Consignor Terms

Recitals

WHEREAS, Famous Watches Inc specializes in the curation and promotion of luxury designer items, jewelry, and watches;

WHEREAS, the Consignor possesses specific items, meticulously detailed and listed on Famous Watches Inc online platform and other documentation, or gathered by a representative of Famous Watches Inc through its dedicated consignment service (hereafter referred to as the “Property”), and seeks to facilitate the sale of said Property;

WHEREAS, the Consignor wishes for Famous Watches Inc to act as the selling agent for the Property, and Famous Watches Inc is eager to execute the sale of the Property on behalf of the Consignor;

NOW, THEREFORE, in acknowledgment of the mutual premises and commitments outlined in this Agreement, with full recognition of their receipt and adequacy, and explicitly subject to the prevailing Returns Policy and Terms of Service of Famous Watches Inc which may influence and modify the terms herein, the Parties hereby consent as follows:

Delivery of Property; Risk of Loss; Insurance

In the realm of Famous Watches Inc, the Consignor entrusts their Property to the care of our esteemed establishment on a consignment basis. When the Property graces our premises, the mantle of responsibility shifts to our shoulders, bearing the weight of any potential loss or damage. However, during the journey to our domain, the Consignor retains guardianship, save for instances where our approved shipping method is employed, fortified with our insurance coverage.

Under our watchful eye, the Property shall be safeguarded against perils common to such treasures, including the specter of theft and the ravages of mishap. Should any harm befall the Property while under our roof, a transaction shall be deemed, and recompense shall swiftly follow, reflecting the Property’s value as discerned by our discerning eye.

This recourse stands as the sole sanctuary for the Consignor in their dealings with us, supplanting any other legal or equitable remedy. Thus, with the mantle of assurance and trust, we adorn the transaction, ensuring that the journey of the Property is one of elegance and security.

Acceptance of Property; Condition of Items

At Famous Watches Inc, we uphold the highest standards for the items we accept. We exclusively welcome clean, well-maintained pieces in very good to excellent condition. Upon receiving your item, our experts meticulously assess its authenticity and quality. Any condition concerns are carefully evaluated, as they may impact the value and necessitate servicing or restoration before being showcased.

Items that fall short of our authenticity or quality criteria, or those not listed in our curated selection (available on our website), will regrettably not be accepted. We ensure a seamless process for returning such items to the consignor, though at their expense (refer to our “Return of Property” policy for details).

Counterfeit Items

The Consignor assures the integrity of every item submitted for Famous Watches Inc consignment. Should there be any suspicion of counterfeit within the Property presented to us, we reserve the right to decline acceptance or, if already in our possession, promptly notify the Consignor. We uphold the law and will facilitate the Consignor’s retrieval of any disputed item within 120 days of notification. Failure to reclaim the item within this timeframe will result in it being considered abandoned.

Furthermore, the Consignor understands and accepts that, in accordance with our policy, we may disclose personal and business details to rights owners seeking to identify counterfeit origins. We exercise discretion in such disclosures, aiming to maintain the integrity of our marketplace.

Consignment Period

During the “Famous Watches Inc Period,” the custody of an item of Property commences upon its receipt by Famous Watches Inc and concludes 180 days thereafter. Should both parties agree, this period can be prolonged. Once the Famous Watches Inc Period elapses, the Consignor reserves the right to reclaim the Property. Consignor bears the responsibility for return shipping expenses, and Famous Watches Inc is not obliged to return the items until Consignor has arranged and covered the shipping, along with any associated service and restoration expenses.

Efforts to Sell; Price: $

Upon accepting the Property, Famous Watches Inc commits to showcasing and diligently promoting the items for sale. The Consignor acknowledges that Famous Watches Inc will categorize the items as deemed appropriate. The initial listing price will be collaboratively determined in written agreement between Famous Watches Inc and the customer, with any adjustments subject to the customer’s prior written consent. Famous Watches Inc retains the discretion to run promotional campaigns on its platforms and extend discounts to its clientele as it sees fit. The Consignor acknowledges that their items may be showcased alongside those of other consignors, enhancing visibility and potential sales opportunities.

Title to Property

Title to and ownership in the Property will remain with Consignor until a Property Sale, as defined below. A “Property Sale” shall be deemed to have occurred if an item of Property is: sold by the Famous Watches Inc and not returned within the period specified in their then-current Return Policy.

Payment And Commissions

In the realm of Famous Watches Inc, with every piece of property that finds its new custodian through our hands, there lies an agreement of mutual benefit. Here’s how it unfolds: for each transaction, our commission, carefully calculated based on the net received funds, ensures a fair exchange. Picture this: if the sale price dances at $10,125, and after swaying through the corridors of credit card fees and service and restoration costs, we catch $9,821 net, our commission gracefully settles at 27%. It’s the art of refinement in the world of horology, where every transaction is a symphony of elegance and value.

$100	$5,500	35%
$5,501	$7,500	30%
$7,501	$10,000	27%
$10,001	$15,000	25%
$15,001	$20,000	20%
$20,001	$25,000	17.5%
$25,001	$35,000	17.5%
$35,001	$50,000	17.5%
$50,001	$75,000	15%
$75,001	Up	15%

The Commission rates will reset at the Termination Date. For now, Famous Watches Inc may, at its sole discretion, temporarily increase the Commission from time to time for promotional reasons.

The difference between the net selling price and the amount paid to Famous Watches Inc (the “Commission”) shall be Consignor’s sole compensation under this Agreement. “NET SELLING PRICE” means the net revenue actually received from Direct or Indirect Sales of a product, less (a) any and all service and restoration fees, credit card, PayPal, or other third-party transaction or banking fees, normal and customary rebates, and cash and trade discounts; (b) sales, use and/or other excise taxes or duties; (c) insurance costs and outbound transportation charges; (d) import and/or export duties; and (e) amounts allowed or credited due to returns (not to exceed the original billing or invoice amount). The net selling price reflects all applicable sales commissions, stylist referral fees, promotions, and other discounts applied directly to or associated with the sold item. Famous Watches Inc issues payment for Commissions on the 15th day of every month for a sale period beginning on the 1st of the previous month to the last day of the previous month. For example, payments issued on April 15th would cover the sale period from March 1 through March 31.

In the event of any dispute between the Parties, Famous Watches Inc shall have no obligation to pay any Commission or other amount otherwise due to Consignor, including without limitation amounts unrelated to the dispute, unless and until such dispute is resolved. Famous Watches Inc shall be entitled to withhold any Commissions (including any otherwise due) in full or partial satisfaction of any amounts due to Famous Watches Inc.

Return of Property

During the Consignment Period, should the need arise, the Consignor retains the prerogative to promptly withdraw some or all of the Property from Famous Watches Inc service, upon reasonable written notice. All expenses related to the removal and reinstatement of the Property shall be the responsibility of the Consignor. Famous Watches Inc assumes no obligation to return such items until the Consignor has arranged and covered shipping expenses. Should the Consignor request the return of Property before the expiration of the Consignment Period, a fee of $700 per piece shall apply, along with any additional third-party costs incurred for restoration or repair. Additionally, a fee of $75 per item shall be charged to cover the expenses incurred by Famous Watches Inc for storage, cataloging, and photography of the Property. The Consignor shall bear the shipping costs to and from Famous Watches Inc.

Termination

Embrace the essence of Famous Watches Inc in this arrangement. Just as the hands of a fine watch effortlessly mark the passage of time, so too can either party gracefully conclude this agreement whenever they deem fit. With the elegance of a well-crafted timepiece, termination becomes an option, initiated by a simple written notice, akin to the subtle adjustment of a winding crown. And just as with any fine instrument, there are costs to consider, as outlined under the section titled “Return of Property.” Thus, in the realm of Famous Watches Inc, the end of one chapter merely heralds the beginning of another, each transition executed with poise and sophistication.

No Assignment

Neither Party may assign this Agreement or any interest herein without the other Party’s express prior written consent, except that Famous Watches Inc may assign this Agreement without Consignor’s consent in connection with any corporate transaction such as a merger or acquisition.

Changes to These Terms

Consignor acknowledges and agrees that these terms may be changed by notice posted on Famous Watches Inc web page at bobswatches.com/consignor-terms. Famous Watches Inc will use reasonable efforts to communicate any such changes to Consignor (such as sending notice to an email address provided by Consignor), but Famous Watches Inc cannot guarantee that Consignor will receive such notices, or receive them in a timely manner.

No Property Warranties

Famous Watches Inc shall not offer any warranties on any item of Property, except to the extent a warranty is required by law and cannot be disclaimed.

Representations, Warranties, and Indemnification

Consignor hereby warrants that it has good and marketable title to each item of Property, none of which is subject to any liens or other encumbrances, and further represents and warrants that the Property does not infringe upon or violate any trademark, copyright, or other proprietary right of any third party, any state or federal law, or any administrative regulation. Consignor hereby agrees to indemnify and hold Famous Watches Inc harmless from all damages, suits, litigation, awards, and costs, including but not limited to attorneys’ fees and costs, that may arise out of Famous Watches Inc display or sale of the Property for any reason whatsoever, including but not limited to civil or criminal suits over authenticity, legality, ownership, infringement of copyright or trademark, or any other claim or litigation.

Famous Watches Inc DISCLAIMS ANY AND ALL WARRANTIES, EXPRESSED AND IMPLIED, RELATING TO ITS SERVICES OR ACTIVITIES HEREUNDER. IN NO EVENT WILL Famous Watches Inc LIABILITY HEREUNDER EXCEED THE NET AMOUNTS IT HAS ACTUALLY RECEIVED AS A RESULT OF SELLING CONSIGNOR’S PROPERTY HEREUNDER. THE FOREGOING DISCLAIMER AND LIMITATION IS A FUNDAMENTAL PART OF THE BASIS OF Famous Watches Inc BARGAIN, AND Famous Watches Inc WOULD NOT ENTER INTO THIS AGREEMENT WITHOUT SUCH DISCLAIMER AND LIMITATION.

Governing Law

This Agreement shall be governed as to validity, interpretation, construction, effect, and in all other respects by the laws and decisions of the State of Cleveland Ohio, without regards to its conflict-of-law provisions. The Parties hereby irrevocably consent to the jurisdiction of the courts of Boston , CA with respect to any matter arising under this Agreement.

Entire Agreement

This Agreement sets forth the final, complete and exclusive agreement of the Parties regarding the subject matter hereof, and terminates and supersedes all prior understandings or agreements on the subject matter hereof. This Agreement may be modified only by a writing duly executed by both Parties.

No Implied Waiver

Either Party’s failure to insist, in any one or more instances, on strict performance by the other Party of any of the terms of this Agreement shall not be construed as a waiver of any continuing or subsequent failure to perform or delay in performance of any term hereof.

Severability

If one or more of the provisions of this Agreement shall be declared or held to be invalid, illegal, or unenforceable in any respect in any jurisdiction, the validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby and any such declaration or holding shall not invalidate or render unenforceable such provision in any other jurisdiction.

Headings

Headings used in this Agreement are provided for convenience only and shall not be used to construe meaning or intent.