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Select Committee on European Union Third Report


APPENDIX 4: GLOSSARY OF TERMS AND ABBREVIATIONS


Advance Payment Equivalent to a Deposit
BERRUK Government Department for Business, Enterprise and Regulatory Reform
CFRCommon Frame of Reference
Consumer AcquisThe body of Community consumer legislation (see paragraph 31)
Cooling-off periodThe period of time during which a purchaser can cancel the purchase contract without penalty.
ExchangeThe right to use someone else's timeshare, in exchange for others having the right to use your timeshare, without affecting the ownership rights of the parties
Fly-buyA resort marketing programme in which potential consumers are brought to a resort, accommodated at the resort and given a sales presentation. The cost of the flight may be borne in part through the resort marketing budget[32].
Holiday Clubsee Long term holiday product
Horizontal DirectiveLegislation which cuts across a range of sectors
LACORSLocal Authorities Coordinators of Regulatory Services
Long term holiday productArrangement under which a consumer is offered future discounted travel and/or accommodation in return for an initial payment
OFTOffice of Fair Trading
OTEOrganisation for Timeshare in Europe
Points ClubsA timeshare-like arrangement where "owners" hold points which entitle them to holiday accommodation from a pool of resorts.
ResaleA contract by which a trader helps a consumer to sell or buy a timeshare or long-term holiday product.
Right of WithdrawalThe right to withdraw from the contract during the cooling-off period (see above)
TATOCThe Association of Timeshare Owners Committees
TCATimeshare Consumers Association
TimeshareA contract of more than a year by which a consumer acquires the right to use one or more accommodation for more than one period of occupation
TSITrading Standards Institute
UCPDUnfair Consumer Practices Directive
Vertical DirectiveLegislation which is sector—specific



32   OTE The European Timeshare Industry in 2001, Glossary of Timeshare Industry and Terms, Page 118.  Back


 
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