Review the terms and conditions of our standard Consignment Agreement

Terms

1. Owner shall pay RK the following percentage ("Fee") of the gross sale price ("Price") of the Vehicle for RK's services under this Agreement: 10% of the eventual purchase price of the vehicle. The Fee shall be due and payable upon receipt of the monies from the buyer of the Vehicle. RK shall have no obligation to pay any fees, taxes, or other charges in connection with the sale (collectively "Transfer Costs"). Except for those Transfer Costs that are the responsibility of buyer, Owner shall pay all other Transfer Costs. Transfer Costs are defined as any taxes owed to any governmental authority for failure to properly transfer the title into the Owner's name when the Owner purchased the car.
2. The term of this Agreement shall be a minimum of 90 days from the date that RK receives the Vehicle from the Owner (the "Term"). In the event that 90 days elapses without a sale being completed, the Term will automatically extend to the first day of the following month. Term shall then be extended to the first day of each subsequent month, until the car is sold. After the initial 90 day term, the consignment can be terminated by either party, by giving 30 days written notice, provided there is no pending sale.
3. RK will not sell the Vehicle for less than ("Minimum Price") without the prior written consent of Owner. "Written" shall include photocopy, e-mail or facsimile.
4. The Fee does not include any repairs or other work (collectively "Work") done on the Vehicle that is not included in RK's Responsibilities as defined in Paragraph 1 of "RK Motors." All work, authorized by owner and completed by RK will be billed to Owner at the then hourly rate quoted by RK to its normal customers. Owner will pay for the cost of all parts.
5. Owner agrees that RK may keep 2% of the Price ("Reserve") following the sale of the Vehicle for 60 days from the transfer of title as a reserve for any claims of undisclosed defects by buyer in connection with the Vehicle. RK shall provide Owner reasonable details of the use of the Reserve and shall promptly pay Owner the balance remaining after the 60 day period.
6. If RK terminates this Agreement because of Owner's breach of this Agreement, Owner shall immediately reimburse RK for its direct expenses under this Agreement. Direct expenses include, but are not limited to; Mechanical inspection costs, detailing costs, photography/video costs, marketing costs, and any amounts owed but unpaid by Owner to RK under this Agreement.
7. If the sale of the Vehicle by RK does not close because Owner failed to provide clear title to the Vehicle, free of all liens and defects, in a timely manner, Owner shall immediately pay the Fee to RK as if the sale had closed.

Owner

1. Owner authorizes RK to sell the Vehicle on Owner’s behalf, including the power to execute any necessary documentation as Owner’s agent.
2. Owner will promptly provide all documentation needed by RK to sell the Vehicle, including title to Vehicle, free from all liens and defects. Owner will comply with all laws applicable to the sale of the Vehicle.
3. Owner warrants and represents to RK that (a) Owner owns the Vehicle, (b) there are no liens on or security interests in the Vehicle, (c) Owner has full right and authority to enter into this Agreement and to sell the Vehicle, (d) the Vehicle is 100% operational and issue free. Issue free means no damaged, inoperable, missing, leaking, or excessively worn components (including obvious cosmetic blemishes), (e) Owner agrees to pay for any and all repairs needed to bring the vehicle to 100% operational and issue free condition. These repairs may be performed after completion of normal RK Motors intake and/or exit inspections, and (f) any information regarding the Vehicle that Owner provides RK will be true and accurate to the best of Owner's knowledge.
4. During the term of this Agreement, during any period when the Vehicle is being transported by RK and so long as the Vehicle is on RK's premises, Owner will maintain full liability coverage, and in addition, comprehensive fire, theft, collision and such other insurance on the Vehicle for its full replacement value as RK reasonably requires. The limits of the insurance shall be reasonably satisfactory to RK. A condition to RK's obligations under this Agreement is receipt by RK of a certificate of insurance evidencing Owner's compliance with this Paragraph.
5. Owner shall indemnify and hold RK harmless from and against all actions or causes of action, claims, demands, liabilities, losses, damages or expenses which RK may sustain or incur as a result of any breach by Owner of this Agreement, including any suit instituted to enforce the obligations of this Agreement.
6. If the Vehicle is not sold by RK for any reason, Owner shall pay the cost of transporting the Vehicle to Owner.

RK Motors

1. RK will: (a) detail the Vehicle, (b) perform a routine safety and condition check on the Vehicle, © provide Owner with a report of any items requiring repair (pursuant to Paragraph 2, item "d" of "Owner") for authorization (d) conduct a professional photo shoot of the Vehicle, (e) conduct a professional video shoot of the Vehicle (f) prepare a description of the condition of the Vehicle, (g) display the Vehicle in RK's showroom as RK deems appropriate, (h) list the Vehicle on RK's website and other internet sites as RK deems appropriate, (i) use reasonable efforts in marketing and selling the Vehicle (collectively "RK's Responsibilities"), and (j) perform a thorough exit inspection of the Vehicle after completion of the sale.
2. In the event Owner does not authorize RK to perform all the work that RK deems appropriate to make the vehicle 100% operational and issue free, RK shall have the right to terminate this Agreement.
3. Upon completion of sale and exit inspection, RK will promptly pay Owner the Price minus the sum of the Fee, the Reserve, the Transfer Costs, and any amounts owed but unpaid by Owner to RK under this Agreement.

General

1. This agreement shall be governed by and construed in accordance with the laws of the State of North Carolina law. In the event any dispute arises under this Agreement that the parties cannot resolve, the parties shall submit such dispute to final, binding, and non-appealable arbitration by one arbitrator in accordance with the commercial rules then and there pertaining of the American Arbitration Association in its office in Charlotte, NC. Motion practice will be permitted. Service of process by overnight courier will be sufficient to confer personal jurisdiction over Owner and RK. The decision of the arbitrator and any award as a result thereof may be entered by any court of competent jurisdiction. The non-prevailing party in such arbitration shall pay the prevailing party for the prevailing party's reasonable expenses including attorney's fees, incurred by the prevailing party in such action. The nonprevailing party shall pay all monies owing to the American Arbitration Association and the Arbitrator.
   OWNER IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY LITIGATION ARISING FROM OR RELATED TO THIS AGREEMENT.
2. Any amendment to this Agreement shall be in writing and executed by both parties.
3. No member, manager, officer director, employee, or agent (individual "Party in Interest") of RK will be liable to Owner for any liability of RK under this Agreement. With respect to any liability of RK under this Agreement , Owner shall not (a) name any Party in Interest in any lawsuit, (b) seek or be entitled to any personal judgment against any Party in Interest, or © have any right to levy execution against any property or assets of any Party in Interest. No Party in Interest will be liable for any deficiency in connection with any judgment by Owner against RK with respect to or in connection with any liability of RK under this Agreement.
4. RK shall have no liability for punitive, exemplary, or consequential damages under this Agreement. The liability of RK under this Agreement shall not exceed the amount of the Fee actually paid to RK.
5. Except as otherwise provided in this Agreement, Owner shall have no supervision or control of any kind of type over RK or RK's: (a) facilities, (b) employees, or © methods to be used and employed by RK in carrying out its responsibilities under this Agreement.
6. This Agreement is the entire agreement between the parties regarding this consignment. No other oral or written understandings or agreements regarding the consignment will be binding upon the parties unless included in this Agreement.
7. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same Agreement.