For established customers in good standing (as determined by Pederson Stamps), at its discretion, Pederson Stamps may allow items to be placed on "layaway" and/or set up for time payments with payments and terms to be mutually agreed upon in writing at or prior to thetime of sale. Items on layaway will not be shipped until the final payment clears. If payments are not received as agreed/expected, interest charges (up to the maximum allowable by law) will be added, retroactive to the date of purchase. In the event of a missed payment, we reserve the right to void the sale and re-offer the item(s), or pursue any other reasonable course of action, including legal means to recover money owed. When interest is charged on layaways, it will be at the current Wall Street Journal prime rate, calculated from the date of purchase, on the full amount of the sale. If an item is delivered to a customer prior to full payment, rather than being placed on layaway, and the agreed upon payment schedule is not met, the customer agrees to, upon a request from Pederson Stamps, to return the item to Pederson Stamps in the condition it was originally received. In such a case, Pederson Stamps will refund any amounts paid minus 20% and any incurred costs, including shipping.