Unsold Property Clause Samples
The Unsold Property clause defines how property that remains unsold after a specified event or period is to be handled. Typically, this clause outlines the rights and responsibilities of the parties regarding the disposition, return, or continued marketing of the unsold items. For example, it may specify whether the seller can reclaim the property, whether the property will be stored at the buyer's expense, or if it can be offered to other potential buyers. The core function of this clause is to provide clear procedures and prevent disputes over ownership or costs associated with unsold goods.
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Unsold Property. (a) If the Property remains unsold after the Term, we will notify you. In such case, we may agree with you that the Term shall be extended or that you may collect the Property.
(b) For unsold Property in our custody or control, if within 30 calendar days (or 60 calendar days if you are a [***] Preferred member) of the end of the Term we do not agree to extend the Term, you agree to promptly settle any Sale Costs payable by you as set out in Parts A and B upon your receipt of our invoice for the same, and if you neither collect the Property nor instruct us to arrange return shipment, we may (i) return it to you at your risk, (ii) sell it through [***] or elsewhere, with estimates and reserves at our discretion (including without reserve), (iii) store it at your risk and expense, for which we will charge you our standard late collection fees applicable at the relevant time and place and published on our website, or (iv) store it at a third-party warehouse, at your risk and expense.
(c) If we decide to offer the Property for sale pursuant to Condition 6(b)(ii), we will be entitled to sell such Property after written notice to you (with email to suffice). If the Property sells, we will be entitled to deduct from the sale proceeds any commissions applied on the sale by the relevant auctioneer, and if the sale is by [***], we will charge and deduct our standard buyer’s premium, and seller’s commission or an equivalent private sale commission, as applicable, which we will retain for our own account, and any costs we incur in selling the Property. Any such sale conducted by a [***] will be conducted under the Conditions of Business for Buyers applicable to the relevant sale.
Unsold Property. If the Property remains unsold at the expiration of the Term, we will notify you and, unless we and you agree on another course of action, we will return it to you at our expense, including the cost of in-transit insurance. We will not release to you any unsold Property until all amounts owed to us or any [***] company have been paid in full.
Unsold Property. 6.01 In the event any Goods are not sold at an Auction or fail to reach the Reserve or opening bid, ▇▇▇ agrees to re-offer such Goods in another Auction or private sales pursuant to this Agreement, with no Reserve and at a reduced estimate as determined by TAA. If the Goods fail to sell a second time, the Goods will be shipped back to the Consignor at the Consignor’s expense. The Consignor agrees to pay TAA $25.00 for each of the Goods or lots that do not sell after a second attempt.
Unsold Property. If the Property is offered for sale but is unsold at the auction, or is sold at the auction but the Buyer defaults on payment and the sale is cancelled by us, without prejudice to our obligation to pay you the Guarantee, we will have discretion with respect to the disposition of the Property. Upon payment of the Guarantee to you, title to the Property will transfer to us subject to your representations, warranties and indemnities herein, provided that title to the Property has not already transferred to a third party, and we will have no further liabilities or obligations to you. In such event, your obligations to us hereunder with respect to the Property are the same as if it had been sold to us at auction.
Unsold Property. (a) If the Property remains unsold after the Term set out in Part A, we will notify you. In such case, we may agree with you that the Term shall be extended or that you may collect the Property.
(b) For unsold Property in our custody or control, unless otherwise agreed in Part A, if within 30 calendar days (or 60 calendar days if you are a [***] Preferred member) of the end of the Term we do not agree to extend the Term, you agree to promptly settle any Sales Costs payable by you as set out in Parts A and B upon your receipt of our invoice for the same and, if you neither collect the Property nor instruct us to arrange return shipment at your risk, we may (i) return it to you at your cost and risk, (ii) sell it by auction or private sale (at [***] or elsewhere), with estimates and reserves at our discretion (including without reserve), (iii) store it at your risk and expense, for which the applicable charges are set out at [***] or (iv) store it at a third-party warehouse, at your risk and expense.
(c) If we decide to offer the Property for sale pursuant to Condition 11(b)(ii), we will be entitled to sell such Property after 30 days’ notice to you at your address or email address last notified to [***]. If the Property sells, we will be entitled to deduct and retain for our own account from the sale proceeds our Commission as agreed by you and us in Part A, together with any Sale Costs payable by you plus any costs we incur in selling the Property and thereafter, any balance of the sale proceeds will be remitted to you in accordance with the payment instructions you have given. Any such sale conducted by a [***] Group Company will be conducted under [***] terms and conditions applicable to the relevant sale. If you fail to collect your sale proceeds within two years of the sale, such proceeds will be forfeited by you and we shall have the right to retain such balance for our own account.
Unsold Property. Property remaining unsold following the auction or the expiration of the 30 day period referred to in paragraph d) above, must be collected by the consignor at the consignor’s expense within 60 days following the date on which ▇▇▇▇▇▇’▇ offered the property for sale. The consignor may also decide, one time only, to re-‐consign the unsold property to ▇▇▇▇▇▇’▇ for inclusion in an appropriate future auction. ▇▇▇▇▇▇’▇ shall, at the expiration of the 60 day period, consider any remaining lots as uncollected and shall have the right to sell these lots by way of public auction or private sale, regardless of estimated values or reserve bid. ▇▇▇▇▇▇’▇ shall remit the proceeds of sale to the consignor. If the consignor cannot be contacted and the consignor has not contacted ▇▇▇▇▇▇’▇ in writing by registered letter within a period of 1 year, the account and property shall be considered abandoned and ▇▇▇▇▇▇’▇ shall be entitled to the balance of funds and disposal of the abandoned property as it sees fit.
Unsold Property. In the event that some or all of Consignor’s Property should fail to sell, ▇▇▇▇▇▇▇▇▇ agrees in advance to the following disposition of all unsold Property.
Unsold Property. If any of the lots are unsold, they will be returned within at the Settlement Date at the Consignor’s ex- pense.
Unsold Property. If program prop- erty remains unsold after eight months of active marketing, the case file, with documentation of all marketing ef- forts, will be forwarded to the State Of- fice for review with a recommendation of future sales efforts. The State Direc- tor will determine whether a request should be made to the Assistant Ad- ministrator, Housing, to sell the prop- erty by sealed bid or auction, or wheth- er additional guidance such as, but not limited to advertising, reappraisal, of- fering a special effort sales bonus, or 20-year amortization factor (with bal- loon after 10 years) on NP financing may facilitate a sale.
Unsold Property. For Warehouse Auctions, it is the Consignor's responsibility to contact FAC and make arrangements to retrieve the unsold Property ASAP after an auction has ended. Unsold property is considered abandoned by the the Consignor 14 days after the conclusion of the sale, unless an agreement has been made for retrieval at a later date. Any unsold items remaining in the warehouse after 14 days will automatically incur a donation fee. The minimum charge is $25 per unsold lot with a higher rate for larger items. FAC will not be liable for any loss or damage to any unsold property. For Onsite Auctions, FAC is not responsible for the removal of unsold items or debris remaining in the Building/Structure/Property after the auction takes place, unless previously agreed to in writing for an additional fee.