Consignment Agreement (070121)

This Consignment Agreement (this "Agreement") is made effective between the Consignor (“you”, “your”) and Bombay Trade Co, LLC (“BTC”) of Chicago, Illinois by the use of www.bombaytrade.co (“the Site”). This Agreement will be valid for BTC and the Consigner upon the submission of the “Sell form” hosted on the Site. Please read this agreement carefully and keep a copy for your reference. For related context and definitions, please read the Terms & Conditions

The parties agree as follows:

I. RIGHT TO SELL. The Consignor owns South Asian Apparel ("Apparel", “Merchandise”). In accordance with this Agreement, the Consignor grants BTC an exclusive right to sell the merchandise under the terms of this Agreement. The Consignor agrees to deliver to BTC, on consignment, the merchandise by a shipper service of the Consignor’s choice. BTC agrees to devote its best efforts to the sale of the merchandise. All sales prices and terms of sale shall be determined by mutual consent of the parties as assumed by acceptance of this agreement. BTC accepts purchase offers from buyers that will be communicated to the Consignor via email. If the Consignor does not reply to the inquiry via email within 7 days, the offer will automatically be approved up to 15% of the original sale price. BTC will not act as an intermediary negotiator between the two parties; the Consignor may approve or deny an offer only.

II. PROCEEDS OF SALES. BTC will pay to the Consignor a portion of the sales proceeds which shall be calculated as follows: Final sale price multiplied by the commission percentage dictated by the commission structure laid out below, less any applicable fees and penalties. 

Sale Price

Commission to Consignor 

$20.00 - $29.99

20%

$30.00 - $39.99

35%

$40.00 - $49.99

50%

$50.00 - $99.99

60%

$100.00 - $149.99

70%

$150.00 - $199.99

73%

> $200.00

75%

 

The amount determined per the calculation in the previous sentence shall be due once the applicable purchase clears the return period BTC provides for each purchase. All merchandise is subject to a 180 day holding period. If merchandise has crossed the 180 day timeframe (measured by the day the item is listed on the Site), BTC will contact the Consignor with the following options: the consigner can pay for shipping to have the merchandise returned, release the merchandise to be donated or recycled, or continue to keep the merchandise listed for an additional 2% commission for every 30 days from thereon forth until the merchandise is sold. If BTC does not receive a response within 7 days, the merchandise will be donated or recycled.

III. RECORDS. BTC shall keep accurate records regarding the quantities of the merchandise that are sold. The Consignor shall have the right to inspect such records after providing reasonable notice of such intent to BTC.

IV. TITLE TO MERCHANDISE. Consigned merchandise shall remain the property of the Consignor until sold. 

V. LOSS AND INSURANCE. BTC shall be responsible for all loss, or damage, while the merchandise is under the control of BTC. Merchandise is considered to be under the control of BTC from the point when the merchandise is marked as delivered by the carrier and BTC receives the merchandise, and until BTC releases the merchandise to the carrier for delivery to the Buyer. BTC is not responsible for the loss or damage of merchandise that is outside of the holding period specified above.

VI. NONCOMPLIANCE. If BTC fails to abide by the obligations of this Agreement, including its obligations under section II, the Consignor shall have the option to terminate this Agreement by providing 30 days' written notice to BTC. BTC shall have the option of preventing the termination of this Agreement by taking corrective action that cures the noncompliance, if such corrective action is taken prior to the end of the time period stated in the previous sentence.

VII. DISPUTE RESOLUTION. The Consignor will first raise any dispute concerning the terms of this Agreement to BTC. If the matter is not resolved by BTC, the Consignor will submit the dispute for Alternative Dispute Resolution through binding arbitration under the rules of the American Arbitration Association, or a similar arbitration service mutually selected by the parties, in a location mutually agreed upon by the parties. The arbitrator's award will be final, and judgment may be entered upon it by any court having proper jurisdiction.

VIII. TRANSFER OF RIGHTS. This Agreement shall be binding on any successors of the parties.

IX. TERMINATION. This Agreement may be terminated by either party by providing 30 days written notice to the other party.

X. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding of the parties with respect to the subject matter of this Agreement and there are no other promises or conditions in any other agreement, whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties with respect to the subject matter of this agreement.

XI. AMENDMENT. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.

XII. SEVERABILITY. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.

XIII. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.

XIV. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of Illinois.

 

Contact Us

BTC welcomes questions or comments regarding the Consignment Agreement:

 

Bombay Trade Co., LLC

Chicago, Illinois 60610

 

Email Address:

info@bombaytrade.co

 

Effective as of July 1, 2021