Terms and Conditions
- Consignment Agreement
NOW, THEREFORE, in consideration of the foregoing promises, the mutual covenants contained herein and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
- Consignment Stock / Consignment Period
The Customer shall provide and deliver all Watch(es) to The Company’s location at its sole expense, FOB the Company. By entering into this Agreement, The Customer grants the Company the right to use the brand’s logos, likeness, images and other reasonable intellectual property on the Company’s website and any marketing materials provided by the Company.
There is a minimum 90-day initial consignment period. The consignment period for any Watch(es) shall commence on the date the Watch(es) is accepted by The Company and shall be ninety days (90) days thereafter (“Consignment Period”). The Consignment Period may be extended upon mutual written agreement of both parties. On the 91 days, the initial consignment period will expire. Items must be picked-up within 30 days of the expiration date, or will become the property of Consign Watch Pte Ltd.
- Condition of Consigned Item / Acceptance of Consigned Item
The Company will only accept Watch(es) that are authentic. Any defects should be brought to the Company’s attention upon delivery of the Watch(es). The Company will document condition of all Watch(es) in an assessment report. the Customer agrees that the condition of the Watch(es) may affect the value of the Watch(es).
Upon receipt of the Watch(es), The Company shall evaluate each Watch(es) to determine its quality and authenticity.
Any Watch(es) that fails to meet the Company’s quality and authenticity standards will be returned to the Customer, at the Customer’s expense. If any Watch(es) provided to the Company hereunder is found to be counterfeit, the Company reserves the right to confiscate such Watch(es) and provide the Watch(es) and any other information (including, The Customer’s personal information) requested by the person, government authority or agency looking to trace the origin of such counterfeit Watch(es)
The Company reserves the right to decline the acceptance of any Watch(es) without need to provide reasonable explanation to the Customer.
- Rights to Sell Consigned Item
The Customer hereby grants to The Company the right to sell Consigned Inventory on behalf of the Customer pursuant to this Agreement. During the Consignment Period, the Company shall use commercially reasonable efforts to make available for purchase the Watch(es) on the Company’s website. Consignee reserves the right to include Consigned Inventory as part of the sales and promotions that Consignee offers to its customers.www.consignwatch.com and/or any other location(s) deemed suitable by the Company. The Company reserves the right to include Watch(es) as part of the sales and promotions that the Company offers to its customers.
- Pricing / Payment
The Customers who are customers of the Company shall receive a Recommended Selling Price for each Watch(es) in the Watch(es) via email or WhatsApp within three (3) days after the Watch(es) is placed at The Customer’s location pursuant to Section 1 of this Agreement. The Company shall relay all offers to the Customer either in email or WhatsApp. The Company will proceed to sell the Watch(es) to a third party if the customer accepts any of the conveyed offers.
Upon sale of Watch(es) to the Company’s customers, The Company shall remit to the Customer the Selling Price LESS 5% or S$500 (whichever rate is higher) Watch(es) as set forth herein. After 3 working days, the Company shall pay the Customer, the Customers share from the sales of the Watch(es). All such payments shall be made by a method mutually agreeable to the parties. Notwithstanding the foregoing, in no event shall the Company be obligated to make any such payments to the Customer unless and until the Company receives the proceeds from any such sale.
- Title / Risk of Loss
All Watch(es) shall remain the property of the Customer until the Company sell’s it to the Company’s customer. The Company shall acquire no right, title or interest in the Watch(es) other than the right to possess the Watch(es) as a The Company and sell the Watch(es) on behalf of The Customer pursuant to the terms of this Agreement. The Company accepts all risk of loss and full responsibility for the condition of, any shortages in and the payment for all Watch(es) which may be lost, stolen, damaged or destroyed while in its possession or control. The Company shall use commercially reasonable efforts to (i) identify all Watch(es) as being the property of the Customer, (ii) separate the Watch(es) from other property of the Company, and (iii) maintain complete and accurate records concerning the Watch(es).
- Return of Consigned Inventory
At any time after the termination of the Consignment Period (90 days), The Customer may, by written notice to the Company, request return of Watch(es). All such returns will at the Customer’s expense. In the event, The Customer requests the Company to return Watch(es) prior to the termination of the Consignment Period, The Company shall charge a fee of one hundred and fifty (S$150) per Watch as a service fee to cover any marketing, production, transportation and/or storage costs incurred by the Company during the Consignment period. Any Watch(es) not sold during the Consignment Period, will be returned to the Customer, at the Customer’s expense.
This Agreement will be effective from the time the Customer clicks “I Agree” or sign the Consignment agreement and shall continue in full force and effect thereafter unless sooner terminated as provided for herein. Either party may terminate this Agreement, at any time, without cause, upon fifteen (15) days written notice to the other party. This Agreement may be terminated at any time by either party upon written notice to the other party, if the other party is in material breach of this Agreement and fails to cure such breach within ten (10) days after it receives written notice thereof from such party. All accrued rights or responsibilities will survive termination or expiration of this Agreement. Upon termination of this Agreement, any remaining Watch(es) shall be returned to the Customer at the Customer’s expense. In the event, the Customer terminates this Agreement while the Consignment Period is in effect, for each Watch(es) returned to the Customer, the Company shall charge a fee of one hundred and fifty (S$150) per Watch as a service fee to cover any marketing, production, transportation and/or storage costs incurred by the Company. Termination shall not affect either party’s obligations for undisputed payment accrued prior to the effective date of termination or warranties which have not yet expired.
- Warranty and Disclaimer
The Customer represents and warrants to the Company that during the term of this Agreement
(i) The Customer has good title to the Watch(es), free of all liens, claims and encumbrances;
(ii) the Watch(es) are authentic and not counterfeit or knock offs;
(iii) the Watch(es) will conform in all material respects, with the Watch(es) specifications set forth on the labelling of the Watch(es);
(iv) the Watch(es) do not violate, infringe or misappropriate any intellectual property or proprietary rights of any third party;
(v) the Watch(es) are not from an unlawful source, stolen or used as a function in illegal money laundering and/or used for the finance of terrorism
- Limitation of Liability
10.1 Neither party, or their respective employees, officers, directors, agents, suppliers or licensors shall be liable for any consequential, incidental, indirect, punitive, special or exemplary damages of any kind, or for any lost revenues or profits, loss of use, loss of cost or other savings, or loss of goodwill or reputation, with respect to any claims based on contract, tort or otherwise (including negligence and strict liability) arising out of or relating to the Watch(es), the use thereof, or otherwise arising out of or relating to this agreement, regardless of whether such party was advised, had other reason to know, or in fact knew of the possibility thereof.
10.2 In no event shall the Company be liable, in the aggregate, for any direct damages arising under or in connection with this agreement for any cause whatsoever, regardless of the form of action, whether in contract, warranty or tort (including without limitation negligence) or any other theory of liability in law or in equity, in excess of the actual sale price received by the Company for the watch that gave rise to the claim.
10.3 To the extent the exclusions and limitations of liability set forth in this Section is not permitted under applicable law, the Company’s liability in such case will be limited to the greatest extent permitted by law.
The Customer hereby agrees to indemnify, defend and hold harmless the Company against any and all claims, demands, actions, losses, expenses, damages, liabilities, costs (including, without limitation, interest, penalties and reasonable attorneys’ fees) and judgments arising from a third-party claim against the Company arising from (i) the Company’s sale of the Watch, or (ii) the Customer’s breach of the warranty set forth in Section 9, Warranty and Disclaimer.
- Force Majeure
If the transportation or delivery of any Watch(es) is prevented, restricted or interfered with by reason of any event or cause whatsoever beyond the reasonable control of the Company including, but not limited to, fire, storm, flood, earthquake, explosion, accidents, acts of God or of the public enemy, riots, public disorders, strikes, labour disputes, transportation embargoes or delays, failure of common carriers, shortages of any Watch(es), or acts or regulations or priorities of the government or branches or agencies thereof, the Company shall be excused from making deliveries hereunder to the extent of such prevention, restriction or interference.
- Data Protection Policy
The Company processing any data in respect of commercial transactions in which such information relate directly or indirectly to a data subject who is identifiable from the information in the possession of the Customer, for e.g., name, address, telephone number, email address, banking details and identification card numbers, (“Personal Data”) on behalf of Consign Watch Pte Ltd under or in relation to the Agreement, the Customer shall:
- Process the Personal Data only on behalf of Consign Watch Pte Ltd (or, if so, directed by Consign Watch Pte Ltd) only for the purposes of performing the Agreement and only in accordance with instructions and / or obligations contained in the Agreement or received from Consign Watch Pte Ltd from time to time.
- Not otherwise modify, amend or alter the contents of the Personal Data or disclose or permit the disclosure of any of the Personal Data to any third party unless specifically authorised in writing by Consign Watch Pte Ltd Pte Ltd or compelled by law to make such disclosure.
In the event that any portion of this Agreement is held to be invalid or unenforceable, then such portion shall be construed in accordance with the applicable law as nearly as possible to reflect the original intentions of the parties, and the remainder of this Agreement shall remain in full force and effect. The sections of this Agreement entitled limitation of liability, indemnification, and miscellaneous shall survive the termination of this Agreement. The paragraph headings herein are provided only for reference and shall have no effect in the construction or interpretation of this Agreement. The Customer may not assign this Agreement. No waiver shall be effective unless in writing. Neither the course of conduct between parties nor trade practice shall act to modify any provision of this Agreement. This Agreement and any other agreements between the parties entered into shall be governed by and construed in accordance with the laws of the State of Singapore. This Agreement contains the entire agreement of the parties, and supersedes all existing agreements and all other oral, written or other communication between the parties concerning its subject matter. The Company may change the terms and conditions of this Agreement from time to time.
Updated as of 1st Feb 2021