Artwork Leasing Terms
Leasing (renting) art is a smart alternative to purchasing artwork outright.
The Erik Brede Photography leasing program is a convenient, flexible and economical way for clients to enjoy fine art in their homes and offices. The leasing agreement is made directly between you (the client) and Erik Brede Photography (the artist) and based on trust. No outside leasing company is involved.
1. Leasing cost: The minimum number of pieces for a lease agreement is 3. There is no upper limit to the number of pieces leased as long as a satisfactory security deposit is provided. Monthly payments for the leasing are 5-10% of the list price of the leased artwork at the ordering date. A sale price will not affect the leasing cost.
2. Term: Minimum leasing term is six (6) months. A security deposit covering the first 3 months have to be paid upfront when the agreement is submitted. This is called the Initial Cost and is nonrefundable. The maximum leasing term is twelve (12) months.
3. Buyout: You, (the client), may purchase the leased artwork at any time. The price will always be the total of the leasing cost + buyout price and will be 10% higher than the list price for the artwork. The listed buyout cost in the contract will always be based on the leasing time. If a buyout is fulfilled before the leasing time has ended then the buyout cost will be higher than stated in the contract. The official CoA document signed label and security seal is shipped to the buyer as soon as the buyout has taken place.
4. Responsibility for Loss or Damage, Insurance Coverage (Liability): The Leasee shall be responsible for the safekeeping of all leased Artworks while they are in its custody. The Leasee shall be strictly liable to the artist for their loss or damage to the full amount the artist would have received from if the Artworks had been sold. The Leasee shall provide the artist with all relevant information about its insurance coverage for the Artworks if the artist requests this information.
5. Shipping, delivering and return: All my artwork are shipped directly from the photo lab (WhiteWall) in a trackable, secure and insured shipment. If you (the client) don’t use the buyout after the end of the leasing period, then the art must be sent back to Erik Brede Photography in an insured shipment.
6. Sale of Leased Artwork: Erik Brede Photography grants the Leasee the right to sell leased Artwork under the following conditions:
- The leased Artwork will be sold at the retail price listed in the agreement
- The Leasee is responsible for receiving the total retail price of the Artwork at the time of sale. The Leasee agrees to notify Erik Brede Photography of the sale within three (3) business days.
- Erik Brede Photography will pay a commission per cent stated in the contract from each Artwork sold by the Leasee.
- The Leasee agrees to remand to Erik Brede Photography the full retail price minus commission of sold Artwork within 7 days of the date of purchase.
7. Terms and Termination of Agreement: This Agreement shall continue in full force and effect until:
(a) Termination: The Leased Artwork is returned by Leasee to the artist and all amounts due hereunder have been paid. At any point after the initial leasing period, the artist may terminate this Agreement. Leasee has 30 business days to inform the artist of its intent to terminate the agreement in writing and return any leased artwork in its original condition to Erik Brede Photography. If Leasee does not meet the 30 business day deadline, Erik Brede Photography will terminate the leasing contract and charge Lessee’s credit card for a complete buyout on all leased artwork.
(b) Purchased: The Leased Artwork is purchased by Leasee for the purchase price (leasing cost + calculated buyout price). At any time during this Agreement, Leasee may purchase any individual Leased Artwork. The monthly leasing cost for the artwork is then terminated.
8. Default: If the Leasee defaults in any performance required herein for a period of 30 days, then (i) this Agreement may be terminated by the artist, (ii) the artist shall have the right to enter the Leasee’s premises and remove the Leased Artwork, without notice, and (iii) the artist shall be entitled to pursue any other remedies available to it at law and in equity.