CONSIGNOR AGREEMENT
This Consignment Agreement is made this ___ day of ____________, 2012, by and between The Cape Exchange, Inc. (TCE), whose address is 1348 Cape Saint Claire Road, Annapolis, Maryland 21409, hereinafter referred to as “Broker” and Consignor’s Name whose address is Consignor’s address hereinafter referred to as “Owner”.
Owner warrants that he/she is the lawful owner, free and clear of any loans, liens, or other potential claims, of the property to be consigned. Owner agrees to indemnify TCE and hold it harmless from any loss, damage or expenses, including attorney’s fees, incurred by TCE as a result of Owner‘s failure to have ownership/title as set forth above.
Owner agrees to deliver the items to be consigned to TCE to be sold. Items must be clean, polished, and in good repair. TCE agrees to offer for sale the items set forth on the Consignor Receipt. TCE will decide whether to place the items for sale in the physical store located above or to list them for sale on eBay and/or Amazon. Furniture and larger “store” items will be listed for sale on Craigslist. Consigned items may be featured on the website of TCE.
The Consignment period is 90 days. The starting date is the date on which the items are delivered. That date is shown on the Consignor Receipt. The Owner is responsible for contacting TCE within 7 days of the end of the consignment period to arrange a time to pick up any unsold items or to extend the consignment period. Owner will give TCE 48 hours notice of the pick-up date. If items are not picked up, or arrangements made, TCE will conclude that Owner does not want the item. The items will become the property of TCE and will be disposed of by any means chosen by TCE, whether by sale, donation or trash. Owner is responsible for keeping track of the 90 consignment period. TCE is not responsible for reminding Owner. Owner may take an item back prior to the end of the consignment term with 48 hours’ notice to TCE, provided that the item has been listed for sale for at least 10 days. If the item to be retrieved has been prepared for listing on an internet marketplace but not yet listed, Owner will pay TCE $10 for the time invested in the preparation. If the item is listed in an auction format Owner will pay $25 to TCE to cancel the auction and notify the high bidder.
All pricing is set by TCE, whether the item is to be sold in the store or on one of the internet marketplaces. TCE will use available research tools that show recent sales, as well as current listings to determine the value, the marketplace and listing type- whether auction or fixed price for each item to be sold. Brand, age, market demand and condition are all factors in determining the listing type and pricing. If Owner has specific requests or requirements with regard to pricing, TCE will take that into consideration. TCE reserves the right to refuse to list an item if it believes, in its sole discretion that an item will not sell for the amount Owner is requesting. Items not sold within 30 days will be marked down 20%. A further markdown of 40% will be made after 60 days. TCE reserves the right to mark any items down for promotional sales in the store.
Owner will not ask friends or family to bid on auction items listed on eBay for the purpose of increasing the final price. This is referred to as shill bidding and is against the rules of the eBay marketplace and is considered a breach of this agreement. Bids made by family and friends that are made in good faith for the sole purposes of purchasing the item are permitted.
TCE provides a complete satisfaction guarantee with every internet sale. This policy sometimes results in returns and/or price adjustments made after the sale. Any adjusted price will be the price used for payout to Owner. If any item is returned and is still sellable, TCE will re-list the item for sale. Owner agrees to comply with TCE’s customer satisfaction policy.
Items left by Owner are property of Owner until they are sold. TCE does its best to safeguard all items left by Owner; however, all consignments are at Owner’s risk. Owner will not hold TCE liable for any damage or loss due to fire, theft, breakage or any other cause. If an item brought in for sale requires insurance, it is the sole responsibility of the Owner to maintain the insurance policy.
Payments are made once monthly. Once an item is sold, paid and cleared the item is considered ready for payment on the next check. Store items are considered cleared when the payment has cleared. Internet items are considered cleared when 7 days have elapsed since the buyer received the item. Owner may call, email or stop in the store to inquire about his or her check after the 10th of the month. Checks are to be picked up in the store unless the Owner lives outside of a 30 mile radius of the store. Any monthly payment less than $10 to the Owner will be paid in cash.
The amount paid to the Owner for each item sold will be calculated according to the Commission Plan set for on the Consignor’s Receipt received at the time of drop-off.
TCE will be solely responsible for any and all fees related to the advertising and listing of the items as well as any fees charged by credit card merchant services. Owner will be responsible for paying the “final value” or commission fees charged by eBay and Amazon. There will be no fees for items listed on Craigslist.
The relationship between The Cape Exchange and Owner is that of bailor and bailee in which the bailee (Owner) deposits his/her personal property (goods) with the bailor (The Cape Exchange) for the purpose of listing and selling the goods to third parties. Nothing contained herein will be construed as creating any agency, partnership, or other form of joint enterprise between the parties.
By signing this Agreement, Owner is acknowledging that he/she has read the Agreement, understands the Agreement and agrees to abide by the terms herein.
The Cape Exchange
___________________________ ________________________________
By: Consignor’s name and date