We look forward to working with you when you are ready to sell your collection. You will find that we are very easy to work with and adhere to the spirit of all our agreements. We are also quite flexible and will tailor our programs to suit your needs. To that end, we offer the following terms and conditions for incoming consignments.
1. Outright Sale/Trade
Seller agrees to sell (transfer ownership) numismatic Items (referred to as the "Items") at a price mutually agreed by both parties. Upon Seller's acceptance of sight-seen offer by David Lawrence Rare Coins (DLRC), Seller will be paid in full by either: (a) check; (b) bank wire; (c) credit on account with DLRC against balance due; or (d) any combination of the above.
Unless otherwise negotiated, DLRC will make payment in full within 7 business days upon Seller's acceptance of offer.
Seller represents and warrants to DLRC that (a) Seller is the legal owner of and has full right, title, and interest in and to the Items as Consignor's separate property free and clear of all liens and encumbrances; (b) Seller has the full right and authority to sell the Items to DLRC without anyone's consent or concurrence; and (c) the property is genuine and authentic numismatic material.
DLRC shall have sole discretion with respect to marketing and promoting the Items.
2. Guaranteed Auction Program
Consignor agrees to consign numismatic Items for web auction sale in the DLRC Guaranteed Auction Program. Each lot in the consignment must have a minimum value of $150. Items of lesser value may be purchased outright. Each Item to be placed in the web auction must have an assigned value to represent the reserve price.
Consignor represents and warrants to DLRC that (a) Consignor is the legal owner of and has full right, title, and interest in and to the Items as Consignor's separate property free and clear of all liens and encumbrances; (b) Consignor has the full right and authority to consign the Items to DLRC for sale without anyone's consent or concurrence; and (c) the Property is genuine and authentic numismatic material.
DLRC shall have sole discretion with respect to advertising and promoting the Items on the website, including, but not limited to, photographing or describing the Items.
The consignor will receive 85% of the final realized price in auction, or the Guaranteed Amount for the Item, whichever is greater. In the event an Item does not sell, DLRC will buy the Item(s) from the consignor at a pre-established buy price that will be placed as an active bid in the auction within 24 hours prior to the close of the auction.
Payment for all Items sold in the web auction will be processed the first Friday after 28 days of the invoiced date of the item. Auction proceeds will be offset by all outstanding balances due on the final settlement date.
3. Web Auction Consignment
Consignor agrees to provide DLRC with an inventory of Items to be placed in a web auction. The original consignment must have a minimum value of $5,000 with an average value per lot of $250. Each Item to be placed in the web auction must have an assigned value to represent the reserve price.
Consignor represents and warrants to DLRC that (a) Consignor is the legal owner of and has full right, title, and interest in and to the Items as Consignor's separate property free and clear of all liens and encumbrances; (b) Consignor has the full right and authority to consign the Items to DLRC for sale without anyone's consent or concurrence; and (c) the Property is genuine and authentic numismatic material.
DLRC shall have sole discretion with respect to advertising and promoting the Items in the web-auction including, but not limited to (a) photographing or describing the Items, and (b) determining the date and time of the web auction.
The consignor will receive 85% of the final realized price in auction. In the event an Item does not sell, the consignor will have the option to have the item returned or place the Item in a future web auction.
Payment for all Items sold in the web auction will be processed 28 days after the web-auction's closing date. Auction proceeds will be offset by all outstanding balances due on the final settlement date.
4. Fixed Price Agreement (Buy It Now)
Consignor agrees to consign Items on a continuing basis to DLRC for sale as Consignor's exclusive agent, and DLRC agrees to accept the Items on consignment, in accordance with the terms and conditions contained in this Agreement. Consignor will provide DLRC with a cost basis for each Item consigned.
DLRC agrees to store and insure the Items at DLRC's expense, and to undertake the sale of same using DLRC's staff, industry contacts, and expertise. DLRC shall have the right to conduct itself with third parties as though it owned the Items, including but not limited to (a) advertising the Items; (b) taking the Items to trade shows and otherwise displaying them for viewing by potential buyers; (c) allowing potential buyers to obtain possession of the Items on approval; (d) concluding binding sales of the Items to any person and at any price that DLRC deems reasonable in DLRC's best judgment. Consignor understands and agrees that during the term of this Agreement he shall have no right or authority to sell or offer for sale any of the Items, or to discuss same with anyone other than DLRC without prior consent.
The parties agree that as compensation for its services hereunder, DLRC shall receive the amount by which the sales price exceeds the cost basis of each Item. Once per week, DLRC shall provide Consignor with a report of Items which were sold and paid for the preceding four weeks, along with the net proceeds of the sales. In the event an Item is returned from a previous sale, the current consignment payment will be reduced by the cost basis of the returned Item. In the case of extended (layaway) sales, the Consignor will receive payment when DLRC has been paid in full by the purchaser, not to exceed 60 days after the original invoice date, unless otherwise negotiated.
It is the parties' intent that the Items be sold within 45 days of the date of this Agreement. If any Items remain unsold at the end of this period, either party may terminate the Agreement or the parties may agree to extend the term of this Agreement under the same terms and conditions (including the options contained in this paragraph).
Consignor warrants and represents to DLRC that (a) Consignor's execution of this Agreement and sale of the Items through DLRC does not conflict with or constitute a breach of any contract or order to which Consignor is a party or to which the Items are bound; and (b) Consignor owns the Items free and clear of any claims, security interests, options, rights or other privileges of any third party whatsoever, and does not require any third party's consent to enter into this Agreement. Consignor shall indemnify and hold DLRC harmless against any liability, cost, damage or claim (including reasonable attorney's fees) arising from any breach of these warranties.
No party may transfer or assign any of its rights under this Agreement and any attempt to do so shall be null and void. This Agreement shall be binding upon the parties, their heirs, legal representatives and successors.
First arbiter for any claim or controversy arising out of or involving this agreement shall be resolved by arbitration by the Professional Numismatists Guild (PNG), or, if the PNG cannot or will not hear the matter, by the American Arbitration Association. Thereafter, this Agreement shall be governed by Virginia law in the courts of Virginia Beach, Virginia. The court shall award to the prevailing party, in addition to any other relief deemed appropriate, the prevailing party's attorney's fees and costs of litigation, whether or not those are otherwise available to the prevailing party by statute.
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