We are a section 21 company (school), I have been recently going trough a contract that one of our directors have signed,
it is a lease contract for a samsung PABX system, from Samsung NAC directly.
Just some background on the situation...we have had a previous company install a PABX system and had endless problems with the system, so the director contacted samsung direct to fix the system, without explaining properly, made her sign the contract, which is a lease for 5years. we are a section 21 company and cannot afford it.
I contacted them and explained this to them, in turn they sent me an email with a settlement of R77 000, I don't understand why this is such a big amount, we are not even purchasing anything! The company they financed this trough is Grandeur Finance Corporation cc....what is the way forward for me??
What will be the most cost effective and right route to take?
the contract was entered into on the 01/04/2010 and is a 60month contract for the amount of R1248 per month at an escalation of 15% p/a!