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Prospect Valley VR Consignment
Terms and Direct Deposit Payout Agreement

Welcome! We're thrilled to have you consider consigning your digital assets with us. At Prospect Valley VR (PVVR), we are passionate about empowering artists and providing a platform where your creativity can thrive. Our consignment terms are designed with your best interests in mind, ensuring that you receive the support and resources needed to succeed. We believe in fostering a collaborative and supportive community where your work can shine.

1. Introduction
This consignment policy outlines the terms and conditions for consigning digital assets with PVVR. By consigning digital assets to PVVR, the consignor agrees to the terms outlined in this policy.

2. Definitions

  • Consignor: The owner of the digital assets who consigns them to PVVR for sale.

  • Consignee: PVVR, the party responsible for selling the consignor's digital assets.

  • Adjusted Gross Profit (AGP): The total sale amount of an item, less applicable taxes and processing fees. The AGP is used to calculate the consignment split.

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3. Consignment Terms

  • Consignment: The consignor retains ownership of the items until they are sold. PVVR is responsible for the sale of the items, and, upon sale, the proceeds are divided between the consignor and PVVR based on an agreed-upon split. For PVVR, the consignment split is 80/20, where the consignor receives 80% of the AGP and PVVR retains 20%.

  • Cost to You: Free!

  • Duration of Consignment: The consignment period will be agreed upon by both parties at the time of consignment or until either party wishes to end the consignment period.


4. Consigned Goods

  • Provision: You will provide digital assets to PVVR for sale on a consignment basis.

  • Marketing and Sale: The assets will be marketed and sold across our platforms: website, social media, and VR applications.

  • No Obligation for Additional Assets: PVVR does not require or expect you to provide additional assets beyond the initial consignment. There is no obligation or expectation for you to produce assets on a regular schedule. You are free to consign assets at your own pace, and we value each contribution you choose to make.
     

5. Delivery and Display

  • Delivery: You are responsible for delivering the digital assets to PVVR, either digitally or as agreed.

  • Display: PVVR will store and display your assets in a manner that promotes their sale.
     

6. Sales and Payments

  • Commission: Upon sale, PVVR will retain a commission of 20% and pay you the remaining 80% of the AGP sale price.

  • Payment Schedule: Payments to you will be made within 30 days after the end of each calendar month in which sales occur.

  • Payment Methods: Payments will be made via the payment method agreed upon at the time of consignment.

7. Pricing and Promotions

  • Agreement: You and PVVR will agree on the retail price for your assets.

  • Approval: Any discounts or promotions require your prior approval.

8. Returns

  • Returns and Refunds: All consignment sales are final; no returns or refunds will be accepted.

9. Ownership and Compliance

  • Ownership Confirmation: You confirm that you own the assets free of liens and have the right to consign them.

  • Compliance: Your assets must comply with all applicable laws and do not infringe on third-party rights. Your assets must comply with Meta Horizon Worlds' terms of service.
     

10. PVVR's Responsibilities

  • Care and Promotion: PVVR will use reasonable care to store, display, and promote your assets.

  • Reporting and Payment: PVVR will provide monthly sales reports and pay you as outlined above.
     

11. Return of Assets to Consignor

  • Return Procedure: Assets will be returned to the consignor within 30 days of the conclusion of the consignment period. PVVR will notify the consignor when the consignment period is nearing its end and provide details on the return process.

  • Consignor Responsibilities: The consignor must provide accurate contact information and promptly respond to communications regarding the return of their digital assets.
     

12. Deletion of Digital Assets

  • Deletion Policy: PVVR will permanently delete all copies of the consignor's digital assets from its systems upon the conclusion of the consignment agreement. This ensures that the consignor's property is no longer stored or used by PVVR.
     

13. Data Security

  • Security Measures: Digital assets will be handled with the highest standards of data security throughout the consignment, return, and deletion processes. PVVR will use industry-standard practices to protect consignor assets from unauthorized access, loss, or misuse.

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14. Indemnification

  • Consignor Indemnification: The consignor agrees to indemnify, defend, and hold harmless PVVR and its affiliates, directors, officers, employees, and agents from and against any and all claims, liabilities, damages, losses, and expenses, including reasonable attorneys' fees and costs, arising out of or in any way connected with (i) the consignment of digital assets; (ii) any breach by the consignor of this agreement; (iii) any third-party claims related to the digital assets consigned.


15. Limitation of Liability

  • Limitation of Liability: PVVR shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses, resulting from (i) the consignment of digital assets; (ii) any unauthorized access to or use of our servers and/or any personal information stored therein; (iii) any interruption or cessation of transmission to or from our services.

16. Term and Termination

  • Term: This agreement continues until either party terminates.

  • Termination: Either party may terminate immediately if the other breaches any significant term and fails to correct it within 30 days of notice.
     

17. Amendments

  • Policy Changes: PVVR reserves the right, with written notice, to amend this consignment policy at any time, it is up to consigner to stay up to date on any changes made to this agreement form.
     

18. Direct Deposit Payouts

 

Overview:
Prospect Valley VR offers direct deposit payouts for consignment sales. Payouts are made directly to the bank account specified by the consignor at the time of registration or as updated through our secure portal.
 

  • Payment Processing: PVVR utilizes SMP Consulting to process all direct deposit payouts, ensuring secure and timely payments.
     

  • Eligibility: Consignors must provide accurate and complete bank account information and ensure their bank account can receive direct deposits.
     

  • Payment Schedule: Direct deposit payouts are processed on a monthly basis, made within 7-10 business days following the end of each month.
     

  • Fees and Charges: PVVR does not charge fees for using the direct deposit service. Any fees charged by the consignor’s bank are the consignor’s responsibility.
     

  • Accuracy of Information: Consignors must provide accurate bank account information. PVVR and SMP Consulting are not responsible for delays or errors due to incorrect or outdated information.
     

  • Changes to Payment Information: Consignors can update their bank account information through PVVR’s secure portal. Changes must be made at least 5 business days before the end of the month to take effect for the next payout cycle.
     

  • Disputes and Inquiries: Any disputes or inquiries regarding payouts should be directed to PVVR’s support team. Disputes will be resolved according to PVVR’s dispute resolution policy.
     

  • Termination: PVVR reserves the right to terminate the direct deposit service at any time with notice to consignors. Consignors may opt out of direct deposits by updating their payment preferences through our secure portal.
     

  • Liability: PVVR and SMP Consulting are not liable for any indirect, incidental, special, consequential, or punitive damages arising out of or related to the direct deposit service.

 
By agreeing to these terms and conditions, you confirm that you have read and understood the Prospect Valley VR Consignment Policy and Direct Deposit Payout Agreement. For any questions or further information, please contact our support team at info@prospectvalleyvr.com.

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