Vendor Rental Agreement
This agreement is made and entered into on this _____ day of ___________, 20, by and between LiquidFinds, hereinafter called “Mall,” and:
Vendor Information:
Name: _______________________________________________________
Address: _____________________________________________________
City: _________________________________
State: _______ Zip: _______
Home Phone: ________________________
Cell Phone: ________________________________, hereinafter called “Vendor.”
In consideration of the covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is mutually agreed by the parties hereto as follows:
1. Space Allocation
The Mall shall allow the Vendor to occupy booth # ___________ and/or showcase # ___________, for the sole purpose of the sale of goods. The property on display in the Vendor’s booth or showcase shall be kept stocked and meet the Mall’s standard of quality.
2. Rent and Payment Terms
Vendor shall pay the Mall rent in the sum of $________ per month, with the initial one-month period beginning on the _____ day of ___________, 20. All rent is due monthly and payable on the first day of each month. After the initial one-month period, this rental agreement will become a month-to-month agreement that will automatically renew unless the Vendor provides written notification to terminate this agreement at least 30 days in advance. If notice is received less than 30 days prior to the last day of the month in which it is received, termination will be effective at the end of the month following the month in which notice was received.
3. Initial Payment and Security Deposit
The first month’s rent is due upon the verbal agreement of the Mall and the Vendor. Vendor, concurrently with the execution hereof, shall deposit with the Mall a security deposit of $__________ as security for the full and faithful performance of this agreement. If the Vendor defaults on any provision of this agreement, the Mall, at its sole discretion, may use, apply, or retain all or any part of the security deposit for payment of the rent or any other sum in default, or for any loss or damage suffered by the Mall due to the Vendor’s default.
4. Late Fees and Returned Checks
The Mall shall collect a late fee of $__________ for any rental payments not received by the fifth day of each month and a $__________ fee for any returned checks written by the Vendor. If a Vendor becomes late on their rental payment and remains delinquent for 45 days, all property within the Vendor’s booth shall become the property of LiquidFinds. The Mall may sell such property to recoup missed booth costs, including rent, late fees, and other charges owed by the Vendor.
5. Sales Transactions
When a customer wishes to purchase items offered for sale in the Vendor’s booth or showcase, the Mall or its employees shall act as an agent for the Vendor, accepting payment for said item(s), collecting monies, and making delivery to the customer. The Mall shall provide the Vendor with a written sales statement. Vendors must retain these statements for their tax reporting purposes. The Mall does not provide any 1099 or other tax forms. Vendors are solely responsible for their own tax reporting.
All sales shall go through the Mall’s register. Each item must carry a tag clearly showing the Vendor’s number, price, and a description of the item. No items are to be sold directly by the Vendor on the premises—either inside or outside. Violations will result in immediate termination of the agreement, loss of the security deposit, and a request to vacate the space within 48 hours.
6. Commission
For the services described above, the Mall shall receive a commission of 10% of the sale price of all property sold. Payments to the Vendor will reflect deductions for allowed discounts, Mall commissions, rent due, and/or any late fees.
7. Liability and Insurance
The Mall shall not be responsible or have any obligation to protect the Vendor’s property from fire, theft, flood, shoplifting, breakage, or any other loss or damage, except in cases of gross negligence by Mall employees. The Vendor acknowledges and agrees that the Mall is not obligated to provide any insurance for fire, theft, flood, or other casualty. The Vendor is responsible for insuring their own property.
8. Revisions and Termination
The Mall reserves the right to revise this contract and establish new monthly rental rates or additions to this agreement at any time with a minimum of 30 days’ written notice to the Vendor.
The Vendor must keep their booth(s) and/or showcase(s) clean and orderly. The Mall reserves the right to refuse or limit merchandise placed on the premises. All merchandise must be clean and in working order. The Vendor warrants that all merchandise has good, marketable title, free and clear of liens and encumbrances.
9. Termination and Removal of Items
The Vendor agrees to provide a 30-day written notice if they decide not to renew this agreement. The Mall may immediately terminate this agreement upon written notification to the Vendor if the Vendor fails to comply with its terms. The Vendor agrees to remove all items from their booth(s) and/or showcase(s) within 48 hours of termination or non-renewal. The Mall may exercise lien rights on Vendor items to secure payment of monies due. If the Vendor does not redeem the property within 15 days after seizure, the Mall has the right to sell such property and apply the proceeds to any outstanding debts. Any remaining proceeds will be paid to the Vendor.
10. Indemnification
The Vendor shall hold the Mall harmless from all claims of third parties for any reason whatsoever, except in cases of gross negligence by the Mall, arising out of the renting of the premises.
11. Acceptance of Rules
By signing this agreement, the Vendor agrees to abide by all current and future Mall rules, restrictions, regulations, policies, and procedures.
Vendor Signature: __________________________________________
Date: ____________________________________________
Mall Representative Signature: _________________________________
Date: ____________________________________________