CONSIGNMENT AGREEMENT AND POLICIES
CONSIGNMENT PAYOUT TIERS
FINAL SALE PRICE
Less than $50
$50 – $199.99
$200 – $499.99
$500 – $799.99
$800 and above
10% MORE IF PAYMENT IS IN STORE CREDIT
- Consignment. The Consignor agrees to provide the items listed in this agreement to be sold by P&P [the “Consignment Gear”] based on the terms of this Consignment Agreement. The Consignor represents and warrants that the Consignment Gear is gently used, clean, free of defects and is in working condition. Consignor also represents that they own the listed items in this agreement or have the right to sell the items listed in this agreement.
- Consignor Account. P&P will provide a consignor portal, where the Consignor can login to check on the status of Consignment Gear and see their account balance. The Consignor is responsible for updating personal information that changes, including information found in the Consignor Account. You will need your consignor ID and password to login. The account can be accessed here.
- Consignment Rates. Consignor agrees to the consignment payout table above. The payout percentage listed is based on the final sale value of the Consignment Gear. A Consignor may elect to receive store credit for an additional 10% on top of the sales value per each piece of Consignment Gear.
- Pricing.P&P will set the price of Consignment Gear based on MSRP, condition, demand, season, and year of the Consignment Gear. At the discretion of P&P, Consignment Gear may be marked down or discounted based on the seasons, periodic sales, and the length of time the gear is in the store (see paragraph 5). P&P reserves the right to reduce or discount the price of the Consignment Gear at any time, including for end of season sales, were an item can be discounted up to 50% off.
- Discounts. The Consignor agrees to the following automatic discount schedule: 30 days after consignment – 10%; 60 days after consignment – 20%; 90 days after consignment – 30 % (“Automatic Discount Schedule”). Aside from the Automatic Discount Schedule, P&P reserves the right to reduce or discount the price of the Consignment Gear at any time, including for end of season sales, were an item can be discounted up to 50% off.
- Consignment Period. At the sole discretion of P&P, the consignment period is 120 days (the “Consignment Period”) from the date listed below (Consignment Expiration Date). The Consignor agrees to leave the Consignment Gear with P&P for the entirety of the Consignment Period. If Consignment Gear is retrieved before the end of the Consignment Period, the Consignor is subject to an early retrieval fee of 3% of the Consignment Gear’s current sale price. The Consignor cannot list the Consignment Gear anywhere (including online) during the Consignment Period. The Consignor is responsible for picking up the Consignment Gear.
- Unsold Items.On the Consignment Expiration Date, the items listed in this Agreement will enter a thirty (30) day grace period (the “Grace Period”). During this Grace Period, a Consignor may request a 30-day extension for unsold Consignment Gear, however, extension requests will be granted at the sole discretion of P&P. If an extension is granted, a new Consignment Expiration Date will be reflected in the Consignor Account and all the provisions of this paragraph will apply to any extended Consignment Expiration Date. After the thirty day (30) Grace Period, the items listed in this Agreement will be considered expired (“Expired Consignment Gear”). Ten days after the Grace Period (or forty 40 days after the Consignment Expiration Date), P&P will automatically convert Expired Consignment Gear to store inventory. Once Expired Consignment Gear is converted to store inventory, it is the property of P&P and all sale proceeds from that converted item will belong to P&P. P&P will not contact the Consignor at the end of the Consignment Period, when an Consignment Gear expires or when Consignment Gear is converted to store inventory. It is the sole responsibility of the Consignor to inquire about the status of Consignment Gear either by checking the Consignor Account. Appointments must be made online to pick up Expired Consignment Gear and those can be made at: https://www.peaksandpedalsgear.com/consign/consignor-portal/.
- Consignor Payout. It is the Consignor’s sole responsibility to check the status their Consignor Account and the status of any Consignment Gear. The Consignor can request a payout in-store or through their Consignor Account found at peahttps://www.peaksandpedalsgear.com/consign/payout-request/ksandpedals.consignoraccess.com. Payment can be done through Paypal, check or store credit.
- Taxes. P&P will charge sales tax where required by state law. P&P must report a consignor’s sales if $600 or more is sold in a calendar year. If the Consignor opts to have consignment payouts through Paypal (fees may apply) or by another electronic means, P&P will not require the consignor to provide tax information. Please note that Paypal may require separate tax information. If the Consignor requests payouts by check and reaches $600 or more in sales, the Consignor will be required to complete and return a W-9 to P&P. If the Consignor meets the $600 threshold and does not provide the necessary tax information, your consignment payout will be temporarily put on hold until the information is provided. If you take store credit, tax information will not be required.
- Unclaimed Funds. Funds from the sale of an item must be claimed within eight (8) months of the sale of the item. After 8 months, P&P reserves the right to convert any unclaimed funds into store credit. One year (12 months) after the sale of the item, store funds that have been converted as described in this paragraph will revert to P&P, at P&P’s discretion.
- Notice. The Consignor will not be notified by P&P when an item is sold or if a Consignment Period has expired. The Consignor is responsible for checking on the status of their Consignments Gear, requesting payments and claiming any unsold Consignment Gear 30 business days after the Consignment Period. The Consignor may the review their Consignor Account here, including the status of sold/unsold Consignment Gear and the remaining time on a Consignment Period.
- Liability. Consignor will indemnify, hold harmless or defend P&P against all third-party claims or actions in the event a third-party claims ownership to any of the Consignment Gear. The Consignor also agrees to indemnify and release P&P for any losses, liability, claims, lawsuits proceedings or any claims arising from the sale of the Consignment Gear or a third parties use of the Consignment Gear. The Consignor also agrees to indemnify and release P&P for any losses, liability, claims, lawsuits proceedings or any claims arising damage or loss due to theft, fire, water, vandalism, negligent handling by customers, or other adverse events. If found liable, P&P’s liability is limited to the most recent list price of the item minus P&P’s commission.
- Bikes. Any bikes consigned through P&P will go through a brief holding period to allow P&P to inspect the bike before making it available for sale. If an issue is discovered during the inspection, P&P will inform the consignor within 5 business days and may refuse to consign the bike.