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Marketplace Auction Terms

MARKETPLACE AUCTION TERMS

 

NTWRK’s Services allow Creators to conduct and facilitate live auctions (“Auction(s)”) on the NTWRK Platform and users to bid on and purchase the Products from Creators’ Auctions. By using the Services in any manner, you agree to be bound by the terms and conditions of set forth in these Auction Terms and the Service Terms.

 

In offering its Services, NTWRK acts as an intermediary platform provider to allow users and Creators to communicate and connect with each other in connection with any product or service offered for sale through the Platform, made available for promotion, advertising or sale on the Platform, and/or fulfilled or otherwise processed in accordance with Section 5 of this Agreement. NTWRK is not an auction house and we are not conducting live auctions. The sale of any Product through the NTWRK Platform forms a binding contractual agreement solely between you and the customer.

 

If you participate in or host an Auction, you agree to pay all fees and costs according to this Agreement and to be bound by the following Auction Rules, as may be updated by NTWRK from time to time.

  • You Bid, You Buy. It's important for the integrity of an Auction—If you bid on something you should be prepared to buy it. If you fail to pay or complete any Transaction, NTWRK may, in its sole discretion, deactivate your account and/or terminate your use of the Services completely.
  • Clear Errors or Glitches. If there has been a clear error by a Creator or user (e.g., bidding $1,050.00 instead of $50.00), NTWRK may cancel the original Auction, and the Auction Product may be re-auctioned by the Creator.
  • No Shill Bidding. You can only bid if you intend to buy the Product. Any evidence of bidding up prices may result in a permanent ban. Shill bidding (i.e., bidding by Creator or its representative(s) on Products listed for auction by Creator to artificially inflate prices, including without limitation, placing consecutive or successive bids or bids in response to other bidders) is strictly prohibited by NTWRK.
  • No Reserve Pricing; Obligation to Sell. Creators do not have the ability to set a reserve price (i.e., setting a confidential minimum price an Auction Product must hit in order to be sold and below which will not be sold). When an Auction closes, the highest bidder at the time of close has won the Auction, and Creators are obligated to complete and fulfill the Transaction in accordance therewith (even if the winning bid is less than the Creator expected for the Auction Product).
  • Auctioning Restricted Products. Creators will refrain from auctioning any Product that is prohibited by the Service Terms or would otherwise violate any applicable laws or regulations, or which would subject NTWRK or its suppliers to potential harm, damages, or liability. You hereby agree to comply with the Product and Publishing Requirements and the NTWRK Creator Studio guidelines.
  • All Sales Are Final. NTWRK operates under an All Sales Final Policy. All sales made on the Platform, including Auction sales, are final sale, except in cases of fraudulent purchase arising from the theft and unauthorized use of a third party's credit card information.

 

 

AUCTION ELIGIBILITY

NTWRK has eligibility requirements that must be met by users and Creators in order to participate in or host an Auction on the Platform. You may be required to apply for or obtain approval from NTWRK in order to partake in an Auction. NTWRK reserves the right to establish additional and/or alternative eligibility requirements at any time, whether permanently or temporarily, as NTWRK deems reasonable.

 

Hosting an Auction

Prior to going live, Creators must select which Product (or Products) they would like to offer for sale via Auction. You will make such selection directly through the NTWRK app when linking a new Product to the Platform from your Account or in accordance with the steps set forth on NTWRK Creator Studio. Eligibility to host an Auction will be determined in NTWRK’s sole and absolute discretion. Authorization to host one Auction does not guarantee authorization to host any other Auctions.

 

Once authorized, you are eligible to facilitate the Auction as the auctioneer of the selected Product. Such authorization prompts the Product to be configured as an “Auction” Product (“Auction Product(s)”), which is reflected on the Platform and visible to you through your Account. Acting as the auctioneer, you direct, conduct, and are responsible for the sale of the Auction Product(s) and must do so in accordance with the Auction Terms and all additional requirements and obligations of Creators in connection with the use of the Platform and NTWRK Services as set forth herein.

 

As an Auction facilitator, Creators will have access to the following features with respect to the show they are hosting:

  • Creators will be able to view their entire product catalogue (i.e., all Auction Products available to be sold) for the show;
  • Creators will be able to see which Products have been configured for “Auction” during the show;
  • Creators will be able to see which Products have been configured for “Buy Now” (if applicable); and
  • Creators will be able to select which Auction Product to initiate an Auction for.

 

Participating in an Auction

Prior to participating in a live show Auction, NTWRK users must have a valid payment method on file. If you do not have a valid payment method on file, you are restricted from participating in the Auction and placing a bid. A user without a form of payment on file (a “Viewer”) may only watch the live show Auction as a viewer. A user with a payment method on file (a “Bidder”) may watch the live show Auction, bid on the Auction Product(s), and participate in the Auction until the close of the Auction. Creators and users both have a real-time view of how the Auction is performing during the live show.

 

NTWRK provides a platform for Creators to facilitate live auctions of their Auction Products. You agree that NTWRK will not be a party to any consignment agreement or any other contractual relationship between you and the winning Bidder (i.e., the winner of the Auction) or any other third party in connection with the sale, purchase, and/or transfer of the Auction Product.

 

 

INITIATING AN AUCTION; AUCTION TRANSACTIONS

You can initiate an Auction during a live show for any Product that has been configured for “Auction.” You are responsible for configuring the Starting Price and Auction Length. “Starting Price” means the initial minimum bid for the Product up for Auction. “Auction Length” means the amount of time users have to participate in the Auction and place bids before the close of the Auction. You agree to provide accurate and complete information pursuant to the NTWRK Creator Studio guidelines and the Marketplace General Policies for each of the Auction Products.

 

Auctions begin with the price of the Product set at the initial minimum bid for the Product, and Bidders have the opportunity to bid up the price of the Product from the time the Auction begins to the close of the Auction. When an Auction closes, the highest Bidder at the time of close has won the Auction, and the Product.

 

You may also have the ability to configure a “Buy Now” Price for an Auction Product. By setting a specific fixed price for which the Auction Product will automatically sell at (the “Buy Now Price”), you create a binding offer to sell the Auction Product at the Buy Now Price. When the Buy Now Price aligns with a Bidder’s specified buying price, the Auction Product will be withdrawn from the Auction, Your Transaction will be processed, and the Auction will close, regardless of the Auction Length.

 

You will fulfill Your Transactions and all sales of Your Products brought to Auction, in accordance with the Service Terms, including the NTWRK Creator Studio guidelines, policies and obligations, and you agree to be solely responsible for and bear all risk associated with those activities. For more information on order processing, shipping, and issues will Products or fulfilling orders, see Section 5 of this Agreement.

 

REMOVAL OF PRODUCTS

NTWRK may remove a Product listing or a Product’s “Auction” configuration without any notice to the Creator for any of Your Products if, in NTWRK’s sole discretion (i) there is doubt as to the accuracy of the product information, (ii) Creator has breached or is about to breach any provision of this Agreement, whether because of such Product up for auction or otherwise, (iii) there is doubt as to clear title or ownership, including ownership of intellectual property, of the Product, or (iv) such Product offering may expose NTWRK to potential liability or the threat of litigation. NTWRK shall not have any liability for removal of property under this section and the need for such removal shall be grounds for NTWRK to immediately terminate your use of any Services or terminate this Agreement.

 

BIDDING, BUYING AND CONDITIONS OF SALE

The rules for how bids are accepted, bid increments, bid retraction and cancellation, the conditions the user must meet to purchase a Product, as well as the specific conditions of sale may change for each Auction.

 

Manual Bidding

Manual bidding is a bidding method that lets Bidders customize and set their own bid during a live show Auction. This differs from automated bid strategies, which sets bid amounts for you. Manual bidding gives Bidders control to customize each bid the Bidder places on an Auction Product.

 

Automatic Bidding

Automatic bidding is a bidding method that allows Bidders to quickly place a bid on an Auction Product where the price the Bidder bids is determined by the current bid price for the Auction Product. Through NTWRK’s automatic bidding process, when Bidders place a bid, the Bidder enters the maximum amount that they are willing to pay for the Auction Product (“Maximum Bid”). The amount the Bidder enters can be the next minimum bid indicated on the live show Auction page or any greater amount.

 

When you enter a Maximum Bid, the system will automatically place a bid for you at the amount of the next minimum bid, according to our automatic bidding increments. As the Auction continues, the system will continue to bid automatically for you by increments, up to your Maximum Bid, only as much as necessary to maintain your position as the highest bidder.

 

The increments are based on the current bid of each item and increase at the following intervals, when the current bid is:

  • <$20: Increment by $1
  • <$20 to $50: Increment by $2
  • $50 to $100: Increment by $5
  • $100 to $500: Increment by $10
  • $500 to $1000: Increment by $20
  • $1000 to $2000: Increment by $50
  • $2000 to $4000: Increment by $100
  • $4000 to $8000: Increment by $200
  • $8000 and above: Increment by $300

 

NTWRK reserved the right modify, add or remove bidding increments at our sole discretion at any time before, during or after any Auction.

 

All Bids are Final

Once you have participated in an Auction, placed a bid on the Auction Product, and your bid is confirmed on the Platform, your bid cannot be withdrawn, except in cases where the completion of the Transaction would violate any applicable laws or in cases of fraudulent purchase arising from the theft and unauthorized use of a third party's credit card information.

 

Bidder’s Responsibility

Each Bidder that places a bid is required to complete the Transaction if they place the winning bid (or their bid is otherwise accepted), as a bid is a legally binding commitment to purchase the Auction Product if the Bidder is the winner of the Auction. When you place a bid on any Product, you are accepting personal liability for the purchase price, any applicable taxes, any and all shipping costs, and all other applicable charges in accordance with the Service Terms, including this Agreement and the NTWRK Terms of Service.

 

 

PURCHASE TERMS

At the close of the Auction, the winner of the Auction (i.e., the Bidder with the highest bid as of the Auction close) will be announced to the Creator hosting the Auction, Bidders partaking in the Auction, and Viewers viewing the Auction. Immediately at the time of Auction close, the Transaction should automatically be processed based on the winning Bidder’s default shipping destination and payment method on file. Winning Bidder’s will be charged the total amount of the Transaction, which includes the purchase price plus all applicable fees as set forth in the NTWRK Terms of Service.

 

Failure to Purchase

If a Transaction fails to process at the conclusion of an Auction, whether due to a declined or expired payment method or otherwise, the winning Bidder is prompted to complete the purchase for the Auction Product by either reviewing the default payment method on file or providing an alternative valid payment method in an attempt to process the Transaction.

 

If the reprocess attempt is unsuccessful, the winning Bidder will have three (3) days to resolve the processing issue and provide a valid payment method. During this time period, the winning Bidder is blocked from participating in any Auctions on the Platform until they complete the purchase and the Transaction is processed. If within this three (3) day window, the winning Bidder does not provide information sufficient to allow for the Transaction to be processed, or the Creator does not cancel the Transaction before the winning Bidder provides a valid payment method, NTWRK may terminate the winning Bidder’s use of our Services and Platform and/or deactivate the winning Bidder’s Account.

 

If an effort to assist with fulfillment of the purchase, NTWRK may provide Creator with the winning Bidder’s Order Information (which may include, customer name, email address, shipping address, phone numbers, and/or other order fulfillment information). You agree any personal information you receive may only be used for NTWRK-related communications and for NTWRK-facilitated transactions on the Platform. You may not use this information for unsolicited commercial messages or unauthorized transactions or for any purpose outside of our Services.

 

AUCTION INDEMNIFICATION

Creator shall be responsible for and agrees to defend, indemnify, and hold NTWRK, its shareholders, members, partners, officers, directors, employees, agents, parent company, subsidiaries, affiliates, joint venturers, successors and assigns, harmless from, and against, any causes of action, suits, claims, demands, judgments, liabilities, losses, damages, awards, penalties, fines, costs and expenses (including, but not limited to, reasonable attorney's fees), arising out of, relating to, or resulting from, the Action(s) of the Creator in his or her role as the auctioneer and facilitator, including, but not limited to, the offering or sale of Products by Auction, including the associated Transaction, and the acceptance of bids.