To facilitate the sale and/or lease of art, representation and option contracts are used. There are a few vital provisions that go into such an agreement that need to be negotiated, agreed upon, and fixed in writing. These terms include whether the contract is exclusive, its term and any termination abilities of the parties, the percentage paid to the parties, and the obligations and warranties made by the involved parties. Signing a representation or option contract that you do not understand could significantly limit your rights and your ability to profit from the arrangement. Having an attorney draft the contract or review one presented to you is strongly recommended.
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