The Consignor acknowledges and agrees that The Handbag Room may, at its discretion, offer or accept a customer payment plan for the purchase of a consigned item. Payment plans will generally operate for approximately six (6) to eight (8) weeks but may be varied where agreed between The Handbag Room and the customer.
Where a consigned item is purchased under a payment plan:
The item will be reserved for the customer while the payment plan remains active and will not be released to the customer until the purchase price has been paid in full and all funds have cleared.
The Consignor acknowledges that payment of their sale proceeds will not become due until the customer has completed the payment plan and The Handbag Room has received the full purchase price in cleared funds.
All instalments received from the customer will be applied toward the purchase of the consigned item. Upon successful completion of the payment plan, the Consignor will receive the amount otherwise payable under this Agreement, less The Handbag Room's agreed commission, fees and any other authorised deductions.
If the customer fails to complete or cancels the payment plan, the item may be returned to available stock and offered for sale again. Any amounts paid or retained in connection with the cancelled payment plan will be dealt with in accordance with The Handbag Room's applicable customer payment-plan and cancellation terms and will not constitute a completed sale for the purposes of calculating the Consignor's payout.
A payment plan commenced during the original 90-day consignment period may continue beyond the scheduled expiry date. In this circumstance, the Consignor authorises the consignment period for that item to automatically extend until the payment plan is either completed or cancelled.
The Consignor may not withdraw an item while it is subject to an active customer payment plan.
Following successful completion of the payment plan, the usual delivery, return and Consignor payment provisions under this Agreement will apply. Consignor proceeds will be processed 14 days after the completed sale, allowing for delivery to the customer and The Handbag Room's applicable 7-day return period.