Device Consignment and Sale Agreement

This agreement is entered into, by and between Lasertrade International Trading Ltd. Pty., referred to herein as “Marketplace” and the individual when placing a device for sales referred to herein as “Seller”.

1) Agency, purpose

The Seller does hereby appoint Marketplace (Lasertrade International Trading Ltd. Pty.) as agent for the purpose of on-line display and sale of the Seller’s device(s) hereafter referred to as “Device(s)” on a non-exclusive basis, in Australia and internationally (at the Marketplace’s discretion). Marketplace shall not permit the Device(s) to be used for any other purpose without the express consent of the Seller. The Seller also appoints Marketplace to represent them with all external parties, such as engineering and consulting firms within activities solely related to the sale of the Device(s).

2) Consignment

The Seller hereby consigns to the Marketplace, and the Marketplace accepts upon approval of consignment, those items, listed at not less than $1 each, submitted for electronic format inclusion in the on-line marketplace by the Seller.

3) Warranty

The Seller hereby warrants that he/she created and possesses unencumbered title to the Device(s), and that the descriptions as provided to Marketplace are true and accurate.

4) Duration of consignment

This consignment agreement will remain in force until the Seller requests the removal of any or all of the items or the Marketplace determines that the items should, for any reason, be withdrawn.

5) Notice of consignment

The Marketplace shall give notice, by means of a clear and conspicuous website posting, that the items are being sold subject to a contract of consignment.

6) Termination of consignment

Upon termination of consignment, the Marketplace shall comply promptly by removing any and all reference to the specified Device(s) from the on-line marketplace, and the Seller shall remove any and all reference to the listing of the specified item with on-line marketplace whether that reference is electronic or print. In the event of the Seller’s death, the estate of the Seller shall have the right to terminate the Agreement.

7) Direct sales

It is the Seller’s responsibility to update the Marketplace within a maximum of 12 hours of any direct sales that the Seller may make of any device that is listed on the on-line marketplace that affects the availability of the item. However it is recommended as best practice that the Seller updates Marketplace immediately after any direct sales in order to avoid a situation where the device also sells on the Marketplace.

8) Transportation Responsibilities

a) Shipping and insurance costs (if applicable), liability and all handling expenses incurred in the delivery of the Device(s) to Purchaser shall be assumed by the Marketplace.

b) The buyer is responsible for all packing costs, materials and other handling costs in delivering the Device(s) to the Marketplace’s nominated pickup location.

9) Direct Shipping Transportation Responsibilities

a) If by agreement between the Marketplace and Seller, the Seller is responsible for delivery of the Device(s) directly to the Purchaser all packing and shipping charges, insurance costs, other handling expenses, and risk of loss or damage incurred in the delivery of Device(s) from the Seller to Purchaser are the responsibility of the Seller.

b) The Marketplace requires that the Device(s) are shipped using a service that provides proof of shipment and proof of delivery.

10) Fiduciary Responsibilities

Devices(s) remain the property of the Seller until the Seller has been notified of a successful sale by the Marketplace; title then passes directly to the Purchaser with shipment. All proceeds from the sale of items shall be held for the Seller and not made available to creditors of the Marketplace.

11) Pricing

The Marketplace shall sell the Device(s) only at the Retail Price specified in the Seller’s initial application. Any change in the retail price by the Marketplace, must be agreed to in advance by the Seller and the Marketplace.

12) Commission

The Marketplace and the Seller agree that the Marketplace’s commission is to be fifteen per cent (15% + GST) of the Retail Price of the Device. Any change in the Marketplace’s commission, must be agreed to in advance by the Seller and the Marketplace.

13) Terms of Payment

Payment to the Seller shall be made by the Marketplace within 14 working days after the successful delivery of the Device(s) provided the Buyer has not lodged a claimed or earlier at the Marketplace’s discretion. The Marketplace assumes full risk for the failure to pay on the part of any purchaser to whom it has sold an Device(s).

14) Promotion

Marketplace shall use its best efforts to promote the Device(s) of the Seller. It is at the Marketplace’s discretion how many pieces of the Seller’s Device(s) will be displayed and in what manner.

15) Notices and changes of address

All notices shall be sent to the Seller at the address specified in this Agreement. Each party agrees to give written notification of any change of address prior to date of said change.

16) Indemnification

Seller agrees to indemnify Marketplace against all costs and expenses (including reasonable legal fees) incurred by Marketplace in connections with any claims made against Marketplace that the Device(s) is not a genuine Device.

17) Quality assurance and repairs

Seller agrees after a purchase has been agreed upon, to get a quality assurance check from a qualified engineer of Marketplace’s choosing. Marketplace will pay for the initial quality assurance check but Seller agrees to pay for any repairs required that come out of the quality assurance check as well as future quality assurance checks. Seller agrees that the Device(s) cannot be transferred to the Purchaser until all repairs are made and a quality assurance check passes the machine.

18) Governing Law

This agreement shall be governed by the law of the state of Victoria.

19) Procedures for modification

Sellers will be notified of any amendments, deletions or additional provisions to this Agreement at least thirty (30) days prior to said amendment, deletion or addition taking effect. Within thirty (30) days of receiving any change notification, the Seller may accept the change or “opt-out” of participation in the on-line marketplace. All accounts shall be settled and all items shall be removed from the Marketplace.

20) Miscellany

This Agreement represents the entire agreement between the Seller and the Marketplace. If any part of this Agreement is held to be illegal, void, or unenforceable for any reason, such holding shall not affect the validity and enforceability of any other part. A waiver of any breach of any of the provisions of this Agreement shall not be construed as a continuing waiver of other breaches of the same provision or other provisions hereof. This Agreement shall not be assigned, nor shall it inure to the benefit of the successors of the Marketplace, whether by operation of law or otherwise, without the prior written consent of the Seller.