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THE IMPORTANCE OF CONTRACTS
A well-written contract is one of the most important elements of doing business. Upfront communication with your wholesale buyers on such policies as cancellations, non-authorized returns, bounced checks, and damage claims is proven sound business practice. For artists especially, one order cancellation can cause a major disruption in cash flow. In order to protect your business from risk, it is essential to have your policies outlined for buyers in writing.
If you have not reviewed your invoices, terms of sale, or purchase order forms lately, now is the time to do so. Use the examples below to
re-evaluate and update your contracts.
And remember, always have an attorney review your contractual forms if possible. On a tight budget? Contact Volunteer Lawyers for the Arts. VLA delivers pro bono and low cost legal services and information to over 10,000 members of the arts community each year. Visit www.vlany.org or call the Art Law Line: 212·319·ARTS (2787), ext.1.
First Time Buyer Deposit
Example: For first time buyers, orders require 50% deposit. Full balance is due upon delivery of goods.
Minimum Order
Example: A minimum of $500.00 is required on all opening orders. Minimum re-order is $250.00
Exclusivity
Example: For exclusivity in your area a minimum annual purchase of $15,000 is required.
Credit Card Payment
Example: For payment by credit card (Visa, MasterCard and American Express) add 2% on total balance. Credit card will not be charged until merchandise has shipped.
Shipping and Handling
Example: Shipping and handling fees are sent pre-paid and added to the customer's invoice unless special arrangements have been made.
Cancellation
Example: All cancellations must be submitted in writing within XX days of the order, and are subject to a restocking fee of 25%.
Back Orders
Example: Back ordered items will ship as available unless we are notified by customer to cancel.
Returned Goods
Example: All sales are final. All claims for returned goods or adjustments must be made within 10 days of the date of shipment. No returns allowed without authorization.
Unauthorized Return
Example: Non-authorized returns will be charged a 40% restocking fee, plus shipping and handling charges.
Damaged Goods
Example: All claims of damaged goods must be made within 4 days of receiving merchandise. Non-authorized returns will be charged a 40% restocking fee, plus shipping and handling charges.
Bounce Checks
Example: If your check is dishonored, you here by authorize (name of company) to electronically debit your account for the amount of the check plus the maximum bounce check fee allowed by law.
Refunds
Example: Refunds will be issued only for the following reasons: 1) Over payment of invoices or 2) Deposits paid on discontinued merchandise. Please allow 30 days for refunds.
PR OPPORTUNITIES
Innovative Products for Foodies - Feast! Magazine
I am looking for advance notice on new, innovative cook's tools, appliances and food items debuting in summer or fall 2006. The products must be available in Northeast Ohio retailers. Feast! magazine ('Food and Fine Living in Northeast Ohio') is a food magazine started in 2005 covering the culinary scene in Northeast Ohio.
Deadline: 03:00 PM US/Eastern JUL 15
URL: http://www.feastmagazine.net
MENTORING OPPORTUNITY FOR BUYERS MARKET EXHIBITORS
Do you need ideas about growth, pricing, promotion, gallery relationships or anything
else? Private appointments with Wendy Rosen for Buyers Market exhibitors are available at the summer show, July 21 -23, 2006. To schedule an appointment please e-mail Tammy Cep Razqoullah at tammyr@rosengrp.com.
CONSIDERING WHOLESALE? BECOME A VISITING ARTIST!
Buyers Market Visiting Artist Program
Are you an artist considering wholesale for your business? The Buyers Market of American Craft's Visiting Artist Program provides artists the opportunity to explore the wholesale marketplace. With educational seminars designed specifically for artists, guided marketplace tours, and the opportunity to ask questions and network with Buyers Market staff, seasoned exhibitors and other Visiting Artists, the Visiting Artist Program gives artists a glimpse of the BIG picture of researching a wholesale show.
Register for the Visiting Artist Program at the Philadelphia Buyers Market of American Craft, July 21-23, 2006, and walk away energized and ready to absorb a new outlook for your business! Registration for the summer program closes Monday, July 10, 2006.
2007 NICHE AWARDS
Applications for the 2007 NICHE Awards are now available online at www.AmericanCraft.com. The NICHE Awards, sponsored by NICHE magazine, celebrate excellence and innovation in American and Canadian craft. Categories include Ceramics, Fiber, Glass, Metal, Wood, Jewelry, Lighting, Clocks, Clothing, Decorative Fiber, Garden Art, Goblets, Judaica, Mixed Media, Narrative, Recycled, and Teapots. Judging is based on three main criteria: technical excellence, both in surface design and form; market viability; and a distinct quality of unique, original and creative thought.
Professional Deadline: September 5, 2006
Student Deadline: September 29, 2006
IT PAYS TO BE AN MJSA MEMBER!
Manufacturing Jewelers and Suppliers of America (MJSA) has one overarching goal: to help its members achieve greater profitability. By joining MJSA, members have access to top industry business programs, allowing them to reduce operational costs through group discounts. These programs include cost-effective high-value shipping through FedEx; jewelers block with free unattended auto insurance; lower rates for phone service and credit card processing; and advertising discounts.
Other benefits of membership include discounted booth prices when exhibiting at MJSA trade shows; a complimentary subscription to our award-winning monthly magazine, MJSA Journal; and discounts on our educational seminars offered through the MJSA Academy.
For more information about these and other cost-saving programs, please visit mjsa.org.
QUOTE OF THE MONTH:
Genius is childhood recalled at will.
- Charles Baudelaire (French, 1821-1867)
Market Insider
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