Pawn Ticket Terms & Conditions
Last updated: July 1, 2026
DRAFT FOR LEGAL COUNSEL REVIEW
This document is a working draft prepared for review by qualified legal counsel. It has not been finalized and is subject to revision. No reliance should be placed on its contents until reviewed and approved by counsel licensed to practise in the Republic of Ghana.
1. Parties and Definitions
These Terms govern the pawn transaction between The Third Corner ("the Pawnbroker"), licensed under the laws of the Republic of Ghana, and the customer identified in the associated pawn ticket record ("the Pledgor"). "Pledged Item" means the goods deposited as security. "Loan Amount" means the principal sum advanced. "Redemption Period" means the period during which the Pledgor may redeem the Pledged Item. "Interest Rate" means the flat rate charged for the Redemption Period.
2. Description of Pledged Item
The Pledged Item is described in the pawn ticket record, including its make, model, IMEI or serial number, and condition grade. The Pawnbroker has conducted a valuation and IMEI/serial verification prior to issuing the loan. The Pledgor warrants that they are the lawful owner of the Pledged Item and have the right to pledge it.
3. Loan Amount and Interest
The Loan Amount, Interest Rate, and total redemption cost shall be as specified in the pawn ticket. Interest is charged as a flat rate for the Redemption Period and is non-refundable once accrued. The Pawnbroker reserves the right to adjust the Interest Rate for renewed or extended tickets, subject to applicable law.
4. Redemption Period
The standard Redemption Period shall be thirty (30) days from the date of the pawn ticket, unless otherwise agreed. The Pawnbroker shall send a reminder SMS to the Pledgor seven (7) days and one (1) day before the expiry of the Redemption Period.
5. Redemption Process
To redeem the Pledged Item, the Pledgor shall present the pawn ticket (or ticket number) and pay the total redemption cost (Loan Amount plus accrued interest) at any branch. Upon payment, the Pawnbroker shall release the Pledged Item to the Pledgor. If the Pledgor has lost the ticket, redemption shall be permitted upon satisfactory proof of identity and ownership.
6. Renewal
The Pledgor may renew the pawn by paying the accrued interest and extending the Redemption Period for an additional term, subject to the Pawnbroker's then-current Interest Rate. Renewal may be requested at any time before the expiry of the current Redemption Period.
7. Forfeiture
If the Pledged Item is not redeemed or renewed within the Redemption Period, the Pledged Item shall be forfeited to the Pawnbroker. Upon forfeiture, title to the Pledged Item shall vest absolutely in the Pawnbroker, who may sell or otherwise dispose of the item. The Pawnbroker shall make reasonable efforts to notify the Pledgor prior to forfeiture.
8. Title and Warranties
The Pledgor warrants that they are the lawful owner of the Pledged Item, that the item is not stolen or subject to any encumbrance, and that the IMEI or serial number has not been reported to any blacklist or stolen goods registry. If the Pledged Item is found to be stolen or blacklisted, the Pawnbroker shall report the matter to the appropriate authorities and the loan shall become immediately due and payable.
9. Care of Pledged Item
The Pawnbroker shall take reasonable care of the Pledged Item while in its possession and shall store it in a secure location. The Pawnbroker shall not be liable for ordinary wear and tear but shall be responsible for loss or damage caused by its negligence.
10. Lost Ticket
If the pawn ticket is lost, the Pledgor may redeem the Pledged Item by providing satisfactory proof of identity and the ticket number. The Pawnbroker shall verify the Pledgor's identity before releasing the Pledged Item. A replacement ticket fee may apply.
11. Privacy and Data Processing
The Pawnbroker shall process the Pledgor's personal data in accordance with the Privacy Policy. Personal data collected includes identity verification information (ID type and number), contact details, and transaction records. The Pledgor consents to the processing of such data for the purposes of pawn management, redemption, and forfeiture.
12. Governing Law and Dispute Resolution
These Terms shall be governed by the laws of the Republic of Ghana. Any dispute arising shall first be referred to amicable negotiation. If unresolved within thirty (30) days, the dispute shall be referred to arbitration in Accra in accordance with the Alternative Dispute Resolution Act, 2010 (Act 798).
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