Terms and Conditions
If you turn your ticket over, you'll find the "terms and conditions for issuance," often in very small print, making it hard to read. In most cases they're relatively standard, and they give you information, including the conditions for a refund. If you're booking by phone, whoever sells you the ticket should tell you the terms - its part of your rights. Generally, they're fine. What you need to watch out for, though, are unfair terms.
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What exactly is an unfair term? It's one that gives one party (in this case whoever's selling tickets) a heavy advantage over the other (you, as the ticket buyer). It can be a way to duck legal responsibilities or put too many obligations or restrictions on you to the point where you become powerless. They'll be down in the fine print. The goods news is that unfair terms aren't binding. The bad news is that you'll probably have to go to court to ultimately decide if a term is unfair.
What should you watch out for? Basically, anything that leaves you without rights. Perhaps the biggest one would be a clause whereby the business could change a show in whatever way it wanted. But there are several others worth noting, like denying or limiting refunds even if a performance didn't happen, or denying liability even in the case of personal injury or death.
Let's say you've made a special trip from Newcastle to London. You've not only booked tickets for a West End show, you've paid for rail tickets and a hotel. You get to the theatre, only to find the show's been cancelled. What can you do? You're not only entitled to a refund for your tickets, you might well be able to claim compensation for your other expenses - which are seen as losses. Whenever a show is postponed or cancelled, you should be able to claim a refund on your tickets.
If you've booked to see a musical with a certain star, then the management can't blithely put someone else on in his place - substitutions or different casts simply aren't acceptable. In most circumstances, you can claim compensation in cases like this, and it might be equivalent to a full refund.
Complaints
How can you complain if you feel a performance hasn't lived up to its expectations? Note that doesn't mean the quality of the show - that's subjective. Go to the box office first. If that doesn't help, try the manager, who has more power. Failing that, write to whoever put on the show, but make sure you keep copies of all the correspondence. As a final resort, if you're unable to come up with any other resolution, take the company to small claims court.
With unfair terms, you need to take a different tack. If you feel you've been a victim, contact the Competition and Markets Authority (CMA) who can investigate.
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