Please read the The Fine Print.
Should you have any questions, please email Stacey.
This rental agreement made and entered by and between True North, 539 Bedford Road, Morris, IL 60450. (Herein after referred to as TRUE NORTH) and VENDOR (as identified in the contract). Rental fee for the space shall be amount stated above, plus percentage (commission rate) of total sales. Contract will be automatically renewed after the initial three month contract stated above is fulfilled. Initial payment= must be in the form of cash, check or credit card when moving into the space.
- It is the vendor’s responsibility to notify TRUE NORTH Management of any contact information change by filling the change of information form.
- Bookkeeping is computerized and a complete record of sales will be sent in a monthly statement. Statements and checks will be issued by the 10th of every month. The statements are only available electronically via a link. The reports will viewable in a Microsoft Excel Workbook. An email will be sent to the email address on record once reports are ready. Sales checks will be issued by the 10th of the month, but the bank may take additional days to process. Total Gross Sales over $600.00 per year are issued FORM 1099-MISC.
- First month’s rent is due at move-in. After the first month, the following month’s rent will be deducted from the VENDOR monthly sales.
- Should there be any rent balance owed, the VENDOR will be notified on their monthly statement. The balance is due by the 20th of the month You will be sent a PayPal link to pay any outstanding balance. A late charge of $10.00 will be applied if not paid by the end of the month and may be deducted from the next sales check. Non-payment of balances for two months in a row, will results in eviction.
- Rent will increase 1.5% each year on April 1st due to inflation.
- TRUE NORTH reserves the right to refuse any item and retains the right to remove any merchandise not deemed suitable to meet TRUE NORTH’s standards. Monthly statements shall serve as an inventory of sold items. True North merchandise shall be antiques & vintage. Some repurposed items are acceptable, however a minimum of 75% of an entire space must be vintage/antique. Every single item must be priced individually, tagged and include VENDOR code upon entering the store. Any untagged merchandise may be sold at a rate determined by True North employees or will be removed from the sales floor if noticed prior to customer inquiry. If an item is not for sale, it must be marked ‘NFS’ and include the VENDOR code. Please mark all your fixtures with your VENDOR code & label ‘NFS’ if not for sale.
- The VENDOR gives permission to TRUE NORTH staff to give up to a 10% discount on any item over $20.00 to other VENDORS or Customers, unless marked firm.
- TRUE NORTH will participate in all Morris Retail Association promotions and may have up to four store-wide promotions annually, only offering the 10% discount on items over $20.00.
- VENDORS will be notified before any in-store promotions vi the True NOrth Family Facebook group. Discounts or Sales of merchandise by VENDORS are not allowed, all sales must be by item. Entire Booth “sale discounts” are not allowed.
Should a VENDOR default in payment of rent for more than thirty days, TRUE NORTH will deduct rent and late fees due from VENDOR sales and apply any late charge penalties. If rent is not met after sixty (60) days, TRUE NORTH may change merchandise to CONSIGNMENT status and charge the VENDOR 40% commission. Said merchandise shall be deemed abandoned thirty (30) days after TRUE NORTH has given the VENDOR written or email notice. Any proceeds from the disposal of abandoned merchandise will be applied to the VENDOR obligations. Any shipping expenses to return merchandise should a VENDOR move out, shall be paid by the VENDOR and will be deducted from VENDOR sales unless other arrangements are made.
Written notice of termination of this contract by either the VENDOR or TRUE NORTH.
VENDOR must submit a written notice (email) thirty (30) days before terminating. Merchandise must remain in VENDOR space until at least five (5) days prior to moving out. No signs of imminent departure to be posted, including sale signs. Severe infractions of the contract could result in immediate expulsion. Any VENDOR caught stealing will be immediately terminated and could face possible legal action.
True North must submit a written notice (email) 15 days before terminating. Vendor will have at minimum 15 days to vacate. Any items not removed from the store within the 15 days will be removed from the sales floor. Any items not claimed or picked up with thirty (30) days from eviction will be donated.
TRUE NORTH will take reasonable precautions to prevent theft, but will not be responsible for any theft, item damage, accidents, fire, water, and weather-related occurrences or item damaged merchandise.
TRUE NORTH does have liability coverage for personal injury. VENDOR may provide merchandise coverage, if wanted. TRUE NORTH management and staff will do everything in their power to ensure that all VENDORS and customers are treated honestly and fairly. Both parties understand and enter this agreement by signing the vendor contract.