SELLER TERMS AND CONDITIONS
LAST REVISED 1/1/21
BY USING THE SERVICES TO SELL GOODS, YOU ACCEPT ALL OF THE PROVISIONS OF THESE SELLER TERMS AND CONDITIONS AND REPRESENT TO US THAT YOU ARE LEGALLY COMPETENT TO ENTER INTO AND AGREE TO THESE SELLER TERMS AND CONDITIONS. IF YOU DO NOT ACCEPT THESE SELLER TERMS AND CONDITIONS, THEN YOU ARE NOT AUTHORIZED TO SELL GOODS USING ANY OF THE CLOSET'S SERVICES.
For purposes of these Seller Terms and Conditions, “you” and “your” means you as the user of the Services. If you use the Services on behalf of a company, organization, or other entity, then (a) “you” includes you and that entity, (b) you represent and warrant that you are an authorized representative of the entity with the authority to bind the entity to these Seller Terms and Conditions, and that you agree to these Seller Terms and Conditions on the entity’s behalf, and (c) your entity is legally and financially responsible for your use of the Services as well as for the use of your account by others affiliated with your entity, including any employees, agents or contractors.
All users who sell goods using the Services must accept and comply with the terms and conditions set forth herein. If you have any questions regarding these Seller Terms and Conditions, please contact us via email at email@example.com.
1. BUYOUT ITEMS
- Price Quotes. You may submit to The Closet descriptions and pictures of items for direct sale on our website (“Buyout Items”). After receiving your submission, The Closet will review your submission. If The Closet determines in its sole discretion that your Buyout Item is acceptable for sale, The Closet will email you a price quote for your Buyout Item (“Buyout Offer”). Otherwise, The Closet will notify you that your Buyout Item is not acceptable for sale. If you accept the Buyout Offer, you must deliver your Buyout Item to The Closet for assessment and possible sale.
- Quotes are valid for thirty (30) days, at which time they expire. Once a quote has expired, you may resubmit a quote request for a new quote. We request that you do not submit the same item more than one time in a 30 day period, regardless of which account you use.
Assessment. Upon receipt of your Buyout Item, The Closet will review your Buyout Item to confirm that it is authentic pursuant to Section I.1 and that its condition is consistent with the description you provided in your original submission.
a. Authentic Items in the Represented Condition. If The Closet determines that your Buyout Item is authentic and in the condition described in your original submission, The Closet will issue payment to you for the Buyout Offer.
b. Authentic Items in Different Condition. If The Closet determines that your Buyout Item is authentic but not in the condition described in your original submission, The Closet will deliver to you an updated Buyout Offer. Accessories (straps, locks and keys, pouchettes, etc.) that were expected but not shipped by the seller may also result in The Closet delivering an updated Buyout Offer. If you accept The Closet updated Buyout Offer, then The Closet will issue payment to you for the updated Buyout Offer. If you reject The Closet updated Buyout Offer, then The Closet will return the Buyout Item to you.
c. Unauthentic Items. In The Closet determines that your Buyout Item is not authentic, then The Closet will proceed with the cancellation procedures for Buyout Items described in Section II.2(b).
2. AUTHENTICITY & CANCELLATION
- Authenticity. You represent and warrant that all items you submit for consignment sale (“Consignment Items”) and Buyout Items (collectively, “Sale Items”) are authentic, as determined in The Closet's sole discretion. Sale Items are not deemed authentic by The Closet until received, reviewed, and approved by The Closet. Issuance of payment by The Closet for any Sale Item is not evidence of authenticity. If any Sale item is found to be a counterfeit, or not authentic, The Closet will return the item to the seller upon payment of US $125 for any Hermes Birkin or Kelly or US $75 for all other Sale items (each an "Authentication Fee"). Seller agrees to return any and all funds issued for such item(s) to The Closet.
a. Consignment Items.All sales are deemed final at the time of sale. Notwithstanding the foregoing, in the event we determine that any Consignment Item is not authentic or subject to the terms of Section 4 (Term; Termination) below, you request that any Consignment Item be returned to you and not sold prior to the end of the Initial Consignment Term (as defined in Section 4: Term; Termination), (i) you will immediately return to The Closet any and all payments issued to you for such Consignment Items, (ii) you will pay to The Closet an Authentication Fee ($125 for any Hermes Birkin or Kelly or $75 for all other Consignment Items) for the return of such Consignment Item, and (iii) The Closet will return to you such Consignment Item at your sole expense; provided, however, that Consignment Items for which any Authentication Fee has been left unpaid for sixty (60) days or more may be destroyed.
b. Buyout Items. All sales are deemed final at the time of sale. Notwithstanding the foregoing, in the event The Closet determines that your Buyout Item is not authentic or you request that any Buyout Item be returned to you and not sold prior to the end of the Term, (i) you will immediately return to The Closet any and all payments issued to you for such Buyout Items, (ii) you will pay to The Closet an Authentication Fee ($125 for any Hermes Birkin or Kelly or $75 for all other Buyout Items), and (iii) The Closet will return to you such Buyout Item at your sole expense; provided, however, that Buyout Items for which any Authentication Fee has been left unpaid for sixty (60) days or more may be destroyed.
- Retention of Sale Items. We reserve the right to take any action permitted under the law to offset any costs incurred by The Closet in connection with your submission of unauthentic Sale Items, including but not limited to retaining any of your authentic Sale Items or referring the matter to a third party collections agency.
3. PRICING; FEES; DISCOUNTS
- Pricing. The Closet reserves the right to determine prices for all Sale Items in its sole discretion based on comparable prices for items of the same or similar style and condition. Prices for Sale Items are not guarantees of future payment amounts. The Closet may, at any time, revise or change the pricing, availability, specifications, content, descriptions or features of any products sold or services offered through the Services. We reserve the right to change prices for products displayed on the Services, or the Services, at any time, and to correct pricing errors that may inadvertently occur. All such changes shall be effective immediately upon posting of such new product prices to the Services and/or upon making the customer aware of the pricing error.
Consignment Fees. The Closet will take as fees the following percentages from the proceeds of the sale of your Consignment Items:
- 25% of the sale price up to a sale price of US $2,000; and 20% of a sale price over $2,000 and under $5,000.
- 10% of the sale price for the portion of a sale price in excess of US $5,000.
We may change these fees from time to time by posting the changes on the Website or by otherwise providing written notice to you of such changes.
- Discounts. The Closet reserves the right to discount the sale price of items that remain unsold after ninety (90) days.
4. TERM; TERMINATION
- Term. These Seller Terms and Conditions will be effective upon The Closet's receipt of any Sale Item. The initial term for any Consignment Item shall be 90 days from the date of The Closet's receipt of such Consignment Item (the “Initial Consignment Term”) and, upon the expiration of such Initial Consignment Term, will automatically be extended until your Consignment Item is sold.
- Early Termination. During the Initial Consignment Term, if you request that The Closet return your Consignment Item, you will be charged the applicable Authentication Fee ($100 for any Hermes Birkin or Kelly or $50 for all other Sale Items).
5. SELLBACK PROGRAM POLICY
- Description. Under our Sellback Program, select items that you have purchased from The Closet may be sold back to us for up to 75% of the item's Original Purchase Price (defined below) for up to 1 year from the item’s date of purchase. Please see our full Sellback Program policy details below.
- Item Eligibility. All items purchased from The Closet are eligible for the Sellback Program, with the following exceptions:
- Any item with an Original Purchase Price of less than $100
- Shoes & sunglasses
- Items that suffered excessive wear or damage after purchase from The Closet
- Items from companies or sellers other than The Closet
- Any item that is no longer within the Sellback Program Time Period (defined below)
If you send in an item that is determined to not be eligible for the Sellback Program, your item will be processed as a Buyout Item and will be subject to the terms and conditions set forth in Section I.1 above.
- Sellback Program Time Period and Sellback Program Payment. Any item may be submitted for participation in the Sellback Program for up to one year from the date of purchase (the “Sellback Program Time Period”). After the Sellback Program Time Period has expired, you may still submit your item to be sold to us as a Buyout Item, subject to the terms and conditions set forth in Section I.1 above.
If your item is accepted under the Sellback Program, your payment for such item (the “Sellback Program Payment”) shall be a percentage of the price that you paid for the item, excluding coupon codes and taxes (the “Original Purchase Price”).
The chart below describes the brands we accept for the Sellback Program, how long your item is eligible and how much you will receive for your eligible item.
|Brand||Sellback Progrman Time Period||What percentage of the Original Purchase Price will I receive for my item?*|
|Hermes, Chanel, Cartier, Rolex, Van Cleef & Arpels||0-3 months||70%|
|All other brands not listed above||0-3 months||65%|
Percentages shown above reflect the percentage of the Original Purchase Price you will receive if you elect to receive the Sellback Program Payment via ACH, wire transfer or check. If you elect to receive the Sellback Program Payment via The Closet or Neiman Marcus gift card, your Sellback Program Payment will be increased by 10%. For example, if your Sellback Program Payment is $1000 and you elect to receive your payment in the form of a The Closet gift card, your Sellback Program Payment will be increased to $1100, payable via The Closet gift card.
- Submission of Items to the Sellback Program. After purchasing an item from us, you will see a "Sell Back" link in your The Closet account for the applicable time period. In order to participate in the Sellback Program, you must follow the "Sell Back" link in your The Closet account. Any item that you submit to the Sellback Program is only eligible for submission once, i.e., you may not submit the same item at different times for participation in the Sellback Program.
- Reserve Items. The Sellback Program Time Period for items purchased through the The Closet Reserve Luxury Layaway program (“Reserve”) shall begin on the date of your down payment, provided that any such item shall only be eligible for the Sellback Program once all payments have been made.
7. GENERAL PROVISIONS
- Modifications. We may modify these Seller Terms and Conditions at any time. Modifications become effective immediately upon your first access to or use of the Services after the “Last Revised” date at the top of these Seller Terms and Conditions. If we make changes that are material, we may use reasonable efforts to attempt to notify you, including by email or placing a prominent notice on the Website. However, it is your sole responsibility to review the Seller Terms and Conditions from time to time to view any such changes. Your continued access or use of the Services after the modifications have become effective will be deemed your conclusive acceptance of the modified Seller Terms and Conditions. If you do not agree with the modifications to the Seller Terms and Conditions, then please do not access or use the Services to sell goods.
- Violations. If we believe you are violating these Seller Terms and Conditions, you may be subject to a range of actions, including limits on your buying and selling privileges, restrictions on listings and account features, suspension of your account, application of fees, and recovery of expenses for policy monitoring and enforcement.