1. Acceptance of Items
We accept vehicles/items for consignment that have a clear title, and are good condition, clean, and suitable for resale. We reserve the right to refuse any item at our discretion.Consignment items, including vehicles, will be accepted provided they possess a clear title, are in good condition, are clean, and are deemed appropriate for resale. OH Cycles retains the right to decline or end consignment of any Vehicle/Item at its sole discretion.
2. Pricing and Valuation
The listing price shall be determined by O&H Cycles based upon prevailing market values and the item's condition. The consignor may propose a price or establish a reserve price; however, the final price is contingent upon our approval and our discretion to decline placement of the item on consignment.
3. Consignment Period
The standard consignment period is 60 days, during which O&H Cycles will display and attempt to sell the consigned item(s) on behalf of the owner.
At the end of the 60-day consignment period, any unsold items will be subject to one of the following options:
Discounting: O&H Cycles may, at its discretion and with the owner's consent, discount the price of the unsold item(s) in an attempt to facilitate a sale.
Return to Owner: The unsold item(s) may be returned to the owner at the owner's expense.
New Consignment Agreement: O&H Cycles and the owner may enter into a new consignment agreement with potentially different terms, including but not limited to a new consignment period and/or a revised sale price.
The terms of the consignment agreement, including the consignment period, pricing, and end-of-consignment options, are subject to modification at any time by mutual agreement between O&H Cycles and the owner of the consigned item(s).
4. Commission and Payment
O&H Cycles LLC will retain a commission of 20% of the original sale price of the consigned vehicle or item. This original sale price will be determined through mutual agreement between the consignor (the individual or entity consigning the item) and O&H Cycles LLC.
In addition to the 20% commission, O&H Cycles LLC will also retain a commission of 70% of any profits that exceed the original sale price. This means that if the item sells for a price higher than the original agreed-upon sale price, O&H Cycles LLC will retain 70% of the difference between the final sale price and the original sale price. The remaining 30% of the excess profit will be remitted to the consignor.
Following the sale of the consigned vehicle or item, O&H Cycles LLC will process the remittance payment to the consignor without delay. This payment will consist of the original sale price, minus the 20% commission, to include 30% of any profits exceeding the original sale price.
5. Item Retrieval
Consignors may retrieve their unsold items at the end of the consignment period. A notice must be given 48 hours in advance on items and 3 business days in advance on vehicles. If a consignor does not retrieve their unsold items within 14 days of the consignment period ending, and they have not contacted O&H Cycles LLC, those items (excluding vehicles) will become the property of O&H Cycles LLC. Unsold vehicles not retrieved within 30 days of the consignment period ending, and with no contact from the consignor, will also become the property of O&H Cycles LLC. Consignors must give 48 hours' notice for item retrieval and 3 business days' notice for vehicle retrieval, if retrieving before the agreed consignment period has ended.
6. Loss or Damage
O&H Cycles LLC ("O&H Cycles") will exercise reasonable care and diligence in safeguarding all consigned items while they are in our possession. O&H Cycles shall be held liable for any loss or damage to your consigned items that is directly attributable to the actions or negligence of O&H Cycles and/or its employees.
However, O&H Cycles shall not be held liable for any loss or damage arising from circumstances beyond our control, including but not limited to: fire, theft, vandalism, natural disasters, or other unforeseen events. This limitation of liability also extends to any damage that may occur during a test ride or test drive of your consigned vehicle by a potential buyer, even if such test ride or test drive is facilitated or supervised by O&H Cycles or its employees.
As the owner of the consigned item(s), you are strongly encouraged to maintain appropriate insurance coverage for your property while it is consigned to O&H Cycles. This insurance should adequately cover potential loss or damage, regardless of the cause. O&H Cycles will not be responsible for any insurance-related costs or claims.
7. Agreement
By consigning the items detailed in Page 4 of this document, the consignor acknowledges and accepts all the terms and conditions outlined in this consignment policy. The consignor further confirms that they have read, understood, and agreed to abide by each clause of this policy, and that this agreement constitutes a legally binding contract between the consignor and O&H Cycles LLC.