Terms and Conditions Agreement
Last update: October 8, 2012

TERMS AND CONDITIONS AGREEMENT

BY BIDDING ON ITEMS OFFERED AT AUCTION FROM WHOLESALE COINS DIRECT, LLC THE BIDDER/BUYER SPECIFICALLY AGREES TO BE BOUND BY THESE TERMS AND CONDITIONS AS A PRECONDITION TO WHOLESALE COINS DIRECT PERMITTING THE BIDDER TO PARTICIPATE IN AUCTIONS OFFERED BY THE COMPANY:

1.) Each lot will be sold to the highest bidder unless the reserve or starting price is not met. Bids may be submitted live on the Internet up to and until each lot is closed during the live session. All bids must be received before the auction session begins. Wholesale Coins Direct, LLC (hereinafter referred to as “Auctioneer,” or “we,” “us” or “our”) or any of its employees individually cannot be responsible for errors in bidding or the loss or delay of any bids that do not reach us by the closing date and time, or for any technical glitches that prevent internet bids from being executed. All bids are in U.S. dollars. In order to bid, every bidder must first register to bid online through submission of a Bid Sheet via electronic form submission at www.auction.wholesalecoinsdirect.com. By submitting a bid, the bidder acknowledges having read and understood these Terms and Conditions as well as the lot description, and the bidder agrees to be bound by these Terms and Conditions. Bidder further agrees that an invoice describing the lot by number incorporates these Terms and Conditions and the lot description.

2.) Winning bids will be reduced automatically by the iCollector platform to the next increment above the second-highest bid. In the case of tie bids, the earliest bidder will win the lot. Bidders are advised to provide allowable percentage increases to avoid losing lots due to a tie.

3.) A WINNING BID IS CONSIDERED A FORMAL CONTRACT BETWEEN THE BUYER AND THE CONSIGNOR. The winning bidder, even if acting as an agent for someone else, is considered the buyer, and, by submitting his bid, agrees to purchase the lot(s) he has won and to pay the Buyer’s Premium and any shipping costs, sales tax, bank-wire fees, customs duties, or other such surcharges as may be required in delivering the lot(s) to the buyer. Certain lots (particularly artifacts) may require special packaging and handling, for which a surcharge will be levied (also note shipping calculations can delay invoicing in some cases). In some special cases delivery may be arranged directly between the consignor and the buyer, at the buyer’s cost. At no time shall the buyer have any legal recourse against the consignor for any reason. Winning bidders will be notified as soon as possible after the sale with an invoice reflecting the total amount due and shall remit payment within two (2) weeks of notification or within one (1) month of the date of the first session of the auction, whichever is sooner. Winning bidders who do not receive notification for whatever reason are specifically NOT released from their obligation to pay on time. If payment has not been received within these terms, the Auctioneer reserves the right to sell the lot(s) to any under-bidders for their lower bid amounts. Title to each lot does not pass until the item has been paid in full. Any late payments (one month past invoice date) will be assessed an accrued interest charge of 2% per month.

4.) Unless other arrangements are made, all lots will be sent to winning bidders via Federal Express or U.S. Mail once the invoice has been paid in full. All domestic shipments will be fully insured by Lloyd’s of London or other such insurer as Wholesale Coins Direct, LLC may designate; however, foreign shipments are made at the buyer’s risk. Wholesale Coins Direct, LLC is responsible for loss or damage to lots only up until they are received at the address to which they are sent; any forwarding of the package or transshipment from there is the buyer’s responsibility alone. Generally, lots will be shipped in the order in which they are paid.

5.) A Buyer’s Premium of 10% will be added to the winning bid for the total purchase price before any applicable tax or surcharges. An additional Buyer’s Premium of 3% is charged ONLY when paying via PayPal or credit card. Winning bidders who pay by electronic check/ACH (Automated Clearing House) or bank wire transfer are NOT required to pay the additional Buyer’s Premium of 3%.

6.) Acceptable forms of payment are bank wire transfer, electronic check/ACH, PayPal, Visa/MC, American Express and Discover. Payments by PayPal, limited to $15,000 per auction per buyer, should be made to info@wholesalecoinsdirect.com. Credit card, electronic check/ACH, and PayPal payments are strictly limited to $15,000 per auction. All winning bidders submitting settlement payments in excess of $15,000 must pay via bank wire transfer unless other arrangements have been specifically agreed to in writing by Wholesale Coins Direct, LLC in advance of the auction. All payments shall be in U.S. dollars drawn on a U.S. bank. Please contact us for instructions for bank wire transfer payments, for which bank charges may be added to the amount to be paid, generally depending on the country from which the wire originates.

7.) Any bidder with an overdue balance with Wholesale Coins Direct, LLC must complete payment by bank wire transfer of the outstanding balance, plus fees and interest before further bids will be accepted.

8.) Most lots are unreserved, but some lots do have an undisclosed reserve or minimum bid assigned by the consignor. Any reserve will generally be below or within the stated estimate range. All estimates are given in U.S. dollars.

9.) As an active dealer, Wholesale Coins Direct, LLC is able to estimate a reasonably low wholesale level for each lot and reserves the right to reject any bids below this level (generally at least 70% of low estimate). Furthermore, at our sole discretion and for any reason whatsoever, we reserve the right to reject any bids that we have reason to believe are not submitted in good faith. Starting bids are provided on iCollector when the auction is published, and bids below those starting bids cannot be entered. Prices realized do not necessarily reflect accurate market values.

10.) All items are guaranteed genuine, except where specifically indicated in the description. Wholesale Coins Direct, LLC does NOT guarantee that any lots can be successfully encapsulated (coins) even if explicitly or implicitly stated in the descriptions. Auctions are NOT approval sales, and therefore returns are NOT accepted UNLESS there is an error in the listing. Note that grading and estimation of corrosion are subjective and differences of opinion cannot be considered errors. Lots encapsulated by PCGS, NGC or any other third-party company may not be returned for any reason. Disputes as to coin authenticity shall be resolved by submission to PCGS or NGC, and if their determination is inconclusive, then the opinion of Wholesale Coins Direct, LLC shall stand. Any disputes, including proposed returns, must be brought to our attention no later than 2 days after receipt of the lot(s) by the buyer and BEFORE return shipment to us, with any applicable refunds to be made immediately upon receipt of the returned item(s) by us. In order for a return to be accepted, it MUST be accompanied by a Return Merchandise Authorization (RMA), which shall be issued to the buyer by Wholesale Coins Direct, LLC on a case by case basis according to these Terms and Conditions. All approved returns must be received by Wholesale Coins Direct, LLC in unaltered condition and in their original, unopened, sealed flips, cases, or holders no later than one month after the date of the first auction session (note that late remittance will negate the buyers return privileges). All approved refunds for returns which were originally paid by credit card will be subject to a 5% return fee.

11.) High-quality photos of all items are viewable on our website at www.auction.wholesalecoinsdirect.com and on iCollector 24 hours a day, 7 days a week. Most item photos are representative images and likely are NOT of the actual item up for bid, though we guarantee that your item will be the exact year, mint and grade represented in the photo and description. In addition, please note that color and brightness of online photos may vary according to your computer, monitor, and video-card specifications.

12.) For any won lots that are delivered within the State of Texas, sales tax of 8.25% will be added to all non-exempt purchases of items that are NOT coins or bullion. Non-exempt coins and bullion are also taxed if the total coin and/or bullion purchase is less than $1,000. Exempt purchases require a copy of the buyer’s current exemption certificate or overseas exportation affidavit.

13.) All bidders and consignors acknowledge and agree that the Auctioneer (Wholesale Coins Direct, LLC) does NOT guarantee that auctions will be unimpaired, uninterrupted or error-free and accordingly shall not be liable for such eventualities. Any errors in the printed catalog will be rectified on the website and iCollector as they come to our attention, and those corrected listings shall be deemed the binding descriptions at the time of the auction. The Auctioneer at its sole and absolute discretion may accept or decline any bid, remove bids and reopen bidding, withdraw lots, or change lot sequence or bidding increments at any time, even after the winning bid and winning bidder have been announced. Any bidding disputes shall be adjudicated by the Auctioneer, whose decision shall be deemed binding and final. All oral and written statements made by the Auctioneer and its employees are statements of opinion only, and are not warranties or representations of any kind, unless specifically stated in writing to be a warranty. The Auctioneer reserves the right to vary or alter the Terms and Conditions, either generally or with respect to specific persons or circumstances, at its sole discretion, but any such variation or alteration shall be effective only if in writing and signed by the Auctioneer.
14.) To the extent authorized by the Constitution and laws of the State of Texas, buyer shall indemnify and hold Wholesale Coins Direct, LLC harmless against any and all claims, demands, damages, liabilities and costs incurred by buyer which directly or indirectly result from, or arise in connection with, any negligent act or omission of Wholesale Coins Direct, LLC, its agents, officers, executives, directors, and employees, pertaining to its activities and obligations under this Agreement. Buyer shall indemnify and hold Wholesale Coins Direct, LLC, its agents, officers, executives, directors, and employees harmless against any and all claims, demands, damages, liabilities and costs which directly or indirectly result from, or arise in connection with, buyers use of products purchased from Wholesale Coins Direct, LLC, up to and including buyers purchase of products as an investment vehicle with an intention to sell the products for a profit in the future. Wholesale Coins Direct, LLC, specifically does not guarantee the market value of any of the products it offers for auction, or that the product will be able to be resold by the buyer.
14.) This auction is conducted in accordance with the auction laws of the State of Texas. The auctioneer is Wholesale Coins Direct, LLC. Buyer and consignor confirm and agree that any legal disputes regarding this auction shall be resolved through the courts of Travis County in the State of Texas.