Legal
Ricochet understands that legal documents can be difficult to interpret. We want to make things as easy as possible for you, so we have highlighted the key points you need to know.
Appointment of Ricochet
By agreeing to consign with us, Ricochet becomes the exclusive agent to represent your item(s). The item is not to be listed on any alternative platform or marketed by yourself.
Consignment Term & Termination of Contract
Our minimum consignment term is 6 weeks from contractual agreement. If you wish to take back your item(s) early for any reason, this will incur a fee of the full commission value per item.
You are welcome to drop the item(s) off to us given you have arranged an appointment, and we have discussed the piece(s) with you.
At the end of the consignment period, you are more than welcome to take back your item(s) free of charge. Please contact us by email and notify us if you wish to terminate the consignment and allow 7 days for us to prepare your item(s) for return.
Alternatively, you are required to notify us if you wish to extend the consignment period. We would discuss a markdown with you and advertise the piece(s) at the reduced price for a period of 4 months. Beyond this, if your item(s) has not sold we would look to return this to you.
Unfortunately, we cannot keep items on consignment indefinitely. If we do not hear from you within 2 weeks of your consignment term ending, we will donate your item(s) to charity.
Payment for your Items
We process consignment updates and payments during the first week of the month following the sale. This is made by Direct Deposit to your nominated bank account. You will receive a notification by email which will include a copy of your latest sales summary and payment advice.
If you are a new consignor, you will receive an email requesting your banking details during this time. If you do not hear from us, this means your item(s) have not sold during that particular month.
Item(s) which are purchased on lay-by are paid for by the customer over a 2 month period. You will receive payment for the sale during the first week of the month following the lay-by completion.
Fees
We do not charge any additional fees outside of our commission rates.
If an item requires cleaning or repairs, you will be notified of this upon final inspection of your item(s). The details and cost for the work will be discussed with you prior to starting, and deducted from your next consignment payout. In the event your item(s) does not sell, you will be required to pay for the service before the return of your item(s).
Please ensure you do take the time to familiarise yourself with our full terms and conditions below, this is just a guide to help you out.
Ricochet Consignment Terms and Conditions
Ricochet c/- Crocker Green & Associates. Unit 7,1 Maitland Place Norwest NSW, Australia, 2153
1. Application:
1.1 These terms and conditions govern the consignment, sale and handling of Your items which You have delivered or propose to consign to Ricochet (“Items”).
2. Appointment of Ricochet:
2.1 You appoint Ricochet as Your agent to sell Your Items. You authorise Ricochet to sell Your Items in accordance with any instructions You may give Ricochet or otherwise subject to Ricochet’ discretion.
2.2. You appoint Ricochet as Your agent to sell your Item(s) for a minimum consignment period of 3 months.
The consignment period for any item within the consigned inventory commences on the date of contractual agreement. The consignment period can be extended upon mutual agreement from both parties.
3. Title and Risk:
3.1 Title to Your Item(s) remains with You until title passes to the purchaser in accordance with the sale. Title to the Item(s) does not at any time pass to Ricochet.
3.2. You warrant to Ricochet that: 3.2.1. You own and are authorised to sell the Item(s);
3.2.2. All security interests over the Item(s) have been disclosed to Ricochet in writing prior to consignment and any new security interests will be disclosed to Ricohet immediately upon creation;
3.2.3. You have not appointed another agent to sell the Item(s) on Your behalf;
4. Payment for Items, Commission and Costs:
4.1. If Ricochet sells Your Item(s), Blue Spinach will issue an invoice to the purchaser as Your agent.
4.2. Ricochet will pay the purchase price to You, less any amounts payable by You to Ricochet under clause 4.4 in accordance with the sale, via direct bank deposit.
4.3. You are required to pay the following costs and commission to Ricochet in consideration for Ricochet selling Your Item(s):
4.3.1. Ricochets’ standard rates of commission applicable at the date of sale as described on your Consignment List documentation (ex-GST);
4.3.2. All costs and expenses incurred by Ricochet directly in connection with the sale of Your Item(s).
4.3.3. If You choose to terminate Your consignment agreement with Ricochet prior to the agreed minimum Three (3) Month consignment period, Ricochet may, at the sole discretion of Ricochet, charge a fee of the full commission value per Item.
4.3.4. If You cross-list or self-market Your Item(s), this breaches Your consignment agreement with Ricochet. Ricochet may, at the sole discretion of Ricochet, charge a fee of the full commission value per Item.
4.3.5. Any other amount payable by Ricochet on any account or to a third party in relation to the sale.
4.3.6. Ricochet may at its sole discretion require Item(s) to undergo an Entrupy authentication. This applies to Item(s) which are presented with either no documentation, receipt or original packaging. You are responsible to pay for the Entrupy authentication fee.
4.3.6.1. As an example , A Louis Vuitton Item which is deemed to undergo authentication will incur a fee of $195.
4.3.6.2 An Item from any other brand will incur a fee of $45 for authentication.
4.3.6.3 The authentication fee will be deducted from your next consignment payout. Alternatively, should your Item(s) remain unsold and you wish to collect this, you will be required to pay the authentication fee prior to or upon collection.
4.3.7. Please note, should your Item(s) not sell during the agreed consignment period, and you request your Item(s) to be returned via post, you will be required to pay for this service.
4.4. Any amounts which You owe Ricochet under clause 4.3 that are not recovered from the proceeds of Your Item(s)’ sale (including because no sale occurs, or the amounts are not owed until after the sale proceeds are paid to You) are required to be paid for by You, to Ricochet, prior to collecting your Item(s).
4.5. Ricochet may at its sole discretion dispose of any Item(s) held for a period exceeding three (3) months after the consignment contract has expired and you have been contacted to collect Your Item(s) and You have failed to do so.
5. Termination of B Engagement:
5.1. On expiry of the agreed three (3) month minimum consignment period, either party may terminate Ricochets’ appointment as Your agent under these terms and conditions on seven days’ notice in writing to the other party.
5.2. Termination of Ricochets’ appointment does not affect Your liability to pay any amount owed to Ricochet under these terms and conditions.
5.3. You grant Ricochet a lien over Your Item(s) until all outstanding costs, commissions and advances under clauses 4.3, 4.4 & 4.5 have been paid in full. If Ricochets’ appointment as Your agent is terminated before Your Item(s) are sold, Ricochet is entitled to retain possession of Your Item(s) until You have paid all amounts owing to it under these terms and conditions.
5.4 You agree with Ricochet to make an appointment prior to collecting any unsold Item(s) to ensure Ricochet can prepare and check any Item(s) ready for collection.
6. GST:
6.1. If GST is payable by a supplier on a supply made under these terms and conditions, then to the extent that the consideration is expressed as an amount of money (the monetary consideration) for that supply and is not stated to include an amount in respect of GST, the supplier may increase the monetary consideration by the applicable amount of GST and the recipient must pay that increased amount at the same time and to the same extent as any part of the monetary consideration that is payable to the supplier in respect of that supply.
6.2. Words defined in the A New Tax System (Goods and Services Tax) Act 1999 (Cth) have the same meaning when used in these terms and conditions in clauses concerning GST.
7. Liability:
7.1. In the event of loss or damage whilst the product is under consignment the liability of Ricochet is limited to the amount due upon sale of the Item(s) under the pricing agreement.
8. Miscellaneous:
8.1. These terms and conditions shall be governed by and construed in accordance with the laws of New South Wales Australia and shall be subject to the non-exclusive jurisdiction of the courts of New South Wales.
8.2. If a provision of these terms and conditions is illegal or unenforceable, it will be severed from these terms and conditions and the remaining terms and conditions will continue in full force and effect.
8.3. The waiver of a breach of these terms and conditions will not be a waiver of any other breach of that provision or the breach of any other provision.