Terms and Conditions

Detailed definitions of Terms and Conditions for Booth Rental

 

Lease:

A lease agreement confirms monthly rent stays at contracted rate for length of contract.  Price is guaranteed not to go up. To qualify for a lease agreement, vendor pays first month rent plus a security deposit equal to the first month rent in advance of occupation.  The security deposit can then be applied to cover the rent for the last month of the lease, or used to extend the lease for another term.  Notice must be given more than 30 days in advance to terminate the lease and apply the deposit; else the system will automatically extend the lease for the same period agreed to in the original contract, retaining the deposit for the last month of That term, and so on.

Security Deposit:

A deposit of one month’s rent is required to secure a booth, end cap or wall space.  No refunds will be issued once a deposit it received and space reserved.  Deposit must be paid prior to occupancy and will be applied to the last month of occupancy upon vendor request or termination of lease.

Monthly Rental:

Space may be rented on a month to month basis.  Month to month rental does not require a deposit but rental prices will change as new pricing is published.   Rent commences as of the effective date of the lease or the date of occupancy, whichever comes first and can be terminated at any time prior to the next billing period.  Should occupancy occur earlier than the effective date of the lease, a prorated amount will be calculated from the date of move-in.

Commission:

Needful Things charges booth vendors a 10% commission on all sales.  This amount helps defray the cost of credit card transactions, staffing, and maintenance.  This commission applies to up to three large furniture items per booth that can be placed on display in open flooring areas.

Sales Tax:

Sales tax amount will be collected during all sales transactions.  Merchants will receive the actual ticketed sales amount (less any approved discounts) and the sales tax dollars will be paid by Needful Things.  1099’s will not be issued to merchants.  Income tax reporting will be strictly the responsibility of each vendor.

Billing Cycle:

Vendors will be assigned to a pre-set billing cycle of 30 days, beginning either on the first of the sixteenth of each month.  Sales are always accumulated for the cycle just completed, Rent is always paid for the upcoming cycle.  For example, with the 1st billing cycle, sales would cut off after the last day of the month and would be paid for the 1-30/31 of the previous month.  Rent would be charged for the 1-30/31 of the following month – Sales, 5/1-5/31; Rent 6/1-6/31, requiring payment on 6/5.  The alternative billing cycle would accumulate sales from 5/16-6/15 and bill rent for 6/16-7/15, requiring payment on 5/20.

Invoice/Payment:

Payment is calculated based on Rent (for next month) minus Sales (for this month) less commission.  If Sales less commission is greater than rent you will receive a check from Needful Things Market for the difference.  If it is less than, you will receive an invoice for the amount of rent owed, less the sales total.  Invoices will be ready for pick-up within five days after the end of your assigned billing cycle.  Payment (if any) is due five days after Invoice Date.  Vendor is expected to pick up Invoice at the store.  Emailed copies are informational but not considered an alternative to collecting the invoice from the store.

Past Due Invoices:

Failure to make payments (if required) after DueDate will result in a $25.00 penalty, with and additional $25 for every 10 days payment is late.  If payment is not made by the beginning of the next assigned billing cycle, all sales for booth content will be applied toward compensation for current payment due and content may be confiscated and relocated as booth will be considered “abandoned” and any lease considered voided.  Deposit and content sales will be applied to cover payment requirements that will accrue until booth can be re-rented or lease expires.

Tagging Inventory:

Each individual item must be clearly marked with a removable tag showing the current sales price and the number of the Vendor who is to receive payment for this item.  A specific location (Booth#?) and short description may also be included at the vendor’s discretion.  Sales will be accumulated on the point of sale system in batches under the provided Vendor number and a report showing the date sold, and description (if provided on the ticket) of each item, grouped by location/booth number (if provided).  Sales Reports for each Vendor#  will be distributed with invoices at the end of that vendors assigned billing cycle.  Example: #1024/Mary  Red Dishes    =   #1024=Vendor # as assigned by Needful Things,  / is just a required separator, could be followed by a name or booth location number or any other one-word group the vendor would like to see on their report. Following the group identifier is a very brief description of the item sold, for reference only.  We are not responsible for items improperly tagged.  Items NOT tagged will be considered not available for sale.

Discounts:

Discounts may be marked on individual tags for individual items or sections of items.  If you have a discount shelf, please be sure that items removed from this shelf and brought to the register for purchase are properly marked to reflect the discount to be given at the register.  If all items in a booth are participating in mark-downs, be sure that you have notified the front desk of Discount amount, Vendor# and start/end date for sale.  NOTE: If you have not included a Location grouping (Booth#) on your tickets we will not be able to apply sales differently for different areas, booths, locations.