Common use of Consignment Term Clause in Contracts

Consignment Term. The term of this contract is 120 days, with an option provided at the discretion of HA to extend the consignment on select items for 30 additional days at terms mutually agreed upon by HA and the consignor. The consignment contract begins on the day the merchandise is entered into our inventory system. HA will remit 50% of the selling price to the Consignor for any item sold during the 120 day consignment agreement. Markdowns will be as follows: After 40 days, unsold merchandise will be reduced by 15% off the original HA determined retail price After 80 days, unsold merchandise will be reduced by 25% off the original HA determined retail price