What Is The Best Way To Make Money Through Consignment?
The consignment agreement is a document that lays out all the obligations of the
agreement clearly and concisely to protect the parties to the agreements as well as their property. The consignment agreement gives you the protection needed when you ask someone to sell goods on your behalf and is used for documenting the sale of goods by consignment. Often it becomes difficult and cumbersome to put up for sale all the items on your own and therefore the needs arise to get someone else to sell the items on your behalf on consignment basis.
Therefore, before handing over possession of goods, you may need to create and utilize a consignment agreement that will allow you to spell out all the terms and conditions clearly and concisely, thus giving protection to both parties.
Some of the terms and conditions present in a consignment agreement are:
* Receipt of items being sold
* How to display and maintain the items that are being sold
* What are the cash terms and how to distribute proceeds of the sale
* How much percentage will be given by way of commission
* When will goods be periodically examined as well as inspected
* What are the required financial statements
* Miscellaneous clauses relating to the consignment agreement
Once drafted, the consignment agreement shall be signed by both parties to the agreement, as well as dated. This will instill confidence in the seller of goods on consignment bases that they are adequately protected and also enable the consignees to understand fully their obligations and responsibilities, from all angles. The consignment agreement should also be reviewed and have obtained the approval of an attorney.
A typical consignment agreement will have the names, addresses and telephone numbers of both parties to the agreement. Some other terms and conditions present in the consignment agreement are: defining the agency and its purpose, defining warranties, duration of consignment, and transportation of goods such as packing, shipping, insurance as well as other handling costs. In addition, the consignment agreement shall also define, among other terms and conditions, responsibilities for loss or damage as well as insurance of goods, fiduciary responsibilities, notice of consignment, pricing of consignment, etc.
There is sure to be mention of how the contract will be terminated, how modifications to the agreement shall be made, as well as miscellaneous clauses and a clause that stipulates under which State's laws, the consignment agreement is governed.
There is a lot of detailed information contained in the consignment agreement and it needs a lot of attention to be given when choosing the right one that will fit the requirements of the particular instance, where it is being used. A lot of vendors are selling pre-formatted consignment agreements that have been thoroughly prepared and all the hard work and effort needed to prepare such agreements have resulted in there being ready to use consignment agreement forms available in the market for a nominal cost.
Making use of such a document may greatly benefit the buyer who needs only to fill in the relevant information required in the agreement as well as have the ability to tailor it to meet specific individual needs.
by: Wade Anderson
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