This Agreement is made between LALO, INC. (“Company”) and Artist/Collector (“Seller” as specified below) in consideration of the mutual promises and covenants herein regarding certain artworks listed on EXHIBIT A, attached hereto and made a part hereof, it is agreed that:
- The Company has agreed to offer for sale certain artworks of Artist or Collector either online or through its physical galleries on consignment with the Company getting a portion of the proceeds from sale thereof and the Artist or Collector getting a certain portion of the proceeds from sale thereof.
- It is agreed that the Company shall get 40% of such sale and the Artist/Collector shall get 60% of such sale. Unless agreed otherwise, the selling price to the purchaser does NOT include costs of shipping or insurance. Unless agreed otherwise, these costs shall be borne by the purchaser (not the Company or the Seller).
- The selling price does not include applicable sales taxes, which will be collected separately by the Company.
- The Company agrees to use reasonable efforts to sell and secure the artworks covered by this agreement; however the Seller understands that the Company does not provide insurance on piece(s) shown either on the Company website or at a Company physical gallery. In simple terms, the Company shall be responsible to the Seller for payment of the Seller’s share of sale proceeds, but the Company assumes no responsibility beyond that.
- The Company reserves the right to determine where the piece(s) will be shown and the length of time for such showing.
- Piece(s) designated by Artist or Collector shall be offered for the agreed period exclusively by the Company. The piece(s) specified shall be shown and made available only on the Company website or in Company physical galleries.
- This agreement shall cover the piece(s) shown on Exhibit A and shall be for the term agreed between the Company and Seller. The parties agree that before any action shall be taken against the other under this agreement, they shall both submit the issue(s) to mediation in good faith. This agreement shall be covered by Virginia law. Venue for this agreement shall be Virginia.
- This Agreement represents the entire understanding of the parties on the subject, and any modifications hereto must be in writing, signed by both parties. This Agreement may be signed and transmitted electronically and the electronic signature shall be valid for all purposes as if it were an original.