Free Auction Unsold Item Agreement Template
Auction Unsold Item Agreement
I. Introduction
This Agreement governs the handling, storage, and disposition of items that remain unsold after being listed for auction by [Your Company Name] on behalf of [Second Party Company Name].
Both parties acknowledge their intent to manage unsold items professionally and in accordance with the terms set forth herein.
II. Description of Unsold Items
The item(s) subject to this Agreement are described as follows:
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Item Name: Victorian Gold Pocket Watch
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Description: A 14k gold pocket watch from the Victorian era, featuring intricate floral engravings and a functional mechanical movement.
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Catalog Number: VGPW-2024-001
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Identification Marks: Serial number [00000] engraved on the inner casing, along with the maker's mark "J.W. Co."
Ownership of these item(s) remains with [Second Party Company Name] throughout the duration of this Agreement unless otherwise agreed upon in writing.
III. Post-Auction Options
[Second Party Company Name] may elect to relist the item(s) in a future auction, provided notification is sent to [Your Company Name] within 14 calendar days of this Agreement.
Alternatively, [Second Party Company Name] may request the return of the item(s) or opt for private sale arrangements facilitated by [Your Company Name].
IV. Fees and Costs
Storage fees of $[00] per item per month will apply for items remaining with [Your Company Name] beyond 30 days after the auction.
Relisting the item(s) will incur an administrative fee of $[00] per item, with additional fees based on any agreed marketing expenses.
V. Timeframe and Deadlines
[Second Party Company Name] must notify [Your Company Name] of their decision regarding the item(s) within 14 calendar days of the auction conclusion.
Failure to provide instructions within this timeframe may result in additional storage fees or item disposition in accordance with Section VII.
VI. Care and Liability
[Your Company Name] will exercise reasonable care in storing and handling unsold item(s) and ensure they are insured up to their reserve value while in possession.
[Your Company Name] is not liable for loss or damage caused by events outside its control, such as natural disasters or theft despite reasonable security measures.
VII. Termination of Agreement
Either party may terminate this Agreement upon written notice, with all fees and costs settled before the return or alternative disposition of the item(s).
If [Second Party Company Name] fails to respond or settle fees within 90 days, [Your Company Name] reserves the right to dispose of the item(s) as deemed appropriate.
VIII. Governing Law and Dispute Resolution
This Agreement is governed by the laws of the state of [Your State], and any disputes shall be resolved under its jurisdiction.
Both parties agree to first attempt mediation to resolve disputes before pursuing formal legal action or arbitration.
IX. Signatures
By signing below, both parties acknowledge and agree to the terms and conditions outlined in this Agreement.
[Your Name]
[Your Company Name]
[Date]
[Representative's Name]
[Second Party Company Name]
[Date]
