AUCTION CONSIGNOR AGREEMENT
This Consignment Agreement, herinafter referred to as the Agreement, states the terms of the parties’ contract with respect to personal property, herinafter referred to as the Property.
The Agreement is valid for the term which begins with the Effective Date and terminates 90 days from the Effective Date.
1.EXCLUSIVE RIGHTS The Consignor grants the Auctioneer exclusive right to market and sell the property at public live auction, online auction, or any form auction deemed lawful under normal business practice. The Consignor represents they are the owner and hold right and authority to sell the Property. If the Consignor is an agent of the owner, then the Consignor represents their right to sell the Property by way of expressed written consent or legal standing. The Consignor represents and warrants the Property is, and until sold, free and clear of all liens, encumbrances, or claims of third parties of any kind whatsoever. The Consignor shall defend, indemnify, and hold harmless the Auctioneer against any and all claims, actions, damages, losses, liabilities, and expenses arising out of or resulting from any and all claims.
2.PROPERTY INVENTORY The Auctioneer will provide a copy of a general inventory of items written in good faith upon the receipt of the Property to be as comprehensive as possible within reason. Consignor agrees any items with the auction estimated value to be less than $5.00 mayor may not be excluded from the inventory or may fall under the umbrella of a general description term. The Auctioneer will provide a copy of the statement produced by selling items at live auction, online auction, or any other method to include an additional inventory of the Property sold. The Auctioneer will not be held liable for items listed under general terms.
3.WITHDRAWAL OF PROPERTY The Consignor will make the Property available upon the Effective Date and shall not withdraw the Property for any reason after the Agreement has been signed without the expressed written consent of the Auctioneer. Withdrawn Property will incur a cancellation penalty of 35% of estimated auction value.
4.ABSOLUTE AUCTION The Property will be sold at absolute auction with no reserve unless explicitly stated in the Additional Terms and Provisions section of the Agreement. In the event the Auctioneer sells the item for below the reserve price, the Consignor agrees to pay the percentage of the final sale price as stated explicitly in the Agreement.
5.COMMISSION RATESAND LABOR FEES The Auctioneer agrees to pay the Consignor the sale price at auction minus the agreed com-mission percentage. The Consignor agrees to pay the standard sliding scale commission rates on a per item/lot basis or as explicitly stated otherwise in the Agreement. The Consignor agrees to pay the labor fee/administration fee as stated in the Agreement to be deducted from the total gross sale of the Property at auction. The Consignor is not responsible for any costs up front unless explicitly stated in the Additional Terms and Provisions section of the Agreement.
6.TIMEFRAME The Property will be sold within 90 days of the Effective Date or unless explicitly stated in the Additional Terms and Provisions section of the Agreement. Each subsequent auction listed in the section will extend the term of the agreement by 90 days from the first day of the latest listed calendar month.
7.BUSINESS PRACTICES The Auctioneer shall maintain 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 Auctioneer’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 Auctioneer agrees to defend, indemnify, and hold harmless the Consignor for same.
8.MARKETING AND SALE The Auctioneer shall retain full control over the timing, method, location, and type of auction in selling the Property for the entirety the Property is in their possession. The Auctioneer may display photos and/or descriptions of the Property without limit on any marketing documents, internet sites, and social media, or any such method of advertising both during and after the sale of the Property and will retain full copy, reproduction, and rights to any pictures or copy during any and all processes and transactions, even if the transaction is withdrawn, cancelled, substituted, or changed in any way.
9.LIABILITY FOR LOSS, DAMAGE, OR THEFT In the event the Property is lost, stolen, destroyed, damaged, changed, or unaccounted for due to any cause, known or unknown, while consigned to the Auctioneer, the Property, or each item consigned, shall be considered as having been sold, and the Auctioneer shall pay unto the Consignor the estimated auction sale price, minus commission as appraised by the Auctioneer or by an agreed upon third party appraisal service. The amount shall be paid no later than 30 days following the loss of the merchandise. The Auctioneer shall maintain insurance coverage sufficient to compensate the Consignor for the fair market value of items as ascertained above.
10.PAYMENT Payment by the Auctioneer shall be furnished to the Consignor no later than 30 days but not before 5 (five) business days after the sale of the Property. Payment shall be in the form of check.
11.ARBITRATION/MEDIATION DISPUTE RESOLUTION The Auctioneer and the Consignor both agree 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 the parties are unable to resolve the issue or dispute, the matter shall be mediated and/or arbitrated in an attempt to resolve any and all issues between the parties.
12.WARRANTIES Neither the Auctioneer nor the Consignor shall make any guarantee or warranties in relation to any sale, use or transfer of the merchandise by the other party any third party acting on behalf of the Auctioneer or the Consignor.13.SEVERABILITYIn the event any provision of the Agreement shall be deemed to be severable or invalid, and if any term, condition, phrase or portion of the Agreement shall be determined to be unlawful or otherwise unenforceable, the remainder of the Agreement shall remain in full for 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.