Consignment Agreement
THIS AGREEMENT is made by and between you("Consignor"),and Canaan Luxury Consignment, Located at unit1d26, 9390 Woodbine Ave, Markham, ON, L6C 0M5
WHEREAS the Consignor wishes to sell personal item(s) on consignment and Canaan Luxury Consignment wishes sell the item(s) on behalf of the Consignor.
The CONSIGNOR agrees to indemnify and save Canaan Luxury Consignment harmless from any and all claims, action, damages, losses, liabilities and expenses relating to the breach or alleged breach of any of the CONSIGNOR's agreements, representations or warranties as set out below.
CONSIGNMENT
The CONSIGNOR acknowledges that at the sole discretion of Canaan Luxury Consignment, Canaan Luxury Consignment reserves the right to:
Decline acceptance of consignment from any client for any item;
Return any consigned items to the CONSIGNOR any time during the term of this Agreement (e.g. if Canaan Luxury Consignment is unable to confirm authenticity of the Consigned Items) so as to guarantee its authenticity, Canaan Luxury Consignment will return the Consigned Item to the CONSIGNOR, or if the Consigned Item is deemed out of fashion and is unsalable, etc.);
Sell the Consigned Items) via any means of sale (in the boutique, through online store, through social media and other selling venues);
Consult with experts re authenticity and pricing;
Catalogue the Consigned Item (i.e. photograph, set descriptions, make determination regarding the condition of the Consigned Item, etc.);
Control the final sale price of the Consigned Item and retain any and all differences
WARRANTY RE OWNERSHIP & AUTHENTICITY
The CONSIGNOR declares/ warrants/acknowledges to Canaan Luxury Consignment the following:
All information provided by the CONSIGNOR for the purposes of this agreement is true and correct.
The CONSIGNOR is the lawful owner of the Consigned Items) as listed in this Consignment Agreement.
The said Consigned Item(s)is not subject to any item or encumbrance, and shall remains unencumbered while the item is under consignment pursuant to the terms of this.
The CONSIGNOR has the right to sell the consigned item;
The listed original purchase price as stated by the CONSIGNOR in this Agreement is true;
The CONSIGNOR acknowledges that Canaan Luxury Consignment retains the right to charge a penaltyfee of $100 to be applied to the CONSIGNORS account for any false information (false retail price) provided to Canaan Luxury Consignment
All Consigned items are authentic and if authenticity is in dispute, the CONSIGNOR agrees to pay for the costs of authentication fee of $100.
The CONSIGNOR acknowledges that a processing fee of $50-$250 will be charged per item to the CONSIGNOR's account if the Consigned Item is deemed non-authentic.
- The CONSIGNOR acknowledges the store policy regarding authenticity guarantee and refund policy to the purchasers, and shall specifically indemnity and save Canaan Luxury Consignment harmless from any disputes with the purchasers) due to authenticity issues and/or any information provided herein by the CONSIGNOR.
- Payment to the CONSIGNOR will be released only after resolution of dispute regarding authenticity if authenticity is challenged by the purchaser.
- While Canaan Luxury Consignment shall take reasonable care of the Consigned Item while in our possession, Canaan Luxury Consignment is not responsible for the reasonable wear as the result of handling and displaying the Consigned Item during the term of this Agreement.
- The CONSIGNOR acknowledges and understands that all fees stated within this section are cumulative.
TERM OF CONSIGNMENT
During the consignment term of Sixty days, Legal title to and legal possession of all Consigned item(s) remain the consignors’. However, Canaan Luxury Consignment shall claim possession of the consigned item(s) on behalf of the consignor during the contract period of sixty days.
The term of this agreement is for a period of days from date of this agreement (the"Consignment Period").
In the event the CONSIGNOR decides to terminate this Consignment Agreement prior to the consigned item being sold and prior to the end of the Consignment Period, the CONSIGNOR shall pay to Canaan Luxury Consignment an Early Termination fee of 10% of listing price per item.
If the consigned item is not sold within the Consignment Period, the CONSIGNOR will still be able to consign their items) at Canaan Luxury Consignment. Any pickup after this agreement expires will exempt from Early Termination charges.
Canaan Luxury Consignment retains the right to terminate any agreement at our discretion. In such cases, Consignor will be notified by Canaan Luxury Consignment that the returned items) must be picked up within 90 calendar days following the notice, Failing which, Canaan Luxury Consignment will charge a storage fee of $100.00 per item,per 30 calendar days.
Unless further arrangements have been made in writing between Canaan Luxury Consignment and the CONSIGNOR, any item not picked up within the requisite time shall become the property of Canaan Luxury Consignment; the CONSIGNOR shall have deemed to have relinquished its ownership rights. No payments shall be made to the CONSIGNOR for the item.
The CONSIGNOR acknowledges and understands that all fees stated within this section are cumulative.
g Canaan Luxury Consignment has a seven-day period to retain our priority temporary ownership right of an item after Consignor first notifies Canaan Luxury Consignment to take back any consigned item, to ensure the sustainability of business operation.
CONSIGNMENT PRICE AND SALE PRICE
The CONSIGNOR acknowledges that he/she has been advised of Canaan Luxury Consignment's Life-time Authenticity Money-Back Guarantee to the end purchasers.
The CONSIGNOR agrees and acknowledges that any sold item that is deemed to be non-authentic by the purchaser shall be returned to the CONSIGNOR without any time frame restriction.
The CONSIGNOR agrees and acknowledges that Canaan Luxury Consignment will only pay the CONSIGNOR the Consignment Price (including any revised price) for the Consigned Item if there is no dispute regarding the Authenticity of the Consigned Item.
The CONSIGNOR must inform Canaan Luxury Consignment at least one business day ahead of their intention to pick up the payment for the Consigned Item, otherwise Canaan Luxury Consignment shall have the right to refuse in providing the payment.
LAYAWAYS
Layaways are mandatory for all consignment items above $500 CAD.
Depending on the price of an item, a client has between 60-90 days to pay off payment has been made by the client, the consignor will then receive the payment.
Once the item been paid
PAYMENT
Consignor agrees to collect payment within (6) month from the date of payment Notification Email. If the cheque/cash is not picked up during this period, the payment will become Null Void, and Canaan Luxury Consignment will not honor the payment
We issue consignment payments via Email Transfer Money or Cheque
Consignor agrees to cllect the amount that consignor listed the price on this agreement.
DELIVERY OF PROPERTY; RIST OF LOSS; INSURANCE
a.Canaan Luxury Consignment accepts the property from you on a consignment basis only. You are responsible for all the risk of loss or damage to the property until Canaan Luxury Consignment takes physical possession of it.
b. If an item of property us damaged, stolen, or loss while in Canaan Luxury Consignment, it will be treat as Sold( defined in “Title to property” below) and Canaan Luxury Consignment will pay you a commission on that item. The commission will be based on the damaged, stolen, or lost items estimated Net Selling Price, which will be determined solely by Canaan Luxury Consignment
Title to property
You will continue to own and have title to each item of Property until that item is "Sold". An item will be considered Sold when:
(a) it is sold by Canaan Luxury Consignment to a customer
(b) it is lost, stolen, damaged, or destroyed while in Canaan Luxury Consignment possession.
DISCLAIMERS
Canaan Luxury Consignment takes every measure to protect consignor’s item(s) while they are in our care and in our facility. However, if any items are lost or stolen between the contract date and within one (1)month after the termination date, we will pay 50% of the expected payout to the client in lieu of the items. Canaan Luxury Consignment will not be liable for damage that incurs to merchandise while in store. Consignor warrants to Canaan Luxury Consignment that the item(s) pursuant to this agreement is not in violation of any trademarks, copyright, other
proprietary right of third parties, or that any of the item(s) is stolen goods from other parties.
Canaan Luxury Consignment reserves the right to assist police authorities of suspected illegal trade of item(s) received on consignment by the consignor. Canaan Luxury Consignment collects a piece of phone ID at the time of the initial consignment appointment regardless who the consignor as per police authorities’ instruction.
Consignor hereby agrees to indemnify and hold harmless Canaan Luxury Consignment from all damages, suits litigation, awards and cost, including but not limited to attorney’s fees, which arise out of the display or sale of the consigned item(s) for any reason whatsoever, including but limited to civil or criminal suits over the authenticity, legality, ownership, infringement or copyright or trademark of any other claims or litigation.
If a dispute between the consignor and Canaan Luxury Consignment occurs, both parties agree to negotiate in good faith, if negotiation is not successful, the dispute will be mediated. If the mediation is not successful , binding arbitration will solve the dispute.
In no event will Canaan Luxury Consignment liability under this agreement exceed the amount it has actually received as a result of selling your property hereunder.
Consignor understands that terms and conditions are subject to change without notice by Canaan Luxury Consignment