If you`re thinking of selling your belongings but don`t want to go through the hassle of hosting a garage sale or setting up an online store, consignment might be the perfect solution for you. Consignment stores allow you to sell your items without having to do much of the work yourself. But before you start working with a consignment store, you need to understand the basics of a bc consignment agreement.
What is a Consignment Agreement?
A consignment agreement is a legal agreement between a consignor and a consignee. In this case, the consignor is the person who is selling the items, and the consignee is the store that is selling the items on the consignor`s behalf. The consignment agreement outlines the terms of the sale, including the commission the consignee will take, the length of the consignment period, and any other agreed-upon details.
Commission
The commission is the percentage of the sale price that the consignee will take as a fee for selling your items. This is typically between 40% and 60%. The commission percentage can vary depending on the type of items being sold and the consignment store`s policies.
Length of Consignment Period
The length of the consignment period is the amount of time that the consignee will have to sell your items. This can vary depending on the store, but it is typically between 60 and 90 days. If your items do not sell within the consignment period, you may choose to take them back or leave them with the consignee for a longer period of time.
Pricing
The pricing of your items is another important aspect of the consignment agreement. The consignee will typically price your items based on their condition, age, and market value. It`s important to discuss pricing with the consignee to ensure that you are both satisfied with the price.
Responsibility of Loss or Damage
The consignment agreement should also include information regarding the responsibility of loss or damage. If your items are lost or damaged while in the consignee`s possession, you should be compensated for the loss or damage.
In conclusion, a bc consignment agreement is a legal agreement between a consignor and a consignee that outlines the terms of the sale. It`s important to fully understand the terms of the agreement before working with a consignment store. By following these basic guidelines, you can ensure a smooth and successful consignment experience.