A Consignment Agreement is essential for businesses operating under a consignment model in Hong Kong, where goods are provided for sale without immediate transfer of ownership. This document is particularly relevant when suppliers wish to expand their distribution without selling directly to retailers, or when retailers want to minimize inventory risk. The agreement, compliant with Hong Kong law, covers critical aspects such as commission rates, payment terms, inventory management, risk allocation, and reporting requirements. It should be used when establishing new consignment relationships or formalizing existing arrangements, ensuring both parties' interests are protected while adhering to Hong Kong's commercial law framework.
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1. Parties: Identifies and provides full details of the consignor and consignee, including their legal status and registered addresses
2. Background: Sets out the context of the agreement, including the nature of the businesses and their intention to enter into a consignment arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpreting the agreement
4. Appointment and Scope: Establishes the consignment relationship and defines its scope, including territory and exclusivity provisions
5. Delivery and Receipt of Goods: Details the process for delivery, inspection, and acceptance of consigned goods
6. Title and Risk: Clarifies that title remains with the consignor while goods are in possession of consignee, and addresses risk allocation
7. Pricing and Commission: Sets out the pricing structure for consigned goods and the commission rate for the consignee
8. Payment Terms: Specifies payment procedures, timing, and method of payment for sold goods
9. Consignee's Obligations: Details the responsibilities of the consignee including storage, care, and marketing of goods
10. Consignor's Obligations: Outlines the responsibilities of the consignor including product quality and support
11. Reporting and Records: Specifies requirements for inventory management, sales reporting, and record-keeping
12. Term and Termination: States the duration of the agreement and circumstances for termination
13. Return of Goods: Procedures for returning unsold goods to the consignor
14. Confidentiality: Protects confidential information shared between parties
15. General Provisions: Standard clauses including governing law, notices, and entire agreement provisions
1. Insurance: Required when specific insurance arrangements need to be detailed, particularly for high-value goods
2. Marketing and Promotion: Include when specific marketing obligations or restrictions need to be imposed on the consignee
3. Minimum Performance Requirements: Used when setting specific sales targets or performance metrics
4. Storage Requirements: Important for goods requiring special storage conditions or handling
5. Intellectual Property: Include when branding, trademarks, or other IP rights need protection
6. Non-Competition: Add when restricting consignee from selling competing products
7. Force Majeure: Important for high-value or long-term consignment arrangements
8. Dispute Resolution: Include detailed dispute resolution procedures for high-value contracts or international consignments
1. Schedule 1 - Consigned Goods: Detailed list of products covered by the agreement, including specifications and pricing
2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, including any volume-based variations
3. Schedule 3 - Territory: Defined geographical areas or locations where consignee is authorized to sell
4. Schedule 4 - Reporting Templates: Standard forms for inventory and sales reporting
5. Schedule 5 - Storage and Handling Requirements: Specific requirements for storage, handling, and display of goods
6. Appendix A - Return Procedures: Detailed procedures for returning unsold or damaged goods
7. Appendix B - Quality Standards: Specific quality standards and inspection criteria for the goods
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