What to do if I’m selling a collection of very old and rare trading cards for a friend and want a legal document that is binding regarding payment?
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What to do if I’m selling a collection of very old and rare trading cards for a friend and want a legal document that is binding regarding payment?
It should read that I will receive 20% through all sales through my website and will receive 10% from any direct sales that I have brokered and arranged. What legal contract will I need and where can I find it for free.
Asked on March 30, 2013 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
There is most likely no specific contract already drafted for this, since this is a rather uncommon situation or transaction. However, you can easily draft your own contract. It should detail what percentage of sales you get from the different kinds of sales; should indicate when you pay the money to your friend (e.g. on the sale; or not until you collect it?); should detail any costs borne by your friend or which you may otherwise take out of the gross sale proceeds before splitting the balance between you and your friend (e.g. any advertising or marketing expenses); etc.--basically, just write down all the different terms, conditions, and scenarios that are relevant, then have a place for you and your friend to sign and date.
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