Consignment Agreement Sample Form
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WHEREFORE, _________________, owner and Consignor of certain property more
particularly described hereinafter, and LABeX of MA, Consignee, in exchange for good and
sufficient consideration and the mutual promises and undertakings set forth in this
Consignment Agreement (“Agreement”) do agree to the following:
1. Ownership. Consignor warrants, covenants and agrees that the property, being sold is
owned by Consignor and that there are no liens, judgments or other encumbrances against
the ownership, including all rights of sale or transfer, of the consigned property. The
parties agree that title to the consignment shall remain in Consignor until such
consignment is sold in severable parts or in whole by Consignee.
2. Description of Consigned Property. Consignor agrees to deliver, and Consignee agrees
to accept for the purpose of sale on the terms and conditions hereinafter recited in this
Agreement, the following described property:
SEE EXHIBIT “A”
Consignor states and agrees that the description(s) of the consigned property is true and
correct to the best of Consignor’s knowledge and belief and further, that no undisclosed
defects in such consignment are known to Consignor.
3. Non-Exclusivity or Exclusivity of Agreement. Consignee shall have the exclusive right
to market and sell the property described hereinabove. Consignor shall have the right to
sell the property described hereinabove for his own account. If Consignor does sell the
consignment listed in this Agreement, Consignee shall nonetheless be entitled to payment
for the sale of such consignment on the terms and conditions of this Agreement.
4. Price. The offering price(s) are to be determined by Consignor. Consignee agrees to
inform Consignor of bona fide offers to purchase the consigned property for prices less
than the asking price set by Consignor. Consignor reserves the exclusive right to accept a
price less than the offering price.
5. Time of Payment(s) to Consignor. Consignor agrees that Consignee shall require and
receive full payment on the sale of the consigned property prior to any obligation of
Consignee to remit payment to Consignor for the same. Upon receiving full payment for
such sale, Consignee shall remit, in United States currency or a check drawn on a United
States bank, the amount due to Consignor under this Agreement:
For each item sold, no later than 30 days following the date of full payment for each item.
It is agreed that “full payment,” as used above, shall be construed to mean and include the
day of the clearing of any monetary instrument by Consignee’s bank.
6. Amount(s) of Payment(s) to Consignor. Consignor and Consignee agree that an
amount of 50% of the selling price shall be due and payable to Consignor upon the sale
of the property subject to this Agreement. Consignee shall provide a monthly written
statement listing all sales made of the property subject to this Agreement including the
dates of such sales, the total amount(s) received and the amount due to Consignee.
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