Consignment Agreement
AGREEMENT TO SELL
In accordance with this Agreement, the Consignor grants The Vintage House an exclusive right to display and sell the mutually agreed upon items. The Vintage House agrees to place on display the mutually agreed upon item(s) in a prominent area within the store premises for one year.
Any merchandise that is not sold at the end of the consignment period shall be evaluated by both the Consignee and the Consignor. In the event that the Consignor decides to remove their merchandise, the Consignor shall assume all responsibility for retrieving and removing the unsold merchandise or arrange for the pick-up and all costs associated with said removal of merchandise. The Consignor shall retain ownership of any and all consigned merchandise until such time as the merchandise is sold.
THE VINTAGE HOUSE SHALL:
- only accept clean, quality merchandise in good condition after this contract has been submitted and has contacted the consignor with an agreed upon time/date for drop off
- retain 50% of all proceeds from the sale of each item consigned
- maintain insurance for the premises and all contents thereof against any damage or theft that may occur to any item(s) left with the Consignee to sell.
- submit payment in the form of a check, Venmo payment, Zelle payment, or Paypal payment, to the Consignor for their portion of the proceeds, 50% of the sale price, not to include any applicable sales tax charged, at the end of each month for sale of their item(s) during that particular month, or when sales of Consignor’s items reaches $50 or above.
- retain possession and control of the consigned merchandise for a minimum period of 90 days, beginning on the date items are received.
- maintain all records of consignments and ensure accurate record keeping of each item, quantity and what was sold. The Consignor will receive a link to the records spreadsheet and may request changes.
THE CONSIGNOR AGREES TO:
- Prior to or upon delivery of the merchandise, provide a complete and accurate inventory list of the merchandise items that have been consigned to be sold. This list must include a description of each item, the quantity of each item, and a price the Consignor would like to receive for the item, if he/she wishes.
- Notify The Vintage House if additional items will be dropped off for consignment and will wait for confirmation before bringing in more items.
TERMINATION OF CONSIGNMENT AGREEMENT
The Consignee may terminate this Agreement at any time and for any reason by providing 5 days advance written notice and by returning to the Consignor all the unsold merchandise that is the subject of this Agreement. The Consignor may terminate this Agreement at any time and for any reason by providing 5 days advance written notice, but said termination shall not affect the agreement regarding items of merchandise already sold. The expense of delivery to the Consignor of any unsold merchandise shall be the responsibility of the party terminating this Agreement.
BUSINESS OPERATION
The Vintage House maintains the exclusive right to determine the business operation and management of its premises. The Consignor shall have no liability or responsibility for the operation and management of the Consignee's business, employees, staff, officers or agents or any torts or other causes of action that may result from daily operation of business, and the Consignee agrees to defend, indemnify and hold harmless the Consignor for same.
LIABILITY FOR LOSS, DAMAGE OR THEFT OF CONSIGNED MERCHANDISE
In the event that the consigned merchandise is lost, stolen, destroyed, damaged or unaccounted for due to any cause, known or unknown, while consigned at The Vintage House, it shall be considered as having been sold, and the Consignee shall pay unto the Consignor the amount agreed herein as if the lost merchandise had been sold and the Consignor shall be paid the previously agreed upon percentage, and that amount shall be paid no later than 30 days following the loss of the merchandise.
ARBITRATION/MEDIATION DISPUTE RESOLUTION
The Consignee and the Consignor both agree that should any dispute arise through any aspect of this relationship, including, but not limited to, any matters, disputes or claims, the parties shall confer in good faith to promptly resolve any dispute. In the event that the parties are unable to resolve the issue or dispute between them, then the matter shall be mediated and/or arbitrated in an attempt to resolve any and all issues between the parties.
The parties agree that any claim or dispute that arises from for through this agreement, the relationship or obligations contemplated or outlined within this agreement, if not resolved through mediation, shall then go to and be resolved through final and binding arbitration. Any decision reached by the Arbitrator shall be final and binding and, if required, may be entered as a judgment in any court having jurisdiction. This Agreement shall be interpreted and governed by and in accordance with the Federal Arbitration Act 9 U.S.C. §1-16.
SEVERABILITY CLAUSE
In the event that any provision of this Consignment Agreement shall be deemed to be severable or invalid, and if any term, condition, phrase or portion of this Agreement shall be determined to be unlawful or otherwise unenforceable, the remainder of the Agreement shall remain in full force and effect, so long as the clause severed does not affect the intent of the parties. If a court should find any provision of this Agreement to be invalid or unenforceable, but that by limiting said provision it would become valid and enforceable, then said provision shall be deemed to be written, construed and enforced as so limited.
ENTIRETY
The herein contained Consignment Agreement constitutes the entire understanding of both the Consignee and the Consignor pertaining to all matters contemplated hereunder at this time. The parties signing this Consignment Agreement desire or intend that any contract or other agreement entered into between the parties subsequent hereto shall supersede and preempt any conflicting provision of this Consignment Agreement whether written or oral.
WARRANTIES
Neither the Consignee nor the Consignor shall make any guarantee or warranties in relation to any sale, use or transfer of the merchandise by the other party or any third party acting on behalf of the Consignee or the Consignor.
ASSIGNMENT
This Agreement is not assignable and may not be modified other than by a written modification agreed to and signed by both parties.
GOVERNING LAWS
This Agreement shall be construed and governed in accordance with the laws of the State of New York.
WAIVER
The Consignee and the Consignor agree that instances or patterns of wavier, forbearance, course of dealing or trade usage shall not affect the right of either party to demand performance of any term or condition contained within this Agreement.