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Jack R.
Jack R., Attorney
Category: Business Law
Satisfied Customers: 6147
Experience:  Significant Company/HR Experience
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My company (internet luxury goods) is closing one location.

Customer Question

My company (internet luxury goods) is closing one location. They would like to take the jewelry and watch inventory and put it in a safe deposit box, when items sell I would be responsible to retrive and ship goods. How do I protect my self:
A) In regards XXXXX XXXXX inventory?
B) Should the company go bankrupt?
C) Should I be Held Up?
D) What legal responsibilities do I have?
E) Is this a compromising situation to avoid?
Submitted: 6 years ago.
Category: Business Law
Expert:  Jack R. replied 6 years ago.

You should get a signed and verified listing of the inventory. You should keep a log of all items removed and sold. You should indicate amount received, to whom the property was mailed, and when. If the company goes bankrupt and they owe you money, you become a creditor. As far as loss by theft, you should ask the company to insure the inventory and the goods and to hold you harmless for any loss beyond your control.


Also make sure you ship with the requirement goods must be signed for. Make sure every shipment is insured to full value.


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This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.