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- Product Details
A consignment contract lets owners of goods hand them over to another person, who will then attempt to sell the goods. If the goods are sold, the seller will receive a fee (usually a percentage of the purchase price) and the original owner will receive the rest of the money.
For example, a sculptor may use a gallery to sell his work -- with the understanding that, if it sells, the gallery receives 50 percent of the proceeds. Or a homeowner may leave used furniture with a resale shop, which might keep one-third of the sale price.
This contract details the specifics: the goods consigned, percentage of the purchase price the owner will receive, termination of consignment -- and more.