CONSIGNMENT AGREEMENT
Closet Exchange Consignment Terms and Policies
Consignment Period- Articles accepted for consignment will be placed on sale for 60 days for Contemporary Brands and not more than one full calendar year for Designer Brands (see website lists).
Acceptable Consignment - Among other factors, the age, brand, season and condition of an article will determine in which of our stores and for how long an article is offered for sale. Any article accepted for consignment, at the sole judgement of the Closet Exchange, requiring dry cleaning, pressing or repairs, will be at the consignor’s expense.
Returns - Articles may be reclaimed at any time during the consignment period. After the consignment period any unclaimed, unsold articles become property of Closet Exchange to be liquidated or donated to charity. Responsibility for reclaiming unsold items is that of the consignor. Closet Exchange requires a minimum of 48 hours notice to arrange your reclaim.
Pricing- Prices are determined by Closet Exchange. Promotional discounts and markdowns are taken at the discretion of Closet Exchange.
Consignor shall receive:
50% of the selling price on all articles excluding designer handbags priced above $100.
For Designer Handbags priced:
$101-$499 consignors receive 55% of the selling price.
$500-$999 consignors receive 65% of the selling price.
$1000- above consignors receive 75% of the selling price.
Payment -
For balances $50 or more, checks are mailed by the 15th of the following month for the previous month’s sales less applicable postage and handling. Balances less than $50 accrue to the next month; can be paid out, or used as store credit for purchases
After 12 months of inactivity remaining balances will be converted to a Closet Exchange Gift Card redeemable for store credit and mailed to the consignor at the address in our records, less applicable postage and handling.
Consignor represents that it is the owner of the consigned goods, has the legal right to enter into this Agreement, and guarantees that the goods are authentic, saleable and free of liens or any other claims.
Merchandise is left at Consignor’s risk and Closet Exchange is not responsible for loss by theft, damages, negligence or other cause. Consignor hereby waives any claims Closet Exchange has of the foregoing.
I have read, understand and agree to be bound by these terms and conditions as they may be modified from time-to-time and posted on the Closet Exchange website.
Consignor Signature:_____________________________ Date:_____________
Thank you for consigning at Closet Exchange!