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VALUESOURCETM BUYERS PROGRAM POLICY

Welcome to the ValueSource Buyers Program (the “Program”) brought to you by Worthy, Inc. (“Worthy”, “we”, “us”, or “our”). Worthy enables its users to sell second-hand valuables to Worthy’s ValueSource Buyers in a closed-bid process, as more fully detailed in our General Terms and Conditions. By becoming a ValueSource Buyer, you expressly agree to be bound by and follow this ValueSource Buyers Program Policy, as well as our General Terms and Conditions as relevant (together, the “Terms”). Please bear in mind that the Program is dynamic and as such, may change from time to time. Accordingly, we reserve the right to add, delete and/or modify any of the terms and conditions contained in this ValueSource Buyers Program Policy, at any time and in our sole discretion. Changes will not affect sales already agreed to at the time of such change.

HOW DO YOU BECOME A VALUESOURCE BUYER?

  1. Application. In order to apply to become a ValueSource Buyer, you will need to fill out a ValueSource Buyer application and submit it to us. By applying to become a ValueSource Buyer, you will be granting us permission to conduct a background check on you, based on the information requested from you in the application form, which may include credit checks, references and requested information from the Better Business Bureau or similar business information sources.

  2. Categories. During your application process, you will also be asked to choose from the category of items which valuables you would like to receive notifications about.

  3. Bids. Once approved by us, you will become part of the ValueSource Buyer community and be able to begin submitting bids for valuables as detailed below.

HOW DOES IT WORK?


A. Crowd-Based Closed-Bidding Process

  1. Once we receive a sale Request Form from a user (the “Seller”), offering a valuable for sale (as more fully detailed in the process set forth in our General Terms and Conditions), we will commence an initial estimation cycle open only to some of our ValueSource Buyers and internal appraisers. Bids made during this initial estimation round will be solely based on the Seller's non-verified item description and photos, and as such are non-binding.

  2. Following the initial estimation cycle, and after we've physically received and evaluated the item, we will commence the actual binding bidding cycle by sending out a Bidding Notice (the “Bidding Notice”). The Bidding Notice shall include: (a) a grading report - description of the valuable being sold by the Seller to our registered ValueSource Buyers; (b) a photograph of the valuable; (c) a request to receive bids for it during an indicated timeframe, which may be shortened or extended by us at our discretion by further notice (the “Bid Period”);  and (d) the reserve price of the valuable, which is the price that Seller determined that if is met or exceeded, the Seller will be obligated to go through with the transaction  (FOR MORE DETAILS SEE THE PROCESS SET FORTH IN OUR GENERAL TERMS AND CONDITIONS). Please note that the reserve price that will be shown to our buyers will already include our fees. The Bidding Notice will only be sent out to those ValueSource Buyers who have indicated their interest in receiving notices that relate to such category of the valuable. 

  3. ValueSource Buyers that wish to participate in the bid for the valuable included in the Bidding Notice, must send their detailed response (a “Bid Response”), including their bid amount (the “Bid Amount”), before the end of the Bid Period. Please bear in mind that any valuation received after the lapse of the Bid Period shall be considered invalid, unless explicitly approved by us at our discretion. Through the end of the Bid Period, you may increase the Bid Amount at any time; however once received, Bid Amounts may not be decreased.

  4. ANY BID RESPONSE MADE BY YOU IS A BINDING OFFER. By filling in and sending us the Bid Response, you irrevocably agree to pay us the Bid Amount in case your bid is elected as the Winning Bid, as detailed below. You acknowledge that Worthy relies on such undertaking and transfers payment to the relevant seller at the end of the auction prior to receiving the funds from the Winning Bid. You shall indemnify us and hold us harmless from any claim, damage, lawsuit, action, complaint, or other costs arising out of any breach of such undertaking.

  5. At the end of the bidding phase, we will review and consider all bids received within the Bid Period and determine the winning bid (the “Winning Bid”) from the qualifying bids collected based on a range of parameters considered by us. Such Winning Bid will be subject to the final decision of the Seller whether they want to proceed with the sale of the valuable or reject the bid. We reserve the right to disqualify any bid at our sole discretion, and not choose a Winning Bid in a given cycle should such bid fail to conform to the standards set by us.

  6. Subject to the approval of the Seller to proceed with the sale, we will inform the relevant ValueSource Buyer that they have submitted the Winning Bid. The ValueSource Buyer with the Winning Bid must then wire the Bid Amount to us within 7 days of such notice, net of any expenses or applicable tax. Upon receipt by us of the payment due by the ValueSource Buyer and the expiration of any hold-period required by any applicable laws or regulations, the valuable will be shipped to the ValueSource Buyer with the Winning Bid at the expense of the ValueSource Buyer.

  7. If the item received by the ValueSource Buyer is Objectively Different (as defined below) from its auction description, the winning ValueSource Buyer may reject the transaction by sending an email to [email protected] within three (3) days from receiving it. In case of such rejection, the ValueSource Buyer must ship the item back fully insured to us and bear the associated shipping and insurance costs, based on the value of the Winning Bid. Items that are not Objectively Different may not be rejected. An "Objectively Different" item is an item that differs from the description provided by Worthy on a factual basis through measures that are no subjective, for example - a diamond carat’s weight (subjective measures, on the other hand, would be things like clarity, cut grade or the condition of the item).

  8. Shipping insurance of a valuable will be based on the Bid Amount of the Winning Bid.

  9. We will withhold our success fees from the Winning Bid according to rates published in our FAQ section (as may be updated by us from time to time). The reserve price shown to our buyers will already include our fees.  

  10. Please bear in mind that:

    1. ALL SUBMITTED RESPONSE BIDS ARE BINDING, AND WILL OBLIGATE THE RELEVANT VALUESOURCE BUYER TO PURCHASE THE VALUABLE IN ACCORDANCE WITH THE BID AMOUNT SHOULD IT BE CHOSEN AS THE WINNING BID.

    2. SINCE A BREACH BY A VALUESOURCE BUYER OF ITS OBLIGATION TO PURCHASE THE VALUABLE AND TRANSFER US THE BID AMOUNT IN CASE OF A WINNING BID MAY RESULT IN SUBSTANTIAL DAMAGE TO US, IT IS HEREBY AGREED THAT ANY SUCH BREACH SHALL ENTITLE WORTHY TO RECEIVE PUNITIVE DAMAGES FROM SUCH VALUESOURCE BUYER, IN AN AMOUNT EQUAL TO TWICE THE BID AMOUNT, WITHOUT DEROGATING FROM ANY RIGHT OR REMEDY THAT WORTHY MAY BE ENTITLED TO UNDER APPLICABLE LAW.

    3. ALL TRANSACTIONS ARE SUBJECT TO THE NEW YORK CITY DEPARTMENT OF CONSUMER AFFIARS, STATE AND FEDERAL REGULATIONS AND LAWS, AND REQUIRE THAT THE SUFFICIENT AMOUNT OF TIME PASS BEFORE THEY CAN BE SOLD (FOR MORE DETAILS SEE THE PROCESS SET FORTH IN OUR GENERAL TERMS AND CONDITIONS). IN OTHER WORDS, BY SUBMITTING YOUR BID, YOU ACKNOWLEDGE AND AGREE THAT YOU ARE AWARE (I) OF THE WAITING PERIOD FOR PURCHASED ITEMS AS DEFINED IN OUR GENERAL TERMS AND CONDITIONS, WHICH ALLOWS LAW OFFICIALS TO CONFISCATE THE ITEM UNDER CERTAIN CIRCUMSTANCES; (II) THAT IN SOME CASES, VALUABLES MIGHT NOT BE AVAILABLE FOR FINAL SALE AND WILL BE RETURNED TO THEIR ORIGINAL OWNERS OR THE RELEVANT LEGAL AUTHORITY / POLICE PURSUANT TO OUR GENERAL TERMS AND CONDITIONS; (III) THAT IT WILL TAKE US A NUMBER OF DAYS TO PROCESS AND COMPLETE THE TRANSACTION; AND (IV) THAT YOU WILL HAVE NO CLAIMS TOWARDS US DUE TO THE FACT THAT YOU WERE UNABLE TO MATERIALIZE YOUR WINNING BID.

    4. YOU HEREBY ACKNOWLEDGE THAT WORTHY PROVIDES ITS SERVICES ON BEHALF OF THE SELLERS MERELY AS A BROKER, AND WE DO NOT OWN OR HAVE TITLE TO ANY VALUABLES OFFERED FOR SALE ON OUR SITE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, IN REGARDS TO THE OWNERSHIP OF OR THE ABSENCE OF LIENS OR OTHER ENCUMBRANCES ON THE VALUABLES OFFERED FOR SALE BY THE SELLERS. IN THE EVENT THAT THERE IS ANY DEFICIENCY IN TITLE FOR ANY VALUABLES PURCHASED BY YOU THROUGH OUR SITE, YOU, ON BEHALF OF YOUR HEIRS, EXECUTORS, LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS, HEREBY IRREVOCABLY AND UNCONDITIONALLY RELEASE, REMISE, WAIVE, FOREVER DISCHARGE AND HOLD HARMLESS WORTHY FROM ANY AND ALL RIGHTS, DEMANDS, LOSSES, LIABILITIES, DAMAGES, CLAIMS, AND CAUSES OF ACTION WHATSOEVER WHICH YOU MAY BE ENTITLED TO ASSERT AGAINST WORTHY IN CONNECTION WITH SUCH DEFICIENCY IN TITLE. ANY DEFICIENCY IN TITLE WILL BE HANDLED DIRECTLY BETWEEN THE BUYER AND THE SELLER.

TERMINATION, DISQUALIFICATION

  1. If we determine, in our sole discretion, that a ValueSource Buyer is price fixing or otherwise abusing or breaching the Program, our website, our products/services or us in any other way, we may (without limiting any other rights or remedies available to us) terminate or suspend the participation of any ValueSource Buyer in the Program with or without notice to the ValueSource Buyer.

  2. A ValueSource Buyer may terminate his/her participation for any reason at any time by emailing us at [email protected]; however, all commitments made by a ValueSource Buyer prior to termination, including with respect to any Bid Response submitted, shall remain in effect and must be respected and fulfilled by you in accordance with their terms.

  3. We may elect to terminate or suspend the Program at our sole discretion at any time.

ANYTHING ELSE YOU SHOULD KNOW?

  1. The Program is intended only for participants that can lawfully enter into and form contracts under applicable law.

  2. A ValueSource Buyer undertakes to use the Program in a manner that demonstrates common sense and respect for our rights and the rights of third parties.

  3. Our main means of communicating with ValueSource Buyers are electronic means. ValueSource Buyers must provide us with accurate and complete contact information when registering as a ValueSource Buyer. It is the ValueSource Buyer's responsibility to maintain a current & valid email address.

  4. The ValueSource Buyer undertakes not to use our name or our brand names (or any name that is confusingly similar to either) for any purpose without our prior written permission. The ValueSource Buyer undertakes not to register any domain name that incorporates our names, trademarks or that is confusingly similar to our names or trademarks.

  5. The ValueSource Buyer hereby affirms that we may utilize ValueSource Buyer's name, details, pictures and images (the "Promotional Items") for our online and offline marketing materials, including, but not limited to, our website. The ValueSource Buyer hereby grants us an irrevocable, worldwide, perpetual license to utilize such Promotional Items for no additional consideration other than participation in the Program.

  6. The ValueSource Buyer agrees and undertakes not to, for so long as he/she serves as a ValueSource Buyer and for a period of twelve (12) months thereafter, for any reason whatsoever, directly or indirectly, in any capacity whatsoever, to engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged in any activities competing with our activities; provided, however, that the ValueSource Buyer may purchase or otherwise acquire up to five percent (5%) of any class of securities of any entity whose stock is publicly traded.

  7. The ValueSource Buyer acknowledges that customers (i.e., the Sellers) who subscribe or use our services will be deemed to be our customers, and not customers of the ValueSource Buyer. Any information regarding our customers that is provided to a ValueSource Buyer must be kept confidential, may only be used for the purposes set forth herein, and must be immediately deleted thereafter.

  8. As a ValueSource Buyer, you are solely responsible for the activity that occurs through your account. We urge you to keep your account password secure and to always log-off from our website when leaving your computer unattended. We will not be liable for losses caused by any unauthorized use of your account. We strongly recommend you notify us immediately of unauthorized use or access to your account.

  9. Participation in the Program shall not be construed to create any employment relationship, or partnership between us and a ValueSource Buyer. A ValueSource Buyer shall have no authority to bind us to any agreement, nor shall the ValueSource Buyer be considered to be our agent in any respect.

  10. A ValueSource Buyer shall indemnify us and hold us harmless from any claim, damage, lawsuit, action, complaint, or other costs arising out of any breach of ValueSource Buyer’s undertakings under the Terms.

  11. We shall not be liable for any loss of profits or costs, or for any direct, indirect, special, incidental or consequential damages, including costs associated with the procurement of substitute goods or services (whether we were or should have been aware or advised of the possibility of such damage), arising out of or associated with any loss, suspension or interruption of service, termination of the Program, or other performance of services under the Terms.

  12. THE PROGRAM IS PROVIDED ON AN "AS IS" AND AN "AS AVAILABLE" BASIS. WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT FOR THE USE OF THE PROGRAM. NO ADVICE OR INFORMATION OBTAINED FROM US, OUR AGENTS, REPRESENTATIVES OR THROUGH THE PROGRAM OR OUR SERVICES WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED HEREIN.

  13. The Terms, together with any instruments later executed between you and us constitute the entire agreement between the parties concerning the subject matter hereof, replacing any prior agreements. If there is any conflict between the Terms and specific instrument relating to an actual transaction between us, which was explicitly approved by us, the specific instrument will prevail. Failure to enforce any provision will not constitute a waiver of that provision. If any provision is found unenforceable, it and any related provisions will be interpreted to best accomplish the unenforceable provision’s essential purpose. The Terms shall be governed by the laws of the State of New York, without giving effect to any principles of conflicts of laws thereof. The eligible courts of New York, NY, shall have exclusive jurisdiction over all disputes arising from or in connection with this Agreement. Nothing in these Terms limits either party’s ability to seek equitable relief.