Consignment Terms and Agreement
By accepting the terms and conditions I herby agree to provide the property listed to GTAbids on consignment for the purpose of sale by online auction and I acknowledge and agree to all obligations and conditions set forth below:
1)The consignor declares that he/she is the current legal owner of all property subject to this agreement or have the authority to act as an agent for the current legal owner and all property is free of all claims. I shall indemnify GTAbids, its employees, agents and the buyer against all claims by person entitled or claiming to be entitled to the lot.
2) The consignor agrees to allow GTAbids or its agents, subsidiaries or partners to sell the property subject to this agreement by way of online auction.
3) GTAbids will retain 30% of the consignment sale hammer price proceeds as commission. GTAbids is the sole recipient of any and all buyers premium charged to and paid by buyers participating in the auction sale.
4) Damaged/Broken Items: GTAbids will not be held liable for any item or items damaged, broken, lost or stolen while it our possession or care. The seller /consigner understands that GTAbids does not have insurance on your property while in our care and that you, the consignor are solely responsible to maintain insurance at your expense for all items. The consignor may not seek any compensation for any item or items damaged, broken, lost or stolen while in the possession or care of GTAbids.
5) Within 30 days of auction completion GTAbids will pay the consigner their share of the proceeds of sale that have been collected from the buyers. The sale proceeds of any items that unpaid after 30 days will be forwarded to consignor once collection of said amount is complete. GTAbids will not be held liable for any damages to the consignor if the sale of an item remains unpaid and must be voided or cancelled. 6) Once we have commenced work on your consignments no items or property may be withdrawn from auction without the consent of GTAbids. Any consigned item that has been allocated and catalogued for an auction may be subject to a 25% withdrawal fee of the high estimate.
7) Bid Backs: A buy back is when a consignor places bids on their consigned items and they are the high bidder at the end of the auction. This is a prohibited action as not only is it illegal but it could harm the reputation of GTAbids amongst the buying community. Seller/Consignor may not bid on their own items to try to increase the bid amounts.
If the seller/consignor does bid on their own item & are the high bidder, they will be responsible for all costs including the purchase price of the item plus the buyer’s fee & any/all commissions due to the auction company. Also, GTAbids will not make any attempts to contact the under bidder/s on these items for the purpose of selling the item or items.
8) Persons attending GTAbids location before, during or after an auction do so at their own risk and shall have no claim against GTAbids in respect to any personal or property damage.
9) The law of the Province of Ontario shall apply to this agreement. In the event of any dispute such dispute shall be settled by way of mediation by a mediator to be chosen by GTAbids and the consignor. Should the parties fail to agree on a mediator, the dispute will be settled by arbitration, pursuant to the Arbitration Act of Ontario. The decision of the arbitrator shall be final and binding and not subject to appeal.
10) In their own best interest the consignor shall provide to GTAbids all information about consigned property, including any known provenance, appraisals, documentation, reports or related information used in the cataloguing and verification process. The consignor shall not submit property they know to be a forgery/copy/fake and shall disclose any known abnormalities or damages at time of consignment.
Note: reproductions can be sold as long as it is declared as such in the auction listing for the item.
11) GTAbids retains absolute discretion to determine:
(A) if an item should be withdrawn from an auction
(B)the most suitable auction for the item
(C)the manner in which the auction is conducted
(D)the catalogue description for the lot.
12) GTAbids will not be liable for damage to consignors premises caused by aggravation to pre-existing wear or damage or by changes in atmospheric conditions.
13) Unsold lots left in the possession of GTAbids shall be collected by the consignor at the consignor’s expense within 10 days of the conclusion of the auction sale. Items left beyond 10 days will be assessed a storage fee of $3.00 per day which will be deducted from consignors settlement. GTAbids will, after 28 days from auction conclusion consider the uncollected items as abandoned and shall have the right to assume ownership and sell these items by way of auction or dispose of as we see fit with any costs charged back to consignor and deducted from their settlement.
14) The consignor warrants and hereby grants to GTAbids a royalty-free, perpetual and non-revocable right to reproduce, use and publish a photographic or electronic reproduction of the property consigned for use in promotion, published catalogues, advertising, compilations and other publications or mediums distributed to the public.
15) The consignor grants GTAbids exclusivity to sell any item or property covered by this agreement and will not publish, post to sell or sell any such item or property consigned to GTAbids.
16) The consignor agrees to sell the items or property by auction. We do not typically use reserve prices however in rare circumstances and on a case by case basis we will allow it. If a reserve price is to be used the dollar amount of the reserve price must be submitted in writing. In the event that bids do not achieve the reserve price the consignor will be assessed a fee of 5% of the reserve price.
17) The consignor agrees to indemnify GTAbids from damages caused by the breach of this warranty by the consignor.