Consigner Agreement Example

Lux Labels, Rhode Island

Consignment Agreement

This Consignment Agreement ("Agreement") is entered into on this [Date] between [Your Luxury Consignment Store Name], hereinafter referred to as the "Store," and [Consignor's Name], hereinafter referred to as the "Consignor."

  1. Consignment of Luxury Items: The Consignor agrees to consign the following luxury items (the "Items") to the Store for a period of [Agreed Duration] from the effective date of this Agreement:

[List of Luxury Items]

  1. [Item Description]

  2. [Item Description] ... [N] [Item Description]

  3. Terms of Consignment: a. Pricing: The Store and the Consignor will mutually agree on the initial selling price of each Item, considering market value, condition, and desirability. b. Commission: The Store will retain a commission percentage of [Agreed Percentage]% on the final selling price of each Item. The Consignor will receive [Agreed Percentage]% of the final selling price after the deduction of the commission. c. Item Withdrawal: The Consignor may not withdraw any consigned Item before the expiration of the consignment period without prior written consent from the Store. If withdrawal is permitted, the Consignor may be subject to fees or penalties as determined by the Store. d. Reduction of Prices: If an Item remains unsold after an agreed-upon period (usually after [Agreed Duration]), the Store may, at its discretion, reduce the selling price to expedite the sale. e. Disputed Authenticity: If any dispute arises regarding the authenticity of any Item, the Store may seek expert authentication. The Consignor agrees to abide by the expert's decision, and if the Item is deemed inauthentic, the Consignor shall refund the full sale amount to the buyer, and the Item shall be returned to the Consignor at their expense.

  4. Condition and Authenticity: a. The Consignor certifies that they are the legal owner of the Items and have full authority to consign them to the Store. b. The Consignor warrants that all Items are genuine luxury items, free from any liens, encumbrances, or claims by third parties. c. Each Item must be in excellent condition and suitable for immediate resale. The Store reserves the right to reject any Item that does not meet its quality standards.

  5. Insurance: The Store shall maintain insurance coverage for theft, loss, or damage of the consigned Items while they are in the possession of the Store. However, the Store's insurance coverage shall not exceed the fair market value of the consigned Items at the time of the loss.

  6. Payment and Settlement: a. The Store shall issue payment to the Consignor for sold Items within [Payment Timeframe] days after the sale, subject to any returns or dispute resolutions. b. The Store will provide a detailed settlement statement, showing the sold Items, selling prices, deductions, and net proceeds to the Consignor.

  7. Termination of Agreement: Either party may terminate this Agreement with written notice to the other party. Upon termination, the Store shall return any unsold Items to the Consignor within [Return Timeframe] days of the termination date.

  8. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [Your State/Country].

In witness whereof, the parties have executed this Consignment Agreement as of the date first above written.

[Your Luxury Consignment Store Name]

[Consignor's Name]

Signature: ___________________ Date: ________________________