Consignment Agreement

This consignment agreement (this “Agreement”) is made effective (Date)_________________________________ between (Consignor’s full name) ________________________________________________, (“Consignor”), and L.O.V.E. Consignment, of 1225 Military Road Suite B, Benton, AR, 72015 (“Consignee”).

The parties agree as follows:

1. Right to Sell.  Consignor agrees to deliver to Consignee items for sale on consignment as described in your email with your list of items.  Consignor owns items.  In accordance with this agreement, Consignor grants Consignee an exclusive right to sell the items under the terms of this agreement.  Consignee agrees to devote its best efforts to the sale of the items. 

2. Consignment Terms.  The consignment period will begin on Start Date that is listed on Items List Document and concludes 120 days later (End Date).  Consignor can have items donated to charity or pick them up.  We will notify you of your unsold merchandise and you will have 10 days to retrieve your items, or it will be donated.  If your items get donated, we will give you a tax receipt on those items that will be emailed to you at the end of the year.

3. Pricing and Sale.  All sale prices and terms of sale shall be determined by Consignee. Permanent price drops could start on items after 30 days and continue until item sells or expires but could run on sale as soon as items hit the floor. 

4. Payment.  The sale proceeds will be split with 40% going to Consignor and 60% retained by Consignee.  If Consignor chooses direct deposit payments to Consignor will be made by the 5th of each month for items sold during the previous month.  Checks may be picked up between the 1st and 10th of the month.  Any check below $5.00 will be given the option for cash or it will be held for credit for the next month.

5. Loss or Damage.  Consignee shall not be responsible for loss or damage to items except in the case of negligence.

6. Return of Unsold Items.  Unsold items not retrieved by Consignor within the period stated above will become the property of Consignee and may be donated, destroyed, or otherwise disposed of at Consignee’s discretion.

7. Web Access.  The Consignor has the option to view their daily sales from Consignee’s web application.  The Consignor will need to provide the following on the web application.  There will be a $2/month fee to use this application.  We can wave this $2.00 charge, but you will not access the website.   

 

If you want to opt out, please circle YES or NO

1. Full Name

2. E-mail Address

3. Banking information

1. Direct Deposit.  If you choose to elect and do direct deposits your deposit will be automatically deposited into your bank account between the 1st-5th of every month.  There is an automatic $2.50 service charge for this fee from the bank that will be withheld from your deposit.  You must have a minimum of $5.00 credit of sales to get a deposit to go through the system.

2. Banking Charges.  There will be a service charge for every credit card used on a transaction used to buy consignors items.  The charge will be split with L.O.V.E. Consignment.  It will be listed as “c/c processing fee” on your detail report.

3. Governing Law.  This agreement is governed by the laws of the State of Arkansas.

4. Entire Agreement.  This agreement contains all terms agreed upon by the parties and supersedes all other agreements, understandings, and communications between parties.

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Both parties acknowledge understanding and agreement with the terms set forth herein:

Date: ______________________                                         DONATE –    YES       NO (circle one)

Consignor’s Signature: ___________________________________________________________    

Printed Name (First, Middle Initial, Last): ___________________________________________

Address: ________________________________________________________________________

Phone Number:  __________________________________________________________________

Birthday (MM/DD/YY): _____________________________________________________________

Email Address: ___________________________________________________________________

Another person who can pick up your check:  ________________________________________

LOVE Consignment Employees below this line:_______________________________________

Consignee’s Signature: _______________________________     Date: ______________________

Printed name: _____________________________________________________________________