Equipment Consignment Agreement printable pdf download

EQUIPMENT CONSIGNMENT AGREEMENT

This Agreement is made and entered into as of this __________ day of ___________,

20__, by and between ________________________ (“Customer”), and

SMC, LLC (“Auction Company”).

This Consignment Agreement, hereinafter referred to as “this Agreement”, states the terms of the parties’

agreement with respect to personal property, hereinafter referred to as “the property”, consigned to SMC,

LLC, doing business as SMC Auction Services, hereafter referred to as the “Auction Company” by the

seller identified below, hereafter referred to as the “Customer”. The property is listed on a property

inventory form attached to this Agreement (Exhibit A), executed separately or property identified as being

subject to this Agreement. Customer agrees to offer the property for sale at public auction, subject to the

terms set forth in this agreement. While the Auction Company cannot guarantee any sale price in a public

auction format, it agrees to use its professional skill, knowledge and experience to the best advantage of

both parties in preparing for and conducting the sale of the property. The Auction Company will act solely

as an agent in any transaction between the Consignor and the eventual buyer.

In consideration of the mutual obligations and undertakings hereafter set forth, Customer

and Auction Company hereby covenant and agree as follows:

1. Consignment. Customer hereby agrees to allow the sale, on a consignment basis, of all of

the equipment individually identified on Exhibit A attached hereto and incorporated herein

(collectively the “Equipment”). This means that Customer owns the Equipment and is

responsible for all expenses of the Equipment until sold to a third party purchaser. In no event

shall the Auction Company own the Equipment, but will have the right to sell such Equipment on

behalf of Customer. The Customer will provide the Auction Company with numerous photos of

the item(s) for sale and a detailed description. The equipment will remain in the customers care

unless other arrangements are made. The customer must make available the equipment for public

viewing if so requested.

2. Retention of Title. In no event shall title to any of the Equipment be deemed to be

transferred to the Auction Company and the title to the Equipment shall be retained by Customer

until such time as the Equipment is sold to a third party purchaser.

3. Listing Fee. Upon agreeing to list the equipment for auction the Customer shall pay the Auction

Company a nonrefundable fee of _________________ ($100/item for items listed with a reserve)

per Equipment item for the cost of listing an Equipment item for sale, including but not limited to

costs associated with storing and advertising the Equipment for sale (“Listing Fee”). The per item

listing fee will be waived for any items being sold with no reserve price.

4. Sale of Equipment; Allocation of Proceeds; Payments to Customer Upon Sale.

Customer hereby authorizes the Auction Company to sell any or all of the Equipment listed on

Exhibit A attached hereto in the ordinary course of Dealer’s business on Customer’s behalf and

further agrees that Dealer shall retain ____% of the sale as a consignment fee for the Auction

Company’s sale of such Equipment item. Promptly after the Auction Company’s receipt of

payment for the sale of such Equipment item, the Auction Company shall subtract its consignment

fee and remit the remaining amount to the Customer.

5. Delivery; Repairs; Maintenance. Customer shall be solely responsible for the

performance of equipment and any repair work required as a condition to the sale of such

Equipment item. Customer shall be responsible for the maintenance of the Equipment, at its sole

cost and expense.

Equipment Consignment Agreement