Terms and Conditions
1. Consignment of Items
The Consignor hereby consigns to the Consignee, and the Consignee accepts on consignment, the Items listed in Schedule A of this Agreement.
2. Term
The term of this Agreement shall commence on the Effective Date and shall continue until the Item is either sold by Ritzy Republic or returned to the Consignor. If the Consignor requests the return of the Item before sixty (60) days from the Effective Date, a fee of €50 will be charged. After the initial sixty (60) days, the Consignor may request the return of their Item at any time without additional fees.
3. Consignment Fee and Processing Fee
a. Ritzy Republic shall be entitled to a commission based on the final selling price of each Item as follows:
- For Items sold for less than €500: 25% commission or €50, whichever is greater.
- For Items sold between €500 and €2,000: 20% commission.
- For Items sold between €2,001 and €5,000: 18% commission.
- For Items sold between €5,001 and €10,000: 16% commission.
- For Items sold for €10,001 and above: 14% commission.
b. A processing fee of 3% will be charged on the final sale price of each Item to cover handling, administrative tasks, and payment processing.
4. Pricing and Sale of Items
a. The Initial Agreed Sale Price for each Item shall be determined and listed in Schedule A.
b. Ritzy Republic may adjust the price of the Item, but not below the Minimum Sale Price specified in Schedule A, without written approval from the Consignor.
c. If market conditions suggest a price adjustment, Ritzy Republic will notify the Consignor and obtain written consent (via text, email, or other means) before reducing the price below the agreed-upon Minimum Sale Price.
5. Payment Terms
a. Ritzy Republic will pay the Consignor the net proceeds (final sales price minus commission and processing fee) within thirty (30) days after the sale of the Item.
b. Payment will be made via bank transfer to the Consignor's designated account.
6. Display and Storage
a. Ritzy Republic will display the Items in their showroom and online store in a professional manner.
b. Ritzy Republic shall ensure that all consigned Items are stored securely and maintained in their present condition.
7. Risk of Loss or Damage
Ritzy Republic assumes all risk of loss or damage to the Items while they are in their possession, in accordance with Articles 1766-1780 of the Italian Civil Code. Ritzy Republic maintains insurance to cover the replacement value of the Items.
8. Return of Unsold Items
a. Upon the expiration of the consignment period as outlined in this Agreement, Ritzy Republic reserves the right to contact the Consignor to either retrieve the Item or agree to a price reduction. Ritzy Republic is not obligated to notify the Consignor at any specific time and may retain the Item for a longer period, at its discretion, especially in the case of rare or highly valuable pieces.
b. Notification and Pickup Period: Upon written notification (email or registered letter) after the consignment period has expired, the Consignor has 30 days to arrange for the pickup of their unsold Item or provide confirmation to proceed with return shipping at their expense. If the Consignor fails to respond within this period, Ritzy Republic will make a second attempt to contact them.
c. Shipping Costs: Ritzy Republic will not ship the Item back to the Consignor without confirmation. The Consignor is responsible for all shipping costs associated with returning the Item. Ritzy Republic will provide the shipping details and cost to the Consignor upon request. The Item will only be returned once the shipping payment has been received.
d. Forfeiture of rights: If the Consignor fails to retrieve the Item or arrange for return shipping within 30 days after the second notification, the Consignor forfeits all ownership rights to the Item. Ritzy Republic reserves the right to donate, resell, or otherwise dispose of the Item at its discretion without any further notice or liability to the Consignor.
e. Liability: After the forfeiture period, Ritzy Republic will no longer be liable for the Item or any proceeds from its sale.
9. Warranties and Representations
The Consignor warrants that they are the lawful owner of the Items and that they are authentic, free of liens, and not counterfeit. If Ritzy Republic determines that any Item is counterfeit or inauthentic, it will be returned or disposed of, in compliance with EU Regulation No. 608/2013.
10. Title and Ownership of Property
Ownership of the consigned Items remains with the Consignor until the Item is sold, lost, or damaged. Ownership will transfer to the buyer upon sale of the Item.
11. Limitation of Liability
Ritzy Republic's liability under this Agreement shall not exceed the amount actually received as a result of selling the Consignor's property. Ritzy Republic will not be liable for indirect or consequential damages.
12. Governing Law
This Agreement shall be governed by the laws of Italy and the European Union.
13. Dispute Resolution
Any disputes arising from this Agreement shall be resolved through amicable negotiation. If unresolved, disputes will be submitted to the exclusive jurisdiction of the courts of Milan, Italy.
14. Amendments
This Agreement may not be amended except in writing and signed by both parties.
15. Privacy Protection
Personal data provided will be stored and used in compliance with the EU General Data Protection Regulation (GDPR).
