AB 3694 AU 4671

CONFISCATED ASSETS AUCTIONEERS

AUCTION CONSIGNMENT AGREEMENT

 

Contract Date ________________    Time ___:____ 

 This consignment agreement is by and between Auctioneer (Auctioneer) and

 (Consignor), ____________________________________

 1. CONSIGNMENT: Consignor grants (Auctioneer) the exclusive right to sell his or her property at public auction or by prior private sale. Auctioneer will hold a live online auction at the offices of Confiscated Assets Auctioneers, 9168 South US Highway One. Auctioneer may divide or combine the property into one or more separate lots. Auctioneer may divide or combine the property into one or more Auctions including online auctions at their discretion. Auctioneer will incur no liability for the postponement of any auction for any reason. Auctioneer is not responsible for items left Auctioneer or at the above address post auction that do not appear on the property receipt made out by an Auctioneer, employee or authorized representative. Any items left with Auctioneer that do not appear on a property receipt are to be removed from the premises or the consignor may, at Auctioneers discretion, be charged storage fees, deductible from future sales proceeds.

2. RESERVES (MINIMUMS): All items will be sold at absolute prices unless other arrangements are made as stipulated in section (18). Auctioneer reserves the right to sell the item to a private buyer or at an alternate auction of their choice for a period of up to 60 days after the date of the initial auction.

3. BUYER'S PREMIUM: Auctioneer, at their discretion, will receive a buyer’s premium on the hammer price above the agreed reserve.

4. INSURANCE: Consignor is responsible for maintaining insurance on his/her property at all times. Damage to or loss of property and attendees will be insured by the consignor and not by Auctioneer.


 5. CONSIGNEE will retain possession of their property at least 30 days prior to the auction and up to 60 days post auction after consigning it to Auctioneer for auction or private retail sale. In these cases, Auctioneer will keep the property on their premises. This original signed agreement must be presented with all claims, to retrieve consigned items and receive payment for consigned items.

6. PAYMENTS: Auctioneer will mail the sales proceeds to the consignor, net of all commissions, if applicable within 30 business days after the auction close (or sooner), together with a full accounting thereof, if the property has been paid for by the successful bidder. If payment has not been received by the successful bidder, payment to the consignor may be delayed. Payment will be paid to the named consignor listed above.

7. WARRANTIES AND INDEMNIFICATION BY CONSIGNOR: (A) Consignor Represents and warrants that he 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. (B) Consignor agrees to indemnify Auctioneer and all employees and agents against all claims and expenses, including reasonable attorney’s fees arising from the actual or claimed breach of any of the Consignor’s warranties or representations herein, which shall survive the completion of a sale of property.

8. CLAIMS BY BUYERS: If, within 10 days from the auction close, the buyer of any Property demonstrates to Auctioneer’s satisfaction that the property purchased is not represented or is materially different from its catalogue description or other Auctioneer representations, Auctioneer may, in its sole discretion, delay payment to the consignor (if not yet paid under Paragraph Number 9), rescind the sale, and refund the full purchase price to the buyer. If the Consignor has been paid under Paragraph Number 9, Consignor will remit to Auctioneer the proceeds previously received for the rescinded sale within 10 days of notification.

 9. NONPAYMENT BY PURCHASER: Auctioneer is not obliged to legally enforce payment by any buyer of the property. If Auctioneers is not paid by the purchaser within 10 days of sale, Auctioneer may, in it’s sole discretion, cancel the sale and resell the property.

10. NO GUARANTEE:  Auctioneer does not guarantee the selling price of any property. All estimates of selling value are opinion only and shall not be construed as any promise of selling price. Auctioneer is not liable for errors or omissions in catalogues or other descriptive material.

11. UNSOLD PROPERTY: a.) Property not sold shall be reclaimed by the Consignor b.) The consignor is responsible for contacting Auctioneer. Auctioneer shall automatically relist unsold consigned item(s) are to be relisted in a second auction at the Auctioneers discretion. c.) Items unclaimed for 180 days will be disposed of at auctioneers discretion to cover expenses related to said item.

12. MISCELLANEOUS: This agreement is binding upon the Consignor’s heirs, beneficiaries,

executors, et. al.; is assignable only with Auctioneer’s written consent; may be modified only in writing signed by Auctioneer and the Consignor; and shall be governed by the laws of the State of Florida.

13. CONTRACT TERM: This contract will continue in force until 90 days post auction date and written notice to cancel is given by either party.

14. ITEM REMOVAL: It is understood by the parties that in the event any consigned item is removed from the auction for any reason by the consignor, Auctioneer will receive their due commission as if the item had sold. The value will be determined by Auctioneer at it’s sole discretion.

15. CONSIGNMENT FEES AND EXPENSES:
                  1. A minimum cataloging, research, and photographing fee of $10 per item WILL be assessed for each item.
                  2. A 20% commission for each item sold on its 3rd party related auction platform.
                  3. A 5% service fee is assessed and deducted from the gross sales for credit card, PayPal or additional expenses.
                 These consignment fees and expenses will be deducted from the gross auction sales proceeds. 

17: All parties agree to the above terms and conditions in its entirety.

 CONSIGNOR: PRINT NAME __________________________   

SIGNATURE: __________________________________   DATE: ________________

AUCTIONEER/CONSIGNEE

SIGNATURE: __________________________________   DATE: _______________
Steve “Hawk” Levy Auctioneer Florida License AU4671 AB3694