Terms & Condition of Sale
The following Terms and Conditions of Sale (the “Terms”) comprise the entire agreement between 5175 LLC d/b/a Loupe This, a California limited liability company, along with any consignor thereto (collectively, “We” or “Us”) and a bidder for or purchaser of any item offered for sale on our website (the “Buyer”).
1. WE GUARANTEE EACH ITEM WE SELL. If We sell any item that is subsequently shown to be a counterfeit, subject to the terms and conditions below, We will cancel the sale and refund to the Buyer the total purchase price received for such item (the successful bid price, plus the Buyer’s Fee (as defined below) and any applicable taxes). For these purposes, “counterfeit” means any item for which, in our reasonable opinion, the correct description of the manufacturer or origin is not reflected by the description in the BOLD or CAPITALIZED heading in the text of an item auction page on our website.This guarantee is provided for the Guarantee Period (as defined below), and is solely for the benefit of the original purchaser of record in the auction and may not be transferred to any third party. As used herein, “Guarantee Period” as to any item sold by Us on our website means the time period ending four (4) years following the closing day of the relevant auction.It is specifically understood and agreed that the rescission of a sale and the refund of the original purchase price, if offered, is exclusive and in lieu of any other remedy which might otherwise be available as a matter of law, or in equity. In no event shall We be liable for any special, punitive, incidental or consequential damages incurred or claimed, including, without limitation, loss of profits or interest. Notwithstanding the foregoing guarantee, We make no representation or warranty as to originality or fitness for any particular purpose with respect to any individual component or part of any item offered for sale on our website, whether cosmetic or mechanical, internal or external.
2. Except for the guarantee expressly provided in Section 1 of these Terms above, all items are sold by Us “AS-IS” and without any representations or warranties, express or implied.We do not carry out inspections on behalf of the Buyer, and any prospective Buyer is encouraged to conduct its own inspections and hire its own experts, as necessary to satisfy itself as to any item’s condition and/or fitness for any particular purpose. Any comments we might make, whether orally or in writing, regarding an item are opinions only and do not constitute statements of fact, warranties or guarantees.
3. A buyer’s fee of 10% (the “Buyer’s Fee”) will be added to the final bid price of each item sold, and is payable by the Buyer as part of the total purchase price. The first $10,000 of the “Buyer’s Fee” will be collected from your credit card on file automatically at the conclusion of each auction lot. The balance (if any) of the buyer’s fee will be added to the final invoice.
4. When a Buyer wants to place a bid on an item on our website, the Buyer first will be prompted to sign into the website, or to create an account if one has not yet been created. Once the Buyer has successfully logged into a user account, and prior to placing a bid, the Buyer must acknowledge and accept these Terms. The Buyer may place a bid of their choosing equaling or exceeding the required minimum bid amount, which bid will be executed automatically by our bidding software in response to (a) competitive bids placed by other bidders or (b) the Reserve (as defined below), up to the maximum specified bid amount. If the Buyer elects to place a bid for an item for which the bidding level has already reached $10,000 a credit card authorization in the amount of ten percent (10%) of the Buyer’s initial bid amount will be required in advance of proceeding with placing such a bid. (Up to $10,000 maximum) Any such pre-authorized hold placed on the credit card of a Buyer who is not ultimately the successful bidder will be released at the conclusion of a sale. In the event of a successful bid, upon the conclusion of the sale the Buyer’s Fee will be charged to the Buyer’s credit card, and the Buyer agrees that this payment is final and non-refundable, REGARDLESS of whether the Buyer later refuses delivery of an item, returns an item or otherwise. The Buyer expressly acknowledges and agrees that, by registering to use our website and placing bids in auctions for items listed for sale, a binding and enforceable contract is formed upon the conclusion of a successful sale, subject to and in accordance with the Terms specified herein.
5. We collect sales, use and other similar taxes due in the United States whenever we are required to do so. We are not responsible for collecting sales, use, VAT or other taxes imposed by other countries or localities. The Buyer is responsible for any foreign, local or other fees, taxes, assessments or charges that we fail to collect. The posted prices for any items that we offer do not include taxes or shipping charges unless expressly stated otherwise.
6. A shipping quotation will be provided to a successful Buyer, based on the shipping address provided at the time of registration. We will not be responsible for any acts or omissions of any shipper, including, without limitation, any packing, shipping, delivery or insurance for purchased items. The Buyer may also make its own arrangements for shipping, handling and insurance, at its own expense and risk.
7. As described in Paragraph 4 of these Terms above, payment of the first $10,000 of the Buyer’s Fee to Us is to be made via credit card automatically at the successful conclusion of a sale. Upon the closing of a successful sale, the Buyer will receive a final invoice, detailing the total purchase price and the remaining balance due to be paid, including any applicable sales and use taxes and shipping charges. The remaining balance shown on the Buyer’s invoice can be paid via bank wire transfer or ACH payment, or with a credit card (up to a maximum amount of $50,000 per item, and with a 3% surcharge).Payment in full of the remaining balance is due no later than seven (7) days following the close of an auction. If you fail to pay us any amounts when due, interest will accrue on such outstanding amount at the rate of 1.5% per month, pro-rated by day.
8. The duration of an auction in any particular case is determined by the consignor of an item, and will be indicated on the listing page for such item.We determine the conduct of any auction on our website, and We may withdraw, close, terminate or reopen the bidding on any item on our website as We deem necessary or fit, in our sole discretion. Our determination regarding the conduct of any auctions on our website is final and absolute.
9. Unless otherwise indicated, all items for sale on our website are offered subject to a confidential minimum bid price at which the item will be sold (the “Reserve”). In order to use our services to list an item for sale, a consignor is required to indicate whether there is a Reserve, or whether no such minimum bid is required (“No Reserve”). A consignor may reduce or waive a Reserve during the auction by notifying Us of such change via email or, if available, any web-based notification tools We have that are made available to the consignor. In the event that an auction concludes without the Reserve having been met by the bids placed, the auction shall not result in a binding sale, and the Buyer shall have no right to purchase, nor the consignor any obligation to sell, the item at the final bid price indicated.
10. We accept credit card and ACH payments through Stripe, Inc. as our third-party payment-processing service, whose terms of service can be found at https://stripe.com/us/terms.
11. All amounts listed on our website for goods and services are in U.S. dollars unless otherwise expressly stated.
12. ALL SALES ARE FINAL.This includes our Buyer’s Fee. The Buyer expressly agrees not to use any method to circumvent our “all sales are final” policy, including by requesting a credit card charge-back. Should a Buyer attempt to obtain a refund through any financial recovery methods offered by a financial institution, We reserve the right to charge the Buyer a $50 fee, in addition to preserving all other legal and equitable rights that we may have against the Buyer. If this Paragraph contravenes any applicable law, these provisions shall be deemed adjusted to the minimum extent necessary to comply with such law.
13. In the course of sending payments, the Buyer may not transmit what We believe, in our sole discretion, to be potentially fraudulent funds. The Buyer may not use a user account or our services in a manner that We, Visa, MasterCard, American Express, Discover or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules. The Buyer further represents that it is not subject to trade sanctions, embargoes or any other restriction on trade in any jurisdiction in which it or We reside or do business.
14. If a Buyer fails to comply with any applicable agreements, covenants, terms or conditions contained herein, then the Buyer will be in default of these Terms and, in addition to any and all other remedies available to Us by law, including, without limitation, the right to hold the Buyer liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, We, at our option, may (a) cancel the sale of any item or items sold to the defaulting Buyer in any auction, retaining as liquidated damages any payments made by the Buyer, or (b) resell the purchased item or items, whether at public auction or by private sale, or (c) effect any combination thereof.In any case, the Buyer will be liable for any deficiency and any and all costs. handling charges, late charges, fees and expenses resulting from our exercise of our remedies hereunder.
15. These Terms, as well as the Buyer’s and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of California. By bidding on our website, the Buyer shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of California. All parties agree, however, that We shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of California.