CONSIGNMENT AGREEMENT
This Consignment Agreement (this "Agreement") is made effective as of {{TODAY}} between CONSIGNOR {{CUSTOMER_NAME}} address and ID on file, and CONSIGNEE Frisco Music Center, of 6726 W. Main St. #410, Frisco,TX 75033.
The parties agree as follows:
I. RIGHT TO SELL. {{CUSTOMER_NAME}} does own, and have a legal right to sell the items outlined in the Consignment Contract ID {{CONSIGNMENT_CONTRACT_ID}}, which will furthermore be referred to as THE WARES. In accordance with this Agreement, {{CUSTOMER_NAME}} grants Frisco Music Center an exclusive right to sell THE WARES under the terms of this Agreement. {{CUSTOMER_NAME}} agrees to deliver to Frisco Music Center, on consignment, THE WARES. Frisco Music Center agrees to devote its best efforts to the sale of THE WARES. All sales prices and terms of sale shall be determined by mutual consent of the parties.
II. PROCEEDS OF SALES. Frisco Music Center will pay to {{CUSTOMER_NAME}} a portion of the sales proceeds which shall be calculated as follows: 70 percent of the proceeds from the sale of THE WARES. The amount determined in the previous sentence shall be paid to {{CUSTOMER_NAME}} (To clarify: When any item of this agreement has been sold, and has been paid in full by the buyer, the Consignor's portion of the funds will be disbursed to the {{CUSTOMER_NAME}}. *Items are subject to the terms of layaway, and are not considered sold until the full amount of the selling price has been collected from the buyer.) With each net proceeds payment, Frisco Music Center will submit to {{CUSTOMER_NAME}} a written report that sets forth the calculation of the amount of the net proceeds payment and the extent of current inventory.
III. RECORDS. Frisco Music Center shall keep accurate records regarding the quantities of THE WARES that are sold. {{CUSTOMER_NAME}} shall have the right to inspect such records from time to time after providing reasonable notice of such intent to Frisco Music Center.
IV. TITLE TO MERCHANDISE. Consigned merchandise shall remain the property of {{CUSTOMER_NAME}} until sold, unless ownership has been waived by leaving THE WARES over 180 DAYS at which time they SHALL become the sole property of Frisco Music Center as explained in this written agreement between {{CUSTOMER_NAME}} and Frisco Music Center.
V. LOSS AND INSURANCE. Frisco Music Center shall be responsible for all shortages, loss, or damage, while the merchandise is under the control of Frisco Music Center. Frisco Music Center shall maintain insurance in adequate amounts to pay for replacement of the merchandise in the event of such shortages, loss, or damage.
VI. PAYROLL TAXES. Frisco Music Center shall be exclusively liable for, and shall indemnify {{CUSTOMER_NAME}} against such liability for, all employee payroll taxes and insurance arising out of wages payable to persons employed by Frisco Music Center in connection with the performance of this Agreement.
VII. DEFAULTS. If Frisco Music Center fails to abide by the obligations of this Agreement, including the obligation to remit the consignment payment to {{CUSTOMER_NAME}} when due, {{CUSTOMER_NAME}} shall have the option to cancel this Agreement by providing 10 days' written notice to Frisco Music Center. Frisco Music Center shall have the option of preventing the termination of this Agreement by taking corrective action that cures the default, if such corrective action is taken prior to the end of the time period stated in the previous sentence, and if there are no other defaults during such time period.
VIII. DISPUTE RESOLUTION. The parties will attempt to resolve any dispute arising out of or relating to this Agreement through friendly negotiations amongst the parties. If the matter is not resolved by negotiation, the parties will resolve the dispute using the below Alternative Dispute Resolution (ADR) procedure.
Any controversies or disputes arising out of or relating to this Agreement will be submitted to mediation in accordance with any statutory rules of mediation. If mediation is not successful in resolving the entire dispute or is unavailable, any outstanding issues will be submitted to binding arbitration under the rules of the American Arbitration Association. The arbitrator's award will be final, and judgment may be entered upon it by any court having proper jurisdiction.
IX. WARRANTIES. Neither party makes any warranties with respect to the use, sale or other transfer of THE WARES by the other party or by any third party. In no event will {{CUSTOMER_NAME}} be liable for direct, indirect, special, incidental, or consequential damages, that are in any way related to THE WARES.
X. TRANSFER OF RIGHTS. This Agreement shall be binding on any successors of the parties. Neither party shall have the right to assign its interests in this Agreement unless the prior written consent of the other party is obtained.
XI. TERMINATION. This Agreement may be terminated by either party by providing 15 days written notice to the other party. This Agreement shall terminate automatically upon reaching 180 days past the start date of the Agreement.
XII. ENTIRE AGREEMENT. This Agreement contains the entire agreement 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.
XIII. AMENDMENT. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.
XIV. 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.
XV. 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.
XVI. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of Texas.
XVII. SIGNATORIES. This Agreement shall be signed by {{CUSTOMER_NAME}} and on behalf of Frisco Music Center by the Acting Manager at the time of agreement. This Agreement is effective as of the date first written above.
XVIII. Consigned items are to be left a minimum 60 days unless agreed upon in advance at the time of this contract start date.
I understand & agree this is a legal representation of my signature.
{{CUSTOMER_NAME}} x______________________________________ Date _____________
Frisco Music Center Manager x______________________________________ Date _____________