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Consignment Agreement

Consignment Agreement

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Published by: Legal Forms on Jan 19, 2008
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Consignment
 
Agreement
THIS AGREEMENT
made as of between , of (the “Consignor”) and, of (the "Consignee")
WHEREAS
the Consignor wishes to sell certain products (the “Products”) on consignment andthe Consignee wishes to sell the Products on behalf of the Consignor;
NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the premises, the covenants and agreements herein contained and for other good and valuableconsideration, the receipt and sufficiency of which is hereby acknowledged, the parties heretoagree as follows:1.
Sale by Consignment
. The Consignee will, from time to time, place orders for the Productsfrom the Consignor. The Consignor may, at its sole discretion, accept such orders and ship suchProducts on consignment to the Consignee, subject to and in accordance with the terms andconditions of this Agreement. The Consignee shall take delivery and make payment as requiredhereunder for all Products ordered by it, but nothing in this Agreement shall be deemed toobligate the Consignor to fill any or all of the Consignee’s orders for Products.2.
Ownership of Products
. Title to, and property and ownership in, all Products shall remain inthe Consignor until such time as their removal may be directed in writing by the Consignor or until such time as they may be disposed of by bona fide sale by or to the Consignee or as mayotherwise be hereinafter provided.3.
Payment for Products
. The Consignor shall invoice the Consignee for all Products shipped tothe Consignee pursuant to the terms of this Agreement. The Consignee shall, within seven (7)days following the sale of any Product, pay to the Consignor the invoiced price of such Product plus applicable taxes. For the purposes of this Agreement, the Consignee shall be deemed to havesold a Product if such Product is (i) sold by the Consignee, (ii) removed, withdrawn, lost or stolenfrom the Consignee’s stock on hand, (iii) damaged or destroyed, or (iv) otherwise not physically present in the Consignee’s stock on hand. The Consignee shall not be obligated to pay theConsignor for any Product which is returned to the Consignor undamaged in its original packaging. All overdue amounts shall bear interest at the rate of twenty four percent (24%) per annum.4.
Books and Records
. The Consignee will at all times maintain accurate books and recordsrelating to the possession and sale of the Products and the proceeds thereof, and the Consignor may, upon request, examine the Consignee’s records for any purpose consistent with the terms of this Agreement.5.
Risk of Loss
. All risk of loss in the Products shall pass to the Consignee upon shipment of theProducts to the Consignee. The Consignee shall insure the Products against all risks against whichsuch goods are customarily insured and shall provide evidence of such insurance coverage to theConsignor upon request, from time to time.
 
6.
Location of Products/Right to Inspect
. Products will be kept at the address of the Consigneeshown above, and the Consignee will not permit any Products to become kept or stored at anyother location without the prior written consent of the Consignor. The Consignee shall, at allreasonable times, and from time to time, allow the Consignor and the Consignor’s agents to enter upon any premises upon which the Products are located and examine or inspect the Productswherever located.7.
Removal of Products
. The Consignor may, at any time, and for any reason whatsoever, take possession of and remove all or part of the Products with or without notice to the Consignee. TheConsignee hereby gives the Consignor the right to enter upon any premises upon which theProducts are located in order to enforce the Consignor’s rights under this paragraph.8.
Condition of Products
. The Consignee will keep the Products free from any lien, securityinterest or encumbrance adverse to the ownership interest of the Consignor, and shall maintain theProducts in good condition and will not waste or destroy any of the Products or use the same inviolation of any statute or ordinance.9.
Not Intended as Security
. This Agreement and the sale of Products on consignment by theConsignor to the Consignee is not intended to be as security for any obligation of the Consigneeto the Consignor.10.
Termination
. This Agreement shall commence on the date upon which it is executed by both parties hereto. Either party may terminate this Agreement at any time upon giving ten (10) days’ prior written notice to the other; provided however, that such termination shall not affect any payment obligation owing by the Consignee to the Consignor. Upon termination of thisAgreement, the Consignee shall pay to the Consignor, in addition to all other amounts owing tothe Consignor, the invoiced price of all Products which are not returned to the Consignor undamaged in their original packaging.11.
General
. This Agreement sets forth the entire Agreement between the parties hereto inconnection with the subject matter hereof. No alteration, amendment or qualification of thisAgreement shall be valid unless it is in writing and is executed by both of the parties hereto. Nothing contained in this Agreement shall be deemed to create any dealership, franchise,association, partnership or joint venture between the parties hereto. This Agreement shall begoverned by and construed in accordance with the laws of the State of . All rights of theConsignor hereunder shall enure to the benefit of their successors and assigns, all obligations of the Consignee hereunder shall bind its successors and assigns and if there is more than one theConsignee, their obligations hereunder shall be joint and several. Headings of the paragraphshereof are inserted for convenience of reference only and shall not affect the interpretation or construction of this Agreement.
IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the date firstabove written.

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