Consignment Agreement
1. Consignment: consignor grants Freedom Auctions, LLC the exclusive right to sell his/her property at public auction. Freedom Auctions, LLC will decide the auction at which the property will be auctioned. Freedom Auctions, LLC may divide or combine the property into one or more separate lots. Freedom Auctions, LLC will incur no liability for the postponement of any auction for any reason. Freedom Auctions, LLC is not responsible for items left with the auction gallery that do not appear on the property receipt made out by a Freedom Auctions, LLC employee. Any items left with Freedom Auctions, LLC that do not appear on a property receipt are to be removed from the premises or the consignor will be charged storage fees, deductible from future sales proceeds.
2. Commissions: consignor agrees to pay Freedom Auctions, LLC a commission of 10% of the total hammer price.
3. Reserves: (minimums): reasonable reserves will be accepted on important property only. Reserves are to be agreed upon before the property is picked up and cannot be raised after the pickup.
4. Insurance: damage to or loss of property will be insured by Freedom Auctions, LLC. Coverage begins when Freedom Auctions, LLC takes possession of items to be consigned. Minor damage or nicks, or atmospheric damage to product will not be insured by Freedom Auctions, LLC. Insurance coverage amount of each item will be equal to the amount of the agreed upon reserve shown in writing or $100 if no reserve has been established. Consignor will pay 1% of the insurance coverage amount of each item to Freedom Auctions, LLC. Please note property is not insured for replacement value.
5. Photography: Freedom Auctions, LLC reserves the right to photograph any property.
6. Payments: Freedom Auctions, LLC will mail the sales proceeds to the consignor, net of all commissions and costs, 30 days after the auction closes, together with full accounting thereof. Payment will be paid within 30-45 days from the sale on the condition that the merchandise is paid in full by the buyer(s).
7. Claims by buyers: If, within 30 days from the auction close, the buyer of any property demonstrates to Freedom Auctions, LLC’s satisfaction that the property purchased is not authentic or is materially different from its catalogue description or any other Freedom Auctions, LLC representations, Freedom Auctions, LLC may, in its sole discretion, delay payment to the consignor (if not yet paid to the consignor), rescind the sale, and refund the full purchase price to the buyer. If the consignor has been paid, consignor will remit to Freedom Auctions, LLC the proceeds previously received for the rescinded sale.
8. Warranties by consignor: Consignor represents and warrants that he or she has the legal right to consign the property for sale; that there is not, nor will there be, any claim, lien, or encumbrance against the property for any reason.
9. Indemnification by consignor: Consignor agrees to indemnify Freedom Auctions, LLC against all claims and expenses, including reasonable attorney’s fees arising from the actual or claimed breach of any consignor’s warranties or representations herein, which shall survive the completion of a sale of property.
10. Nonpayment by purchaser: Freedom Auctions, LLC is not obliged to legally enforce payment by any buyer of the property. If Freedom Auctions, LLC does not receive the payment by the purchaser within 30 days of the sale, Freedom Auctions, LLC may, in its sole discretion, cancel the sale and resell the property.
11. No guarantee: Freedom Auctions, LLC does not guarantee the selling price of the property. All estimates of selling value are opinion only and shall not be construed as any promise of selling price. Freedom Auctions, LLC is not liable for errors or omissions in catalogues or other descriptive material.
12. Unsold properties: a.) consignor shall reclaim unsold properties no more than 60 days after the last day of the sale. b.) Consignor is responsible for contacting Freedom Auctions, LLC to indicate when unsold, consigned items, are to be retrieved from the gallery, or if the unsold consigned item(s) are to be relisted in a second auction, it is incumbent on the consignor to alert Freedom Auctions, LLC to that decision before 30 days elapse after an auction. All items not relisted in a future auction are given a grace period of 60 days after the last day of the sale for the consignor to retrieve from the gallery. Property remaining after the 60 days after the last day of the sale will be subject to storage charges of $10 per day, per lot. All charges must be paid before the property is released.
13. Private sales: for property failing to sell (sold on the auction, but buyer failed to pay within 30 days after the auction) or failing to meet its reserve, Freedom Auctions, LLC has the exclusive rights for 45 days from the auction date to sell property privately for a price equivalent to the reserve price. Consignor’s obligations to Freedom Auctions, LLC shall remain the same as if the property had been sold at auction.
14. Contract term: this contract will continue in force until notice to cancel is given by either party.
15. Buyback: all items that do not meet the reserve price will be bought back by the auction house. Buyback fee will be $20 per item by default unless specified on the consignment order.
16. Withdraw penalty: once the item has been consigned to Freedom Auctions, LLC and under the possession of Freedom Auctions, LLC, consignor cannot withdraw the item at any point in time before the item(s) are auctioned off. Consignor will pay Freedom Auctions, LLC $100 per item (withdraw penalty) and its insurance fee if consignor chooses to withdraw the item before its auction.
17. Processing fee: consignor will pay Freedom Auctions, LLC $10 processing fee for each item(s) that is listed on the auction. $10 processing fee will be charged in every auction as long as the item is listed in the auction.
18. This agreement shall be governed and construed in accordance with the law of the State of Texas. Venue for any lawsuit arising out of this agreement shall be in Dallas County, Texas
19. If there are any questions regarding the terms and conditions, please contact our office directly.
Consignor Name (print) ______________________
Consignor Signature ______________________
Auction House Signature _____________________
