Step. 1: Seller Agreement
The Republic of Trinidad and Tobago
This Agreement is made in duplicate this day between MySouSou, a company registered in the Republic of Trinidad and Tobago under the Companies Act CHAP 81:01 (hereinafter referred to as “the company”) and (hereinafter referred to as “the seller”).
- The company is engaged in the marketing and sale of preowned item(s) acting as agents for the seller.
- The company will appraise item(s) to be sold and sell at a commission on behalf of the seller at the appraised price.
- The seller shall register the item to be sold with the company to be considered as an eligible seller. The seller makes the item(s) available to the company on a consignment basis and the company accepts the item(s) on a consignment basis only.
- Acceptance of this agreement as well as completion of the form hereto attached shall be deemed as registration of the item(s) indicated with the company.
- All risk of loss or damage to the item(s) is retained by the seller until physical possession is passed to the company at which time such risk, limited to the value of the item, is passed to the company.
- The company will only be liable to the seller to refund the appraised value of the item(s) and shall not be liable for any other loss or destruction or any other liability whatsoever to the seller.
- MySouSou reserves the right to refuse to accept and or appraise any items in its sole discretion and without reason. The Vendor agrees to accept the appraised value of the items as determined by MySouSou in its absolute discretion. Where items are supplied to MySouSou without immediate appraisal, MySouSou will notify the Vendor of the appraised value and thereafter the items will be placed for sale within 3 working days from the date of such notice. Should MySouSou refuse to appraise items not immediately appraised, it shall notify the Vendor to collect same within 3 working days, after which MySouSou will not be responsible for the value or return of any uncollected items.
- The seller shall supply the company with the physical item to be sold for a period of FIVE (5) months or 150 days from the date of delivery of the item (“the Commencement Date”) on consignment (hereinafter “the Consignment Period”).
- Title to and ownership of the Property will remain with the seller until a sale occurs at which point title is passed to the buyer.
- The seller wholly authorizes the company to sell the item(s) on their behalf and to give a good title and a receipt upon sale.
- A sale is deemed to occur where the item(s) is sold by the company or its agents and the purchase price received.
- The seller may request the return of the item(s) at any time within the consignment period by at least TWO days written notice provided the item has not already been sold.
- The company reserves the right to charge an administrative fee for items returned and to pass on any costs associated with the return of the item(s) to the seller.
- The company shall pay promptly all sums due to the seller upon the sale of the item(s) supplied.
- The company shall deduct its commission and any applicable sales tax before remitting the balance due to the seller.
- In the event an item is not sold within the consignment period, the seller may reclaim the item(s) within FOUR (4) WEEKS or 28 days from the end of the consignment period upon payment of an administration fee (Hereinafter “the Reclamation Period”).
- Failure by the seller to reclaim the item(s) within the reclamation period will result in the forfeiture of the item(s) by the seller to the company.
- The Consignment Period may be extended for a further period of FIVE(5) months or 150 days commencing on the day following the expiration of the previous consignment period provided that the seller:
- Has properly observed and performed its obligations under this agreement throughout the consignment period.
- Pays the administration fee.
- Re-registers the item(s) to be sold at no additional cost within TWO (2) Weeks of the expiry of the previous consignment period.
- The seller hereby warrants and represents that they possess good and marketable title to each item offered for sale and has the right to consign and sell the item(s), none of which is subject to any liens or other encumbrances and further warrants and represents that the item(s) does not infringe upon or violate any third party’s Intellectual Property Rights i.e copyrights, trademarks, patents or other proprietary right.
- The seller agrees to indemnify and keep indemnified the company from and against any and all loss, damage, liability, fee or penalty whether criminal or civil suffered and legal fees and costs incurred in the course of conducting business and resulting from:
- Any act, neglect or default of the Seller or its agents, employees, licensees or customers
- The proven infringement of any intellectual property rights of any third party
- Any successful claim by any third party alleging libel or slander in respect of any matter arising from the conduct of business in Trinidad and Tobago
provided that such liability has not been incurred by the company through any default in carrying out the terms of this Agreement.
I agree to the terms above.