A refund means getting back what was delivered.
Refund is a concept that implies the fact of getting back what had been delivered (that is, disbursed). Disbursements usually occur when a person is not satisfied with a purchase, although it can also be a prize or some type of promotion.
Take the case of a person who buys a new flat screen television. According to what the seller explains, the device will allow you to tune in up to 120 different channels . When the buyer arrives home, however, he notices that the device only tunes to 80 channels . Outraged by the lie, the subject returns to the store with the television and asks for his money back. This way, when you recover what you spent, you get a refund .
Examples of refunds
A bank may offer refunds to customers who make purchases with a credit card . The entity, in this way, offers a refund of 10% of the total expense to CardBuy card users who make their purchases on Tuesdays or Thursdays.
Another refund possibility occurs when a company ships its products by mail. The footwear manufacturer Shozatos reaches an agreement with the Calzados WorldShoes store to send thirty boxes of its new boots by the postal service, to be paid in installments. The agreement indicates that Shozatos will, in principle, be responsible for the shipping cost, although Calzados WorldShoes must reimburse that money when paying the first installment.
A bank can offer its customers a 20% refund on all expenses made with a certain card.
The concept in a surety contract
The term reimbursement also has its meaning in the framework of the surety contract , which consists of a person (who is called guarantor ) contracting the obligation to pay the debt of a third party (the main debtor ) jointly or as a subsidiary, in the event that it cannot assume its responsibility. This contract is consensual and does not entail any monetary expense to be concluded, since it simply takes place when the guarantor decides or agrees to respond for the debtor, without the need for the debtor to know.
In this context, therefore, the situation in which the guarantor pays the debt without knowing that the debtor had already done so is called a repayment action . Since the creditor takes double the money that corresponded to him, the debtor has the right to demand that he return his share. Once the reimbursement has been made, the debtor has to compensate the guarantor with the initial amount plus expenses, interest accrued from the moment of payment and any possible damages.
The reimbursement action has its origins in the mandate contract (if the debtor consents to the guarantee being carried out) and in the informal agency (if the debtor ignores the obligation that the guarantor has acquired), both concepts related to the Roman law . It is important to emphasize that the reimbursement action serves to compensate the person who takes charge of another's debt and that it should in no way be used to obtain profits for their services; Likewise, if the guarantor pays more money than is owed, he does not have the right to demand said difference from the debtor, but rather the actual amount of the debt.
Requirements for refund action
Some of the requirements for this refund action to be carried out are the following:
- That the debt has been paid by the guarantor.
- The action must be brought before its prescription .
- The claim must be made by the main debtor.
- The guarantor should not be deprived of the action for reimbursement. This occurs if your payment has not been validated or if the debtor did not agree to the security being made (unless the debt has been extinguished).