Tri-State Auctions Consignment Agreement

CONSIGNMENT AGREEMENT

This Agreement is entered into on this date between Tri-State Auctions, hereinafter referred to as “Consignee,” and the undersigned, hereinafter referred to as “Consignor”. 

Consignor herby consigns to Griffin Property and Holdings LLC, d/b/a Tri-State Auctions, known forth as Consignee and employs said Consignee to sell at auction, estate sale, or otherwise, including through any sale format. For auction services, Consignee will receive and retain from the proceeds of the sale of each consigned item or lot, as commission from the Consignor, shown in the  Tri-State Auctions Commission Schedule.

The consignor agrees that the commission will be calculated based on the final sale price of each lot and agrees that all fees will be deducted from the auction proceeds. 

SALE CONDITIONS: Consignee shall have complete discretion as to: (1) the place, date, and the manner in which such sale is conducted; (2) the description of the property and its
catalogs/literature; (3) the combination, or division of the property into several lots, as may be deemed appropriate. All unapproved, damaged, or no-bid items will be donated/discarded at Tri-State Auction's discretion. 

CONSIGNOR’S WARRANTIES: Consignor warrants that they have the right to consign the property for sale, and that the same is free and clear of liens, encumbrances, and claims and interests of third parties, and that good title will pass to the buyer. Consignor warrants that they are knowledgeable concerning Consignor’s descriptions of the property and that said descriptions are accurate. Consignor hereby holds Consignee harmless from all damages incurred by Consignee as a result of Consignor’s breach of these warranties. The consignor agrees that all items will be listed on a Consignment basis, per lot, and no transfer of ownership will occur to the consignee. 

RESERVES: All lots are to be sold to the highest bidder, unless a written and signed reserve price has been agreed on by Consignee and Consignor. Listing fees will vary. Consignors are prohibited from bidding on their own lots. 

NO REPRESENTATION: Any appraisal, estimate, or other statement of Consignee or its
representatives with respect to the value of any item, is a state of opinion only and may not be relied upon as a prediction of the actual selling price. 

SETTLEMENT OF ACCOUNT: Consignee will pay the Consignor the net proceeds received, and collect from the sale of the property, less its commission, any expenses incurred for Consignor’s account, and any other amount due. Consignor agrees that payment will be made via ACH or a physically mailed check within 30 days of the close of the auction. Physical checks expire/voided within 90 days of check receipt. 

WITHDRAWAL: No property may be withdrawn after receipt without the Consignee’s consent. Consignor agrees that once items have been listed, they may not be removed from the auction. If the Consignor agrees to a removal, the Consignor’s commission is collected from the item. This agreement constitutes the entire agreement of the parties. If, for any reason, any part of this agreement is deemed to be invalid or non-binding, the remaining parts of this agreement shall remain valid and binding for both parties. By signing, you agree to the terms and conditions of this agreement.