Consignment Terms & Conditions
GENERAL CONDITIONS: Under the terms of this Consignment Contract, the Consignor agrees to deliver goods to be sold by MODE, “the Company".
The Company agrees to place Consignor's merchandise online for sale. The Company will remit 80% for items valued over 2000 Bermuda dollars, 70% for items value over 200 Bermuda dollars and 60% of the selling price to the Consignor for items valued at 100 Bermuda dollars or less.Acceptance of merchandise for sale is at the sole discretion of MODE. The Consignment Contract will remain in effect for all merchandise consigned. Consignor understands that, while MODE agrees to use its best efforts to obtain a sale of the consigned merchandise, there is no guarantee a sale will occur.
CONSIGNMENT TERMS: The consignment term starts on the date that the item was uploaded to MODE's storefront. Merchandise not sold in 30 days will be marked down 15%; merchandise not sold in 60 days will be marked down an additional 15%. Both markdowns are from the original selling price. Consignors are not permitted to retrieve unsold merchandise prior to 90 days and items may not be advertised for sale through other resale vehicles (e.g., newspaper or online classified ads) once the contract is signed. We consign items for a minimum 90 day period or for the duration of the season. Due to the cost and labor involved in preparing items for sale, there is a $50 fee per item for early withdrawal.
PRICING: The initial selling price for consigned merchandise is established by the Consignor, however, may be amended based on the Company’s expertise in appraising similar merchandise. In determining price, the Company will consider all factors, including, but not limited to: brand, authenticity, age, condition and market demand, and will take into consideration the Consignor’s stated expectations. Pricing in the resale market is subjective and may be adjusted at any time upon reevaluation. By allowing the merchandise to be displayed for sale on modebermuda.com, the Consignor agrees to the selling price established by the Company. The Company will not accept counterfeit luxury items. In the unlikely event that both parties are unable to reach agreement regarding merchandise pricing, the consignment will not proceed.
CONSIGNMENT CONTRACT: Each time merchandise is consigned, the Consignor will complete a Consignment Contract, which will include Consignor's address, phone number, account number, and a list of items consigned on that date. It is the Consignor's responsibility to review the Consignment Contract for accuracy every time merchandise is consigned. The Company cannot be held liable for losses resulting from incomplete or inaccurate information on the Consignment Contract.
PAYOUT SCHEDULE: Payment for sales will be made via direct deposit only to a local bank account as set out in the Consignment Contract. Payments will be made 5-10 business days after the confirmed date of sale.
PROMOTIONS: Consignor agrees to participate in any MODE promotions and discounts during their consignment term in an effort to promote and sell items.
LOST, STOLEN OR DAMAGED: All reasonable care will be taken of articles consigned, however, they are left at the Consignor's risk.
DISPUTES: In the unlikely event of any dispute resulting in litigation, the prevailing party in such litigation shall recover from the other party the prevailing party's attorney's fee and costs, including any appeals.
MODE reserves the right to amend fees, terms and conditions at any time without prior written notice.