consignment terms

basic info on selling or consigning your guns to us

SAMPLE CONSIGNMENT TERMS internet 2007 version

The terms for each consignment are those that appear on the signed written consignment contract between the consignor & Old Town Station, Ltd., or K&S Auction.

Listed below is a sample of the terms from our copyrighted standard consignment contract form as of 2007.

If you send in guns without prior discussion, it will be assumed that they are being sent to be sold on consignment on these terms at auction or through mail order catalog, at Jim Supica's sold discretion.

Standard Commission is 25% unless specified otherwise, plus an additional 2% commission if buyer pays by credit card.

NOTE - The 25% commission rate applies to most individual pieces consigned or small groups of guns.

For larger collections or exceptionally high value individual pieces, a LOWER COMMISSION RATE may be offered. This commission could be as low as 0% in the case of a multi-million dollar collection consisting primarily of high dollar pieces to be sold at a live cataloged auction.

NOTE - We have a minimum commission of $50. If total value of pieces consigned is less than $200, this can quickly cut into the amount you net.

PARTIES: "You" refers to the consignor. "OTS" or "we" refers to Old Town Station, Ltd. If the property is to be sold at a Kull & Supica Firearms Auction (“K&S“), Kull Auction & Real Estate of Topeka KS (“Kull”) is assigned some of the OTS rights & responsibilities under this contract

Consignor affirms that the items consigned are his property, or that he has disclosed on this form the nature of my agency for the true owner. He also affirms that the descriptions are true to the best of his knowledge & belief, and that all known restoration, alteration, refinishing, and defects have been disclosed.

THE FOLLOWING TERMS APPLY TO ALL SALES, mail order catalog, auction, online, or other...

COMMISSION AND PAYOUT -- You agree to pay OTS a commission based on the price for which your item sells, and this commission will be deducted from your payout. Unless specified otherwise in the agreement, commission is 25%, subject to a $50 minimum commission. If the buyer pays by credit or debit card, there will be an additional 2% deducted from your payout. In addition, when sold at auction, the buyer may be charged a Buyer's Premium, with this Buyer's Premium kept by OTS or K&S. Any special additional expenses incurred specifically for one of your items (such as pick-up, restoration, repair, or special expert opinion) will be deducted from your payout. Photography, catalog description, storage, insurance, and other expenses which are incurred for all items are not considered special additional expenses, and there are no added-on charges for these usual expenses, unless specifically noted on the front of this form. If additional amounts are owed by you to OTS or its agents or affiliates, such amounts may at OTS sole discretion also be deducted from your payout. OTS will mail your payout to your address on the front of this form within 45 days of the date of sale, unless the buyer has not completed the transaction to OTS satisfaction (for example, by failing to make satisfactory payment or by contesting a sale at auction). In such cases, OTS will have an additional 30 days to resolve the problem, and if OTS cannot resolve the problem to OTS satisfaction, OTS may cancel the sale and return the item to you. OTS has no obligation to enforce payment by a buyer or to pursue a contested sale.

Website update: LOWER COMMISSIONS ARE AVAILABLE, if an entire collection or high dollar individual piece is consigned. For example when selling a multi-million dollar collection of high value pieces at auction, the seller's commission could be as low as 0% (we'd make our money on the buyer's premium). Contact Jim or Dan to negotiate specific rates for specific collections. We must have a detailed description of the piece or collection to negotiate lower rates.

ITEM DESCRIPTIONS, PRICING & ESTIMATES -- The description of an item in a catalog or elsewhere, grouping with other items to be sold as a single lot, determination of asking price and reserve for an item, estimate of value, consulting of experts, and nature and order of placement for sale will be at the sole discretion of OTS. An asking price or estimate of value is not a representation by OTS that the item will bring that amount at sale. OTS will not be liable to you for any error or omission with respect to the cataloging or the description of an item, and makes no representation or warrantee to you whatsoever with respect to your property, its condition, authenticity, value, or otherwise.

WITHDRAWAL OF ITEMS -- OTS may, at OTS sole discretion, withdraw an item if, in OTS sole judgment, question has arisen as to its provenance or authenticity, or the asking or reserve price seems excessive. In such a case, the item will be returned to you at your shipping expense upon payment of any special additional expenses OTS has incurred on that item, and there will be no further withdrawal charge. OTS may also withdraw an item if you breach this agreement or if you have misrepresented the item. In this case, you will be charged a withdrawal fee of 25% of our reserve price or latest mean estimated value plus expenses incurred by OTS. If you refuse return of the item or refuse to pay such withdrawal fee, the property will be treated as Unsold Property (see below).

CARE OF CONSIGNED ITEMS -- Consigned items will be given the same reasonable care, storage, and insurance as OTS inventory while in OTS possession. Large groups of consigned items may be stored off premises at OTS sole discretion. OTS will not be liable for minor wear & tear due to ordinary handling, shipping, and display; nor for latent defects or hidden damage. In the event that a consigned item is damaged while in OTS possession due to OTS negligence, OTS's liability for such damage will be limited to professional repair or restoration of such damage by a craftsman of OTS choice. OTS’s liability for loss or destruction of items is limited to the amount paid out by insurance.

FIREARMS -- OTS policy is to comply with all federal, state and local firearms law. Any items which are found to be illegal or stolen will be destroyed or turned over to the proper authorities, in OTS sole discretion, with no payment or compensation to Consignor in such instances. Any return of firearms to you must be in compliance w/ all applicable laws at your expense & by your arrangement.

UNSOLD OR UNCLAIMED PROPERTY -- If your property remains unsold, unclaimed, or returned at OTS, OTS will attempt to ship it to you at your expense (at OTS’s then current shipping rates) upon receipt of payment from you for return shipping and any other amounts you may owe OTS. Modern, post-1898 firearms generally must be returned to you in care of a Federal Firearms Licensee (FFL) such as a local gun shop in your home state. You are responsible for making all such arrangements, and paying any resulting fees. The FFL will require you to go through the same paperwork & background check to receive return of the firearms as if you were purchasing a new gun. If, in OTS sole judgment, such shipment is not possible, or you cannot be contacted, or you refuse to pay return shipping or other amounts due under this agreement, OTS may, at its sole discretion, offer such property for sale at absolute auction at any live or online auction on an as is, where is basis. OTS will send not less than 30 days advance notice of any such sale to your address on the front of the consignment contract. Upon such sale, OTS will apply the proceeds of such sale to amounts owed OTS under this agreement and expenses of such sale, and will send any excess to your address as listed on the front of this form.

INSURANCE VALUE -- You agree that, in the event of loss or damage, the insurance value for your property is not more than the lesser of 1) amount for which the property has been sold at auction or 2) reserve price or 3) the median estimated value or 4) lowest price at which it has been offered for sale by OTS. Lacking any of these, you agree to accept OTS’s estimate of the value of your property as the insured value.

YOUR REPRESENTATIONS, WARRANTIES, AND INDEMNITY -- You represent and warrant to OTS and the buyer that you have the right to consign the property for sale, and that it is now, and will be kept through sale, free of all liens, encumbrances, and claims, including, but not limited to, claims of governments or government agencies; and that good title and right to possession will pass to the buyer free of all liens, encumbrances, and claims; and that you have provided OTS in writing with any information you have concerning the provenance of the property, or any restoration, refinishing, or defects; and that there are no restrictions on our right to reproduce photographs of the property. OTS retains the exclusive copyright to all catalog and other illustrations and descriptions of the property created by OTS. You agree to indemnify and hold us and the buyer harmless from and against any and all claims, actions, damages, losses, liabilities, and expenses (including reasonable attorneys' fees) relating to the breach or alleged breach of any of your agreements, representations or warranties in this agreement. Your representations, warranties and indemnity will survive completion of the transactions contemplated by this agreement.

MISC. -- You agree that any disputes arising from this agreement or fall under the jurisdiction of the state of Kansas, and will be submitted to binding arbitration through the American Arbitration Association, pursuant to the Association's Rules for Commercial Disputes. Arbitration shall be held in Kansas. If any part of this agreement is found to be void or in violation of any law, the remaining parts of the agreement will remain in full force & effect, and the agreement taken as a whole will be construed to indicate the intentions of the parties. This agreement is made between you the Consignor, and Old Town Station, Ltd. ("OTS"). This agreement may not be amended or modified, unless done so in writing signed by both parties. If you are acting as agent for someone who is not signing this agreement, you and your principal jointly and severally assume the obligations and liabilities hereunder to the same extent as if you were acting as principal. This agreement shall be binding on your heirs, executors, beneficiaries, successors and assigns. You may not assign this agreement without OTS's prior written consent.

ADDITIONAL TERMS ONLINE: Additional consignor terms may be posted at ArmsBid.com or ArmchairGunShow.com, and are a binding part of this contract, incorporated herein by reference, if posted there prior to the date of this contract. Printed copy on request.

THE FOLLOWING TERMS APPLY TO SALES AT LIVE AUCTION ONLY --

KULL & SUPICA (“K&S”) AUCTION - If your items are sold at a live auction by K&S, OTS will be responsible for cataloging your items, and Kull Auction & Real Estate Company (“Kull”) of Topeka Kansas will be responsible for auction management & payout to you. You agree that OTS rights & responsibilities under this contract are transferred to Kull in regard to conduct of auction and payout.

GENERAL -- K&S or OTS will sell at auction to the highest bidder, as determined at our sole discretion, according to the terms and conditions listed in the auction catalog, which are a binding part of this agreement. Absentee bids will be placed as if the bidder was in the audience bidding. OTS reserves the right to reschedule any sale date to not more than 8 months earlier or later than the specified date, and to change the location of the sale. Consignor MAY NOT WITHDRAW an item which has been consigned to auction.

RESERVES & BUYBACKS --Unless a reserve price is agreed to in writing, each item will be sold to the highest bidder at auction. Any reserves permitted by OTS will be treated as if they were absentee bids by the consignor to buy back the items. In the event that an item you consigned does not reach its reserve price, you will be charged the commission specified on the front of this form as a reserve fee and the item will be returned as Unsold Property (see above). A reserve may not be greater than the minimum estimated value. Any item reaching its minimum estimated value will be sold to the highest bidder with no further reserve or buy-back. In the event that OTS, in its sole discretion decides that an item can not be listed with a minimum estimated value of less than or equal to the reserve, OTS may elect to withdraw the property. You agree not to bid on your items. All bids to protect your reserves will be placed by OTS. If you violate this provision, and you or your agent are the successful bidder on an item you consigned, you will pay us the full seller's commission and buyer's premium and the item may be sold without any reserve. Note -- If an item or group of items is advertised for sale at "absolute auction", absolutely no buybacks or reserves will be allowed.

CONTESTED SALES -- If the buyer of the property upon receipt of the property believes it to have been substantially misrepresented, they may contest the sale and request to return the property for a refund under the terms in the auction catalog. You authorize OTS to exercise OTS sole & exclusive judgment in deciding whether to allow the return of a contested sale item. If OTS allows the return of a contested sale, OTS will return your property to you, and you will return to OTS any payout you have received for the item.

THE FOLLOWING TERMS APPLY TO SALES BY THE DISPATCH &/or ArmchairGunShow.com ONLY

GENERAL -- Your items will be sold on the terms listed in the Dispatch mail order catalog and/or at the ArmchairGunShow.com &/or other website. Items must be left in possession of OTS to sell for at least eighteen months after first publication at ArmchairGunShow.com or in the Dispatch. If OTS inadvertently fails to list a consigned item, Consignor may request return of the item, but will be entitled to no additional compensation for such failure to list. If an item does not sell through its initial listing in the Dispatch, or online, OTS may reduce the listed price until a level at which the item does sell (but if a reserve is listed on the front of this form, to not less than the reserve price without your permission). If an item does not sell within 18 months of listing, and Consignor does not request return, OTS may sell it at absolute auction with no reserve whatsoever, as “unsold or unclaimed property“ (see above). If an item is returned to the consignor, who then sells it within twelve months of its return to a buyer who previously contacted OTS about possible purchase, buyer will pay OTS full commission on the item.

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