Bungee Project Pop-up Store & Events : 325 Canal St, New York, July 4-28, 2019

Consignment Terms

These terms and conditions create a contract (Agreement) between You (Consignor) and 3standardstoppage studio (New York, US and Beijing, China) (Consignee).

Please read this Agreement carefully. To confirm your understanding and acceptance of the Agreement, you must agree and sign this Agreement if you wish to consign goods through 3standardstoppage.

  

Sale by Consignment

The Consignee will accept products for consignment from the consignor.

The Consignee shall be entitled to retain _40_% of all proceeds from the sale of each item consigned (including discount-applied sale).

Consignor shall provide the consignee with an inventory list and prices for items for each store of 3standardstoppage.

The consignor will provide a detailed inventory list, i.e. # / Brand / Item Description / Price / Suggested Retail Price on the paper inventory form or electronic format such as Excel or Google Sheets.

Consignor will retain his/her own copy of this inventory list. Consignee may discount the items.

 

Ownership of Products

The items belong to the consignor until they are sold in the shop.

Title to, and property and ownership in, all Products shall remain with the 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.

 

Payment for Products

The Consignee will pay the Consignor for products based on each store’s seasonal sale (three months) via Wire Transfer (excluding bank service fee),  WeChat Pay, Alipay, Venmo or PayPal, etc.

If an item is sold, the consignor will be paid 60% of the final sale price excluding taxes and credit card fees if applied.

3standardstoppage will collect and remit all sales taxes.

 

Condition of Products

The Consignee will keep the Products free from any lien, security interest or encumbrance adverse to the ownership interest of the Consignor, and shall maintain the Products in new condition.

Consignee attests that the property belongs to him or her.

 

Business Operation

In accordance with this Agreement, Consignor grants an exclusive right to display and sell the mutually agreed upon item(s), pursuant to the terms of this Agreement.

Consignee agrees to place on display the mutually agreed upon item(s) in a prominent area within the store premises.

 

Theft / Damage / Returns

The Consignee will take the best care possible to assure no damage or theft of the products. The consignee does not assume liability for lost, damaged or stolen items.

The Consignor understands that products may be lost or stolen, and that no payment will be due for lost, stolen or unsold items.

If the buyer initiates a credit chargeback and Consignee loses the funds, the merchandise will be considered as stolen.

Consignee at its discretion may authorize a 10 business day return period. If an item is returned in the same condition it was sold, it will be restocked on the shelves at the original price and the sale will be voided.

 

Indemnification

The consignor shall indemnify, hold harmless, and defend the consignee and any of its owners, officers, directors, employees, agents, affiliates, (collectively, the “Indemnified Party”) against any and all losses, damages, liabilities, deficiencies, claims, actions, judgements, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including attorneys’ fees, that are incurred by the Indemnified Party resulting from any third-party litigation arising out of any misrepresentation made by the consignor or the consignor’s failure to perform any of its obligations.

Landlord will be held harmless and not liable for the actions of Consignee and the status of consigned merchandise.

The consignor agrees to hold harmless Consignee for consigned merchandise.

 

Returning Property / Recycling

If the consignor’s property has not sold after One Year (four seasonal payment rounds) from releasing consignee’s property. 3standardstoppage needs to vacate the premises or otherwise chooses to reutilize the interior store space, then the consignor may receive an email indicating to schedule a pre-paid international shipping for the products within One Month.

(Consignor will be responsible for property’s returning shipping fee from Beijing and New York) If the shipment are not processed in one month, they will become shop property.

   

The consignor represents that he or she has not entered into any agreement that would prohibit it from performing all of its duties under this agreement without breaching such other agreement.

From the date of this agreement, the consignor shall not enter into any agreement that would prohibit it from performing all of its duties under this agreement without breaching such other agreement.

 

ONCE YOU AGREE TO THIS AGREEMENT, IT WILL REMAIN IN EFFECT UNTIL YOU OR 3STANDARDSTOPPAGE TERMINATES IT. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.