Consignment Agreement

1. Acknowledgment and Warranty

The Consignor warrants and represents that:

They are at least 18 years of age.
They are the legal owner of all goods consigned to The Hidden Gem. and have the authority to enter into this Agreement.
All goods are free and clear of liens, loans, legal proceedings, or other encumbrances.

2. Consignment Period

The consignment period is organized into 15-day cycles, with items assigned a specific color tag based on the date they are consigned. Each tag color corresponds to a 15-day period and is used to track the item’s pricing and sales timeline.
Items will follow the pricing structure below during their consignment period:
First 5 Cycles (Days 1–75): Items are listed at full price.6th Cycle (Days 76–90): Items are discounted by 10%.
7th Cycle (Days 91–105): Items are discounted by 30%
8th Cycle (Days 106–120): Items are discounted by 50%.
After the 8th cycle, the consignment period has ended.
Consignment cycles begin either on the 1st or 16th of the month, depending on the date items are brought in. As a result, the total number of days an item remains in store may vary slightly based on intake date. Pick-up date will be given at the time of drop off, as well as be available as a PDF in your Ricochet portal. *the pickup dates on the document do not apply to those who opt for donating, those items will be donated the day after the term ends.

Exceptions for High-End Items:

Select high-end items, such as mink coats, formal gowns, designer handbags, or other luxury pieces may be exempt from the standard pricing and discount cycle. These items may be held until sold without being discounted, and may also be exempt from automatic donation if agreed upon at intake. All such exceptions must be documented in writing at the time of consignment.

3. Responsibility for Item Retrieval

The Hidden Gem is not responsible for contacting Consignors regarding the status, pickup, or expiration of their consigned items.
It is the sole responsibility of the Consignor to monitor their 8-cycle consignment period and retrieve items within the 7-day grace period that follows. A document with dates will be made available in your Ricochet portal login.
If items are not retrieved during that period, they will be considered donated and handled at The Hidden Gem's discretion.

4. Consignment Split

The Consignor and The Hidden Gem will each receive 50% of the selling price of each item
If The Hidden Gem arranges for the pickup of consignment items (at our discretion), the split will be 60/40, with 60% going to The Hidden Gem and 40% to the Consignor. This applies specifically to items picked up by The Hidden Gem to cover additional logistical and handling costs.

5. Valuation and Pricing

The Hidden Gem is not a certified appraiser. Pricing will be based on factors such as age, condition, quality, and market value.
Consignors may suggest values, but The Hidden Gem will price items accordingly if those values cannot be achieved. Retail prices for used items may be lower than the original purchase price or online listings.
The Hidden Gem reserves the right to determine the final selling price of all items. Prices will be maintained for the first 30 days, but reasonable offers may be accepted, and items may be discounted to facilitate a sale.

6. Internet Sales

The Hidden Gem reserves the right to sell items through online platforms. All related expenses, including shipping, promotions, and platform fees, will be deducted from the proceeds before the 50/50 split.

7. Display and Marketing

Consigned items may be displayed and marketed at The Hidden Gem's discretion, including in-store merchandising and online promotion.

8. Consignment Approval and Space

Items are subject to approval based on space availability and salability. The Hidden Gem reserves the right to refuse items that are not suitable.

9. Removal of Items by Consignor

Consignors must provide at least 7 calendar days' notice before removing any consigned item. This ensures pending sales can be processed and listings updated. Failure to provide proper notice will result in a 20% fee on the value of the removed items.

10. Payment Terms

Store credit is available by the following day after your item sells and can be used anytime in The Hidden Gem. When you use store credit, you'll get 10% off the amount you apply towards your purchase. This discount comes from The Hidden Gem, it's our way of saying thank you, and does not reduce your consignor/vendor payout
If you prefer a check, or an electronic bank transfer payout, you're welcome to request one anytime. Once requested, we'll make sure it's sent out on our end by the morning of the following business day. Please allow time for delivery if applicable.
Cash payouts are available for pickup in the shop. We try to keep cash on hand, but for large amounts, a heads-up is appreciated so we can make sure it's available when you stop in.

11. Contact Information

The Consignor is responsible for keeping their contact information up to date within their Ricochet login portal, and notify The Hidden Gem of changes as well.

12. Condition of Items

All items must be clean, in displayable condition, and ready for resale.
Clothing must be in excellent, like-new condition. Items with strong odors (smoke, perfume, etc.) will not be accepted, except in the case of vintage or antique items on a case-by-case basis.
Stained, ripped, or damaged items will not be accepted.

13. Agreement Updates

The Hidden Gem reserves the right to make updates or changes to this agreement, as well as the guide. Any mass changes will be emailed to all consignors.
Consignors may be asked to re-sign this agreement
Re-sign the updated agreement in person within 7 calendar days, or
Respond via email with written agreement if they are out of town