I run an automotive hot rod/custom car shop, a customer gave us a deposit for the labor to build a custom car. Work has been continues and satisfactory, however he now wishes to remove the vehicle and is asking for the remainder of his deposit back immediately (about 12k).
We do not have these fund immediately available we asked to make payments, however the terms of our repayment are not satisfactory to him and now he is threating legal action.
Unfortunately the bulk of this job was done on a "handshake" agreement (not how we generally do business) therefore there is no signed agreement regarding these funds.
My question is what is, our legal responsibility to repay this amount and in what time frame?
Any advice would be appreciated
-Justin
We do not have these fund immediately available we asked to make payments, however the terms of our repayment are not satisfactory to him and now he is threating legal action.
Unfortunately the bulk of this job was done on a "handshake" agreement (not how we generally do business) therefore there is no signed agreement regarding these funds.
My question is what is, our legal responsibility to repay this amount and in what time frame?
Any advice would be appreciated
-Justin