Derecho del Turismo en las Américas

402 DERECHO DEL TURISMO EN LAS AMÉRICAS first Timeshare hotel opened its doors in the year 1977, the local Timeshare industry has grown considerably 5 . Timesharing is now one of seven accommodation concepts defined in the Permit Law of Aruba, aside from accommodation (room usage vs . payment) and all‑inclusive accommodations (stays include food and non‑alcoholic beverages with/without full access to one or more recreational activities), amongst others. In 2012, several new clauses were added to the Civil Code of Aruba, some of which relate to Timesharing. Given the importance of Timesharing for Aruba, it was about time that the legislature proceeded with the additions to the Civil Code. This article will briefly cover some of these additions. One of the additions is the now legally imposed reflection/cooling‑off period, which has been set at five (5) days. Under certain conditions, it can be extended. During this period the seller may terminate the contract without stating any reasons. Advance payments are still possible under our Civil Code. However, in such a case, the seller will have to provide sufficient security that it will promptly repay the deposit (less the 3% stated in the next paragraph, if applicable) if the buyer decides to terminate the purchase contract. The seller has the choice between collateral securities (i.e. pledges) and personal securities (i.e. bank guarantees). The creditor (in this case the buyer) has to be able to recover the principal amount, interest and expenses effortlessly. Furthermore, the debtor (in this case the seller) has to supplement or replace the security the moment such becomes insufficient. The law now requires that termination of the contract within the (extended) reflection period, with a view on the principle of legal certainty, takes place in writing. The Civil Code now also makes it possible to include, in the purchase contract, the obligation that, in case of dissolution, the buyer will have to pay the seller a maximum of 3% of the purchase price as compensation for the costs incurred with regard to both the realization of the purchase agreement and its dissolution. Furthermore, there are now three requirements that have to be met when concluding a contract: The first being that the agreement needs to be in writing . This requirement serves to protect the buyer’s interest because it gives him/her the chance to, 5 “History of vacation ownership”, Aruba Timeshare Association.