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Agreement Between Seller And Auctioneer
1. Introduction. Agreement made on [date] between [name], residing at [address] (Seller), and [name], with offices at [address] (Auctioneer).
2. Employment of Auctioneer. Seller employs Auctioneer to sell at public auction the following articles: [list of articles] (Property). Auctioneer accepts the employment and will use its best efforts to sell the Property for the highest obtainable price.
3. Place and Date of Sale. The auction will be held at Auctioneer's sales rooms located at [address] on [date], or at such other time as may be agreed upon, in writing, by Seller and Auctioneer.
4. No Reserve Price. Seller does not wish to establish a reserve price for the Property and agrees that each of the articles comprised in the Property shall be sold for the highest bid received.
4. Reserve Price. Each article comprised in the Property shall not be sold for less than the following prices. [schedule specifying the articles and reserve prices]
5. Advertising. Auctioneer shall advertise the sale in the newspapers and periodicals in which Auctioneer usually advertises sales of goods similar to the Property and shall employ other advertising methods, such as the mailing of flyers, as Auctioneer customarily uses. Seller shall pay the cost of advertising up to ---------- dollars ($----------). Any advertising costs incurred by Auctioneer in excess of that figure shall be borne by Auctioneer.
6. Expenses of Sale. All expenses incurred in conducting the auction, including the preparation and display of the Property, the employment of auctioneers and auctioneer's assistants, and the storage of the Property on Auctioneer's premises before the sale, shall be borne solely by Auctioneer.
7. Insurance. Auctioneer will insure the property for the sum of ---------- dollars ($----------) under an "all risks" policy while it is in its possession and shall designate Seller as the beneficiary of the policy of insurance. All premiums for this insurance shall be paid by Seller as they come due.
8. Compensation. Seller shall pay to Auctioneer a sum equal to ---------- percent (----------%) of the price actually received for the Property at the sale.
9. Withdrawal From Sale. Seller may withdraw any of the articles comprised in the Property from sale prior to the date fixed for the public auction. If Seller exercises this right with regard to any of the articles, Seller shall pay to Auctioneer the sum of ---------- dollars ($----------) for each article withdrawn, together with any advertising costs incurred by Auctioneer, in accordance with Paragraph 5, as liquidated damages.
10. Sale to Seller or Private Sale. If Seller shall sell any article comprised in the Property privately before the date fixed for the public auction, Seller shall pay Auctioneer the compensation provided in Paragraph 8, based upon the gross sales price received by Seller. If Seller shall bid on any article comprising the Property at the public auction and be the highest bidder, Seller shall pay Auctioneer the compensation provided in Paragraph 8 based upon Seller's highest bid.
11. Auctioneer Seller's Agent. Auctioneer may sign any memorandum of sale in Seller's name and shall receive the purchase price from the purchasers of the Property as Seller's agent.
12. Auctioneer's Accounting. Within [number] days following the completion of the public auction, Auctioneer shall furnish Seller with an accounting of the sale. This accounting shall set out the sales price received by Auctioneer for each article from which shall be deducted Auctioneer's compensation and all expenses incurred by Auctioneer that are to be paid by Seller. Payment of the net sum due Seller shall accompany the accounting.