will take effect at the end of that last week.
The vendor must refund all sums paid by the consumer for the period after the cancellation takes effect, including accrued interest from the date of payment until the date of refund. If the vendor has not yet billed the consumer for the post-cancellation period, the vendor may simply cancel the charge for that period. However, if the transaction has not commenced, the vendor may not charge a cancellation fee!
If the transaction has commenced, the vendor may deduct only the following from the refund:
- The pro-rata share of the vacation unit’s price up to the effective date of cancellation;
- If the vendor did not restrict the consumer’s right to assign their rights under the contract to a third party (even by charging a fee), the vendor may charge 50% of the vacation unit’s price after deducting the “pro-rata share” mentioned in section 1.
Note that jurisdiction for disputes regarding the vacation unit depends on its location: For units in Israel, the competent court is in Israel. For units abroad, jurisdiction lies with the competent court in the unit’s location.
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