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General conditions.
1.corporate rentals.
From here on, any entity interested in renting artwork from PalmBeachArt.com shall be referred to as the "corporation", the client
or renter.
Any corporation desiring to rent artwork must have been established and
functional with a physical address for at least for three calendar years prior
to entering into the rental agreement.
Credit references must be supplied, including bank's name, address and account
number. The name of the president of the corporation must also be supplied,
along with an account's payable address and a person's name and phone number for
establishing direct contact.
Four business references, suppliers, or creditors are required. All credit
references must be verifiable, and must include a telephone number and address.
The minimum renting contract is for three months and must be prepaid in full by
the corporation. Insurance must be prepaid in full by the corporation for the
full coverage of the retail value of all artwork under contract. Any interior
design consultant fees must be paid by the corporation.
Transportation both ways must also be paid for by the corporation.
The maximum time for rental of any artwork is one calendar year, after which
time the corporation has the option to purchase the artwork it has rented at the
retail price specified under the rental contract.
Special requests:
Framing can be changed upon the corporation's request at the corporation's cost.
The frame will not be deductible in the event the artwork is sold, since the
frame becomes a corporate asset.
Special provisions might be worked out in the case of large rentals, over 100
artworks, or if the corporation is willing to publish a hard cover catalogue
edition of at least 1000 copies, where the corporation must donate at least 10%
of the edition to the artist. Special payment terms may be worked out if the
corporation desires to purchase large amounts of artwork for its own corporate
gifts, Christmas gifts, or charitable purchases. Up to 50% of total purchase can
be tax deductible and will be directed to charitable organizations.
Special provisions may be worked out if the corporation is willing to advertise
and promote an individual artist or a group of artists. Up to 50% of the total
advertising expenses are deductible from rental fees or purchase fees.
Rented artwork is not an asset of the corporation. It only becomes an asset if
the corporation purchases the art work and it is paid for in full. Rented
artwork can not leave the premises of the corporation regardless of its'
insurance coverage.
The corporation may not sublease rented artwork to any other party. The
corporation can not sell rented artwork. The corporation can not act as an agent
or dealer for the artwork under contract.
Rental fees must be paid by the 10th of each month, not net 30 or net 60 days.
If rental fees are not paid within 30 days from the first of the month the
rental contract is considered broken and any artwork remaining on the premises
or in possession of the corporation must be returned to its legal owner in
perfect condition. Unpaid rental fees must be paid within 30 days. If rented
artwork is not returned and fees remain unpaid the artwork is considered stolen.
Damaged artwork must be restored at the corporation's cost within 30 days.
Damaged artwork can not be exhibited. All damages must be reported to the owner
immediately. Artwork stolen from the premises of the corporation or in transport
must be paid for in full by the corporation within 30 days.
The owner of the artwork shall not be involved in claims with insurance
companies. The corporation is fully responsible for all rented artwork.
Out of state rentals are tax free.
If any particular rented artwork is required for purchase by another party, it
will be sold after the rental contract is expired. However the corporation will
be given the opportunity to purchase it first. If the corporation wishes to
renew the rental contract, it can keep the same selection or exchange some
artwork for other pieces of art. In any case no artwork can be rented for more
than one year.
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