General terms and conditions of sale

Below are the general terms and conditions of sale applicable to our driving and initiation sessions.

Definition

LRS FORMULA offers driving experience sessions in Formula One or other vehicles on European car-racing circuits.

General terms and conditions

Sales of driving sessions are governed by these general terms and conditions, which take precedence over any and all conditions of purchase, unless LRS FORMULA formally and explicitly agrees otherwise.

Bookings and cancellations

Bookings will be accepted and considered final only upon written confirmation of each individual participant’s registration and receipt of the corresponding down payment. LRS FORMULA reserves the right to cancel all or parts of sessions before or while they take place, for any reason (technical, logistical, weather-related, etc.), without compensation. If a session is cancelled in its entirety, LRS FORMULA undertakes to replace it with a session of the same value, possibly at another location, subject to availability. If part of a session is cancelled, LRS FORMULA will allow participants to use their remaining driving time on another date and/or at another venue. If a session is underbooked, LRS FORMULA will notify the registered persons thereof 15 days prior to its date and will offer them the possibility of switching to another session.

Fees, payment terms and penalties

Unless otherwise stipulated, session fees are payable as follows: payment of the total amount at the time of booking. LRS FORMULA will send a confirmation of the booking upon receipt of the initial payment. The balance, all taxes included, will be due one month prior to the scheduled start of the session. All sessions will take place at the time and venue set for them by LRS FORMULA and indicated in the “program” notification. Participants who arrive more than 30 minutes after the start of their session will not be admitted. Session participants must be at least 25 years of age (for F1 sessions) or 18 (for GT or F3 driving sessions and F1 or GT initiations) and must have a valid driver’s license (except for participants in initiations). They must declare that they are in good health and are not under any medical treatment that may be incompatible with the practice of motor sports. Any session started must be paid in full. Because of the risks inherent in driving F1, F3 or GT cars, a session’s organizer may bar persons from participating if they are physically unfit to drive or if they conduct themselves recklessly, or on any other reasonable and lawful ground. If an accident occurs, the concerned participant’s session will immediately end and no refund will be made by LRS FORMULA. If a participant drives recklessly or repeatedly causes the car to spin, LRS FORMULA may decide to terminate the participant’s session without a refund.

Bank security

LRS Formula has no access to the bank details of its customers.

Damage

As security for such damage as they may accidentally cause to cars due, participants will be asked for a security deposit on the date of the session, in the form of a check made out to LRS FORMULA covering the insurance deductible, including tax, of either €4,000 (for F1 sessions) or €2,000 (for F3 or GT sessions). If the damage is less than the foregoing amounts, the difference will be returned by LRS FORMULA to the participant. Insurance deductibles can be reduced in exchange for additional premiums: the €4,000 deductible (F1) can be reduced to €1,000 for an additional premium of €190 (including tax); the €2,000 deductible (F3) can be reduced to €500 for an additional premium of €100; the €2,000 deductible (GT) can be reduced to zero for an additional premium of €100.

Rescheduling or cancellation

Persons who cancel their booking will not be entitled to a refund of their 50-percent deposit unless an agreement has been negotiated with LRS FORMULA. No refund will be made to persons who cancel less than fifteen days prior to their session or who fail to show up on the scheduled date.

Insurance

LRS FORMULA has purchased insurance from A.C.L., of 59 rue de l’Abondance in Lyon, in the form of an all-risk business policy which includes the following coverage: liability of F1 “learner” vehicles including driver’s liability; business liability as driving school and organizer of driving sessions at various European racing circuits; bodily injury to the drivers of insured vehicles (policy limits: €15,245 in case of death, €15,245 in case of disability, with a 10-percent deductible). Accordingly, participants waive any claims against LRS FORMULA in excess of the above insurance limits. All participants must sign a document in which they agree to limit LRS FORMULA’s liability under the “bodily injury” section to the above amounts.

Settlement of disputes

Any disputes arising in connection with this sale, including those involving third-party claims or multiple defendants, shall be referred exclusively to the courts of the district where LRS FORMULA has its principal office.