Hiring a Business Law Attorney in Lafayette IN to Draft a Consignment Agreement
Thanks to the economic downturn in the country, many find themselves unemployed for an extended period of time. Although this may be seem like a bad thing, some choose to make the most of their unemployment and start a new business. Before doing so, the entrepreneur needs to retain the services of business law attorneys Lafayette IN to ensure all laws are complied with. For those looking to open a consignment shop, the business law Lafayette IN attorney helps to draw up the consignment agreement to ensure all parties are protected.
A consignment shop offers a new business owner the opportunity to get his or her operation off of the ground at a reduced cost. Rather than buying inventory, the consignee offers a location and a method of selling products or goods for consignors who don’t wish to take this responsibility on themselves. The consignee remains responsible for securing the retail location, advertising, business fees and more. The consignor pays him or her a fee to do so. The money from each item sold is divided between the consignee and consignor based on the agreement signed.
When creating a consignment agreement, it is best to make use of business law lawyers Lafayette IN to ensure the document is legal. Although legal forms for this purpose are available online, the consignee or business owner must ensure the forms comply with all laws in his or her state. In addition, the consignee must understand what is required in this document to protect him or her from liability in the event something occurs and the consignor’s items are damaged, lost or stolen. The attorney creates a document which protects all parties.
In this consignment agreement, certain information must be detailed. This includes the names of the consignor and consignee, the ownership rights of each party and agreement termination procedures. Invoice procedures need to be laid out in the contract along with the consignor’s right to inspect any records and books of the consignee. Both parties must sign this agreement in the presence of others who also need to sign the document.
Retain a business law attorney to assist in creating a consignment agreement. Although there will be some expense involved in doing so, the cost will be much less than it would be in the event something is excluded from this document. Consider the attorney fees an investment in the business.