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Consignment Agreement

This Consignment Agreement (“Agreement”) is entered into as of [Date], by and between:

  • Auction Company: [Auction Company Name], located at [Address], (“Auctioneer”)

  • Consignor: [Consignor Name], located at [Address], (“Consignor”)

  • Purpose
    The Consignor wishes to consign certain items to the Auctioneer for sale at public or private auction. The Auctioneer agrees to accept such items under the terms of this Agreement.
  • Description of Consigned Items

    The Consignor agrees to consign the following items (collectively, the “Property”):

    [List of items, including descriptions, estimated values, and any relevant documentation]

  • Term

    This Agreement shall commence on the date above and continue until all consigned items are sold, returned, or otherwise disposed of in accordance with this Agreement.

  • Auctioneer’s Responsibilities

    • Market and sell the Property in a commercially reasonable manner.

    • Determine the timing, format, and method of sale.

    • Provide accounting and payment to the Consignor within [X] days after the sale.

  • Consignor’s Representations

    • The Consignor represents and warrants that:

      • They are the legal owner of the Property.

      • The Property is free of liens, encumbrances, or claims.

      • They have full authority to enter into this Agreement.

  • Commission and Fees

    The Auctioneer shall retain a commission of [X]% of the final sale price of each item. Additional fees (e.g., photography, storage, insurance) may apply as outlined in Exhibit A.

  • Reserve Prices
    The Consignor may set reserve prices for specific items. If no reserve is set, the Auctioneer may sell the item at their discretion.
  • Unsold Items

    Unsold items may be:

    • Returned to the Consignor at their expense.

    • Re-auctioned at a later date.

    • Donated or disposed of with written consent from the Consignor.

  • Insurance and Risk

    The Auctioneer will take reasonable precautions to safeguard the Property but is not liable for loss or damage unless due to gross negligence or willful misconduct. Insurance coverage may be provided at the Consignor’s request and expense.

  • Payment Terms
    Net proceeds from the sale will be paid to the Consignor within [X] days after the auction, along with a detailed statement of sales and deductions.
  • Termination
    Either party may terminate this Agreement with [X] days’ written notice. Upon termination, unsold items will be returned or otherwise handled per Section 8.
  • Governing Law
    This Agreement shall be governed by and construed in accordance with the laws of [Province/State].
  • Entire Agreement

    This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements or representations.

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

    Auctioneer Signature: ___________________________ Name: Title:

    Consignor Signature: ___________________________