Sample Consignment Agreement

Richard Levine accepts items to be sold at auction on the Internet subject to the conditions and fees as explained below. Please read this entire page then sign and date it if you agree to consign items under these terms. Once you complete this, it will apply to future consignments until and unless Richard Levine revises conditions or fees at a future date. (In the event of revision to this agreement, such changes will apply ONLY to items consigned AFTER a new agreement has been signed.)

Richard Levine may accept or refuse and all items offered by OWNER for consignment for sale at auction. ONLY the OWNER, or authorized agent of owner of items may consign them for sale by Richard Levine. By signing this document, you declare that you are the legal owner of the items being consigned or an authorized agent of the owner and hold Richard Levine harmless in the event of any dispute over the ownership of any item consigned. Consignment of items to which you don?t hold title or have authority to sell is a crime and Richard Levine will co-operate fully with legal authorities in prosecuting any individual who consigns items to which they don?t hold title or have authorization to sell.

Consignor agrees to advise Richard Levine to the best of their ability as to the history and condition of items consigned for sale at auction. It is in the interest of all parties involved to provide complete and accurate descriptions of items. Richard Levine describes and, where appropriate, photographs items to aid potential bidders in determining suitability and condition of items. Any item which is not as described may void an auction sale and the item may or may not be offered again with revised description. Expenses incurred in such an event will be paid by the consignor over and above the normal 35% commission described in part 6) below.

Electrical and mechanical devices should be described by consignor accurately as to their completeness and fitness for use. Items found NOT to perform as described will be returned to consignor. If a pattern of inaccurate descriptions emerges, Richard Levine may refuse to accept consignments from that consignor in the future.

By accepting items, Richard Levine agrees to make a good faith effort to sell them at auction on behalf of the owner and will list them for public auction or notify the owner that he cannot do so within 30 days. Any item not sold will be returned to the consignor, who must pick it up from Richard Levine within 60 days of notification, or it becomes the property of Richard Levine. Return of an item fulfills all obligations on the part of Richard Levine as pertains to that item.

All items accepted will be sold at absolute auction without reserve in fixed time auction. Auction will be opened at 50% of estimated value and will sell to high bidder. In the event that no bids are placed for an item, Richard Levine will offer it a second time approximately one week after the close of the first auction. Items that receive no bids after a second attempt will not be offered again and consignor will be notified to pick them up. Items mutually agreed by consignor and Richard Levine to be too large or heavy to ship economically will be offered only to bidders who agree to pick them from Richard Levine. All other items will be offered to a national or international market, depending on item, and decisions on appropriate market size shall be at the sole discretion of Richard Levine.

Richard Levine will retain 35% of proceeds to cover all expenses incurred in advertising, listing, photographing, shipping, insuring, and all other overhead expenses incurred in auctioning items and retained residual. The balance, (65% of closing bid) will be paid to the consignor within 30 days of close of sale of the item by check, and such payment will complete the obligation to the consignor as regards that item.

When items are consigned, Richard Levine will provide a dated receipt for items with brief description of each and mutually agreed upon estimated value of each. This is ONLY an estimate and no guarantee is made that any item will sell at or above the estimate value. Item may sell for more or less, and consignor agrees to accept 65% of the actual sale price, regardless of estimated value. Richard Levine will base estimate on previous sale at auction of similar items and personal experience, and consignor will sign authorization to auction item based on an opening bid of 50% of estimated value and without reserve. Estimated value is provided solely to aid the consignor in making a decision whether to consign the item for sale at auction and to set the opening bid, and is NOT a guarantee of actual sale price. Richard Levine will make a good faith effort to describe items completely and accurately and, where in his sole discretion it is deemed appropriate, to include one or more photographs of item in auction listing. Though auctions conducted on the Internet have a history of exposure to large numbers of potential bidders, maximizing the potential bidding, similar items sold at auction vary widely in sale price.

Consignor will be compensated for any item lost, damaged or stolen while in the control of auctioneer in amount not to exceed 65% of estimated value shown on consignment form and agreed to by both parties.

Consignor agrees that notification of failure of item to sell may be made by telephone or email and need not be made in writing. Once notified, consignor will make every effort to pick up unsold items promptly. Items not picked up within 60 days of notification of failure to sell will become the property of Richard Levine and may be disposed of in any manner he deems appropriate.

This agreement shall be the sole agreement between Richard Levine and consignor and shall remain in force until and unless cancelled by Richard Levine.

Consignor Signature ___________________________ Printed Name__________________________________________

Address___________________________________________City____________________________State___ Zip______________

Date: Mo___________Day________Year____________ Daytime Phone or cell________________________________________

Home or Eve Phone____________________________email_________________________@_____________________________

Definitions:

Consignor: person or company who leaves an item with auctioneer to be sold at auction.

Richard Levine: individual licensed by the state of New Hampshire (#4012) and bonded to sell property of others at auction.

Absolute Auction: Auction in which highest bidder wins and gains title to item upon payment of final bid amount.

Fixed time Auction: Auction that ends at a specific time and high bidder at that time wins auction.

 

 

 

 

 

 

 

 

 

 

 

Amendment to Consignment Agreement for High Value items and Motor Vehicles

 

This agreement shall amend the basic consignment agreement to cover ONLY items that sell for over $1000.00 per item and Motor Vehicles consigned to Richard Levine, New Hampshire Auctioneer #4012 for sale at auction.

1) Any single item that sells for $1000.00 or more at auction (excepting Motor Vehicle) shall be subject to the following commission schedule:

35% of first $1000 plus 20% of amount over $1000.00 up to $5000.00.

Items selling for $5000.00 or more shall be subject to flat 15% of sale price.

 

2) Motor Vehicles shall be subject to acceptance fee of $40.00. This fee is due if vehicle is listed with eBay by auctioneer, whether or not it receives any bids. Any motor vehicle that sells shall be subject to the following additional fee and commission:

$40.00 fee plus 35% of sale price up to a maximum of $500 for vehicle that sells for less than $10,000. Motor vehicle that sells for $10,000 or more shall be subject to additional commission of 5% of amount over $10,000.

3) If seller authorizes auctioneer to accept payment from buyer by credit card or PayPal, an additional 3% commission shall be paid to auctioneer to cover fee incurred.

I accept these terms for sale of my High Value items and/or Motor Vehicles.

 

Printed Name of Seller or Authorized Agent________________________________

 

Signature of Seller or Authorized Agent____________________________________

 

I authorize Richard Levine to accept payment for my High Value items and/or Motor Vehicles by Credit Card or PayPal and understand that my authorization subjects me to additional 3% commission to cover cost of doing so.

Signature of Seller or Authorized Agent_____________________________________

Date: Month__________Day__________Year______________