Bullion Shark AUCTION TERMS
2. Consignor hereby represents and warrants that: (1) Consignor is the legal owner of and has complete title and interest in the coins consigned to Bullion Shark; (2) all coins consigned to Bullion Shark are free and clear of any and all liens, encumbrances, security interests or contract rights restricting the unconditional right to sell all rights, title and interest in and to such coins; and (3) all consigned coins are certified coins and any packaging, holders or similar items have not been tampered with or resealed.
3. Consignor agrees to pay Bullion Shark a listing fee for each coin offered by auction and, for each coin sold, a seller’s fee. Fees are as follows:
-$1-$999 minimum bid -$5
-$1,000 and up minimum bid $10
4% for a coin under $1,000 (coins that sell)
0% for a coin over $1,000 (coins that sell)
4. Should your coins do sell in their first auction, Bullion Shark agrees to relist coins up to two additional times. There will be no listing fees charged for these (2) additional relistings. However, in the event you prefer your coins not to be relisted, please note this in the “Notes” box on the Bullion Shark Consignment Form.
5. Consignor acknowledges that the hammer price is and will be deemed the final bid price accepted by the auctioneer. It is expressly understood that the hammer price does not include the buyer’s fee, which Bullion Shark retains in full.
6. Bullion Shark has the right in its sole discretion (i) to reject any Consignment, (ii) to cancel any auction, (iii) to postpone or change the date/time of auction and/or (iv) to rescind any sale. Bullion Shark also reserves the right in its sole and absolute discretion to cancel or reject any bidder from bidding, when we believe it is not in the Consignor’s and/or Bullion Shark’s best interest.
7. A Consignor is able to list a minimum bid on every coin consigned, according to the three options listed on the “Minimum Bids” section of the Consignment Form. It is the Consignor's sole responsibility to verify that the correct minimum bids are entered as soon as their coins are
uploaded to the Bullion Shark Auction website. Any corrections should be reported as early as possible before the end of the auction. The minimum bid amount is displayed on all coins listed at Bullion Shark. Consignor may not withdraw any coin for any reason whatsoever.
8. If the successful bidder or buyer is in default and Bullion Shark is not satisfied, in its own and absolute sole discretion, that the amount due for any particular Consignor’s lot[s] will be paid in full, Bullion Shark reserves the right to take one or more of the following actions: (1) declare the sale null and void and return the coins to the Consignor; (2) declare the sale null and void and reoffer the coins in another auction; and/or (3) proceed against buyer on behalf of Consignor. In addition, Bullion Shark offers a return privilege to buyers. In the event your coin is returned, we will cancel the sale and relist your item. In the event that Bullion Shark cancels the sale of your coins or your coins are returned, all listing fees and seller’s fees will be refunded to Consignor.
9. Bullion Shark shall remit to Consignor, within thirty (30) days after the close of the Auction, and in the following order, the net proceeds, which equals the hammer price less seller’s fees, listing fees, interest for cash advances, other monies owed to Bullion Shark by Consignor and cash advances to principal. In the event the Consignor’s sales do not exceed fees or monies owed to Bullion Shark, the Consignor agrees to pay Bullion Shark all monies owed within seven days of invoice date. In certain instances, it is acknowledged and agreed that an introductory commission may be paid by Bullion Shark to an agent of Consignor for referring the Consignment to Bullion Shark.
10. Bullion Shark will provide insurance for loss or damage for consigned coins while in the possession of Bullion Shark and while any are being shipped back to the Consignor, subject to certain terms and exclusions. In the event of an insurance claim, subject to certain terms and exclusions, our insurance carrier will pay you the fair market value, less the seller’s fees and buyer’s fees, based on the total insurance proceeds. This payment to you by the insurance carrier shall completely satisfy any and all of our obligations regarding the Consignments under this Agreement. Please note that until such time as Bullion Shark has checked in consigned coins as received and notified you of such receipt, Bullion Shark will have no liability whatsoever with respect to such coins.
12. In the event a coin(s) is returned by a bidder, or in the event Bullion Shark rejects a consignment, the shipping fees specified in the Auction Terms below will apply in conjunction with the return of coin(s) to Consignor or prospective Consignor.
1. Bidding, purchasing and/or consigning items at Bullion Shark Auction constitutes acceptance by users of all terms of auction stated herein (“Terms of Auction”).
2. You represent and warrant that all certified coins have been graded and certified by one of the leading independent grading companies: PCGS, NGC, ANACS or ICG. Grading of rare coins is subjective and may differ among independent grading services and among numismatists, even though grading has a material effect on the value of the coins. Bullion Shark is not responsible for the grades assigned and makes no warranty or representation and shall have no liability regarding such grades.
3. Items are available for bid and for direct sale. All photographs posted on Bullion Shark’s Website are typically of the actual items being sold but may not be the actual size or to scale. From time to time an image of a coin might be a stock photo, however the coin you will receive will be the same quality as represented. All photographs remain the property of Bullion Shark and are usually available for publication when credit is given. All requests for using Bullion Shark images should be sent via e-mail to [firstname.lastname@example.org]. Bullion Shark reserves the right to withdraw any lot prior to the end of the auction, regardless of bids being received. In the sole discretion of Bullion Shark, we reserve the right to delay the end time, suspend, postpone or cancel auctions or direct purchase items, without liability of any kind whatsoever to consignors or bidders, including if there is/was an error in the listing, whether made by Bullion Shark or not. In most cases, Bullion Shark will post notification of any such action on the Website as soon as reasonably feasible. For certain buy now items, the photo is representative, and the certification number may vary, but will be identical in all other respects.
4. Reserves. Bullion Shark does not offer coins with hidden reserves. All items offered have opening or minimum bids, which is the lowest amount acceptable to the consignor and/or Bullion Shark.
5. Registration Process. A bidder must register and provide personal information to Bullion Shark in order to bid and must be over 18 years of age. Bullion Shark may refuse, reject or cancel any bid or purchase from any specific bidder without giving notice or reason to bidder.
6. Auctions – Bidding Process. You may bid any amount on any lot providing the bid is at least the next incremental bid displayed on the lot information page. The website software will award the winning bidder at one bid increment above the second highest bidder, providing the minimum bid has been met. In the case of tied bids, preference will be given to the earlier bid received. Bids may not be canceled once they are placed. If you have questions about the bidding process, please call [516-739-5822]. ].
7. Auction Winnings, Buy Now and Invoicing. Once you win an auction, the item will appear in your Bullion Shark Auction Portal Invoicing System and it will be billed on the credit card you provided. At this time, you can add other items (Buy Now - Fixed Price items) or wait for additional auctions to end, or you can check out and pay for your invoice immediately. Price Buyers’ fees are as follows:
-12.5% for auctions paid by credit card/paypal, up to $10,000 allowed on credit card/paypal
-Minimum buyer fee of $5
This fee is paid by all bidders, regardless of affiliation or status as a dealer. Fixed price listings do not attract a Buyers' Fee.
Shipping Fees will be added to your invoice according to our standard Shipping Fees, which are currently as follows:
-Under $250 is $7.99 - USPS first class mail
-Over $250 $9.99 - USPS first class mail with signature confirmation
-$500 plus, $15 - USPS priority mail with signature
-$10,000 plus FedEx ground with signature $29.95
8. Sales Tax. Sales tax will be collected by Bullion Shark as required under applicable state law.
9. Payments by Bidder. We welcome payment by Paypal, Visa, MasterCard, American Express and Discover (Credit Card/PayPal payments are limited for invoices under US$10,000 only). Payments are due within seven days of the auction end or your commit to purchase using Buy Now. If you are unable to make payment within seven days, please contact Bullion Shark to try and make alternative arrangements. For new clients and/or large transactions, Bullion Shark may request full or part payment by wire or hold shipments until payments can be verified. Bullion Shark may also ask for industry and/or banking references. If Bullion Shark cannot verify payment within seven days, Bullion reserves the right to cancel the transaction.
10. Non-Payment by Bidder. Bidders personally and unconditionally guarantee all payments that are or become owed to Bullion Shark. In the event the bidder/buyer fails to make payment when due, Bullion Shark reserves the right to rescind the sale or to resell the lots in another auction or private sale. Buyer agrees to pay for all costs associated with reselling
the items, including the standard commission rates charged to Consignors by Bullion Shark. Any shortfall will become immediately due to Bullion Shark by buyer, together with any attorney costs, collection fees and interest. Bidder grants Bullion Shark the right to offset any sum due from any past, current, or future consignment or purchases that are in the possession or control of Bullion Shark or any related company. All overdue invoices attract an interest charge of 1.5% per month until invoice is paid in full (unless this rate exceeds the maximum permissible by law, in which case any amount paid in excess will be applied to the principal). To the extent that the winning bidder for any lot consists of more than one person or entity, each such person or entity is jointly and severally liable for all obligations of the bidder, regardless of the title or capacity of such person or entity. There is a $30 fee for returned checks. Bullion Shark reserves the right to assign its interest to any third party.
11. Shipping. Items will be shipped to the address on file, which you need to confirm when paying online after each invoice. Bullion Shark ships using a variety of shipping companies based on insurance levels, cost and service, and in general, you will need to sign for your package. Bullion Shark provides limited insurance coverage for loss, theft or damage of coins while in its possession and for shipments it makes to bidder in an amount as determined by Bullion Shark’s insurer. In the case of shipping auction and Buy Now purchases to bidder, the insurance coverage will be for the full purchase price of the coin(s) listed on an official Bullion Shark invoice. Bullion Shark makes no warranty or representation regarding the adequacy of insurance coverage it provides which is solely as an accommodation to the parties. Any claim by bidder for loss or damage (1) shall be limited to such insurance as is provided by Bullion Shark, and (2) must be made in writing to Bullion Shark no later than thirty (30) days from Bullion Shark ship date. In the event of a claim, bidder must comply with all insurance and U.S. Postal Service requirements.
12. Return Policy. Bullion Shark offers a generous return policy (unless otherwise marked on the item information page) as a courtesy to buyers, providing the item is paid for within seven days of the auction date (or in the case of a Buy Now item, when you confirmed to purchase the item) and no request to delay shipment is made by buyer. Certified coins must be in the original sealed grading service holders. To return an item, the buyer must notify Bullion Shark within 24 hours of receipt and receive a return confirmation number. Please mail the coin via Insured Mail to Bullion Shark within 72 hours of receipt of coin. Original and return shipping costs are not refunded. Returns will not be accepted without the return confirmation number. Registered bidders are allowed one free return each month. For more than one return in a calendar month, a 5% fee will apply, based on the total purchase price of the item. Bidders found to be abusing our return policy will be notified in writing that they will no longer have any return policy privileges whatsoever. If you viewed the item prior to winning the auction or offered the coin for sale to any dealer, collector and/or marketplace, there is no return privilege.
13. We reserve the right to include in any auction or for direct sale coins or other items that we have an interest in, whether direct or indirect.
14. NO WARRANTY, EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IS MADE IN RESPECT TO ANY AUCTIONED ITEM EXCEPT FOR WARRANTY OF TITLE. IN THE CASE OF TITLE, BULLION SHARK IS SELLING ONLY THAT RIGHT OR TITLE TO THE ITEM THAT THE CONSIGNOR MAY HAVE AS OF THE AUCTION SALE DATE. ALL ITEMS ARE SOLD "AS IS" AND WITH ALL FAULTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF AN ITEM.
15. Users of Bullion Shark’s Services, whether bidder or Consignor, acknowledge that the rare coin market is speculative, volatile and unregulated, and that coin prices may rise or fall over time. Bullion Shark does not offer investment advice and does not guarantee that items will be able to be sold for a profit in the future.
17. Bullion Shark reserves the right to amend these Terms of Auction from time to time. The current Terms of Auction will always be posted online at [www.bullionsharks.com or auctions.bullionsharks.com].
DISCLAIMER OF RISK AND FORWARD-LOOKING STATEMENTS
All investments, including coins and bullion, involve some degree of risk and are affected by numerous economic factors, all of which are beyond the control of Bullion Shark. You, and not Bullion Shark, are responsible for such risk, including, without limitation, market volatility and inability to liquidate the products at an acceptable price, or at all. Consult Your investment or financial advisor prior to purchasing/selling and fully assess whether You possess adequate savings and income prior to considering such an investment. You represent and warrant to Bullion Shark that You have sufficient experience and knowledge to make informed financial decisions and that Bullion Shark is not making any recommendation with respect to such purchases and/or such sales. YOU ARE URGED TO CONSULT WITH YOUR INVESTMENT AND FINANCIAL ADVISOR PRIOR TO PURCHASING.
THIS WEBSITE MAY CONTAIN FORWARD LOOKING STATEMENTS THAT REFLECT BULLION SHARK’S CURRENT EXPECTATION REGARDING FUTURE EVENTS AND BUSINESS DEVELOPMENT. THE FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES. ACTUAL DEVELOPMENTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED AND DEPEND ON A NUMBER OF FACTORS, MOST, IF NOT ALL OF WHICH, ARE OUTSIDE OF BULLION SHARK’S CONTROL.
HOW WE OBTAIN THE PERSONAL INFORMATION
Bullion Shark may obtain, collect, retain, store or otherwise maintain Your Personal Information from the following sources:
· Your Registration to purchase Goods (as defined hereinbelow) or Services: In order to purchase the goods made available on the Website (“Goods”) or use the Services offered on the Website, We require that You register with Bullion Shark. You will be required to provide Personal Information to Bullion Shark in order to register with Bullion Shark (“Your Registration”) and maintain Your Registration.
· Your Purchase of Goods and Services: In order to purchase the Bullion Shark Goods or Services, You will be required to provide Personal Information to Bullion Shark.
· Your Communications with Bullion Shark: If You initiate communication with Bullion Shark through email, postal mail, telephone or other forms of electronic communications, Your communications may contain Personal Information.
· Your Responses to Communications from Bullion Shark: From time to time, Bullion Shark may communicate with You through email, postal mail or other forms of electronic communications regarding Your Registration and Bullion Shark. If You respond to these communications, Your responses may contain Personal Information.
· Your response to various advertisements and/or marketing initiatives through social media and/or other media outlets.
You can decline to provide Your Personal Information to Bullion Shark by not engaging in the activities described above. If You decline to submit Personal Information in connection with creating Your Registration, you will not be permitted to purchase the Goods or receive Services.
Bullion Shark also collects non-personally identifiable server-log information relating to users of Bullion Shark. This information may include information such as, but not limited to: (i) Your account activity, including storage usage, number of log-ins, data displayed or selected, including user interface elements, links, etc.; and (ii) Your web request, Internet Protocol address, browser type, browser language, the date and time of Your request, date and time of access, one or more cookies that may uniquely identify Your browser and referrer Uniform Resource Locator. None of this information enables Bullion Shark to personally identify or contact You.
HOW WE USE PERSONAL INFORMATION
· Processing Your Registration;
· Fulfilling and processing Your orders for Goods;
· Fulfilling and processing requests for Services, including, but not limited to, those associated with auction related transactions;
· Processing, formatting and displaying customized content on the Website for You;
· Auditing, research and analysis in order to maintain, protect and improve Bullion Shark;
· Communicating with You regarding new and additional Goods and Services and changes to Bullion Shark;
· Responding to communications initiated by You; and/or
· Ensuring the technical functioning of Bullion Shark, including creating and maintaining back-ups or other archival copies of Personal Information and other related data. Bullion Shark restricts access to Personal Information to those employees, services providers, contractors and agents of Bullion Shark who need to access Personal Information for the purposes specified above. These individuals are bound by confidentiality obligations and may be subject to discipline, including termination, if they fail to meet these obligations.
HOW BULLION SHARK USES PERSONAL INFORMATION
THIRD PARTY INFORMATION
Bullion Shark may collect or purchase information from third parties regarding persons who provided such information to those third parties. Information provided by the third party may include, but not limited to, individual names, email and postal addresses, telephone numbers, birth dates, genders, and any other information provided by the Third Party. Bullion Shark uses commercially reasonable efforts to ensure that (i) the third party possesses the right to transfer the information to Bullion Shark and (ii) Bullion Shark has received the right to communicate with the persons who provided the information.
COOKIES AND WEB BEACONS PLACED BY BULLION SHARK
SOCIAL MEDIA AND LINKS
media platforms used by Bullion Shark and other websites that You visit either through links placed on the Website as well as those for websites that provide links to the Website. You should contact these social media platforms or websites directly if You have any questions about their use of Your Personal Information. Bullion Shark is not responsible for any use of Your Personal Information or any other type of Your information when You use such third-party sites and services.
INFORMATION SHARING AND ONWARD TRANSFER
Bullion Shark reserves the right to sell, rent or otherwise share some or all of Your Personal Information with other companies or individuals outside of Bullion Shark if:
· You have consented to such sale, rental or sharing; and/or
In addition, Bullion Shark reserves the right to share non-personally identifiable information relating to users of Bullion Shark or the Goods and Services with our partners and advertisers. The information will not be linked to any personal identifiable information.
Bullion Shark takes commercially reasonable and appropriate security measures to protect against unauthorized access to or unauthorized alteration, disclosure or destruction of its data, including Personal Information stored or maintained on our servers or those of third parties and other systems. These measures include internal reviews of Bullion Shark’s data collection, storage and processing practices and security measures, as well as physical security measures to guard against unauthorized access to servers and systems where Bullion Shark stores personal data.
ACCESSING AND UPDATING PERSONAL INFORMATION
When you use Bullion Shark, Bullion Shark makes good faith efforts to provide you with access to your Personal Information. Where applicable, Bullion Shark asks individual users to identify themselves and the information requested to be accessed, corrected or removed before processing such requests, and Bullion Shark may decline to process requests that are unreasonably repetitive or systematic, require disproportionate technical effort, jeopardize the privacy of others, or would be extremely impractical (for instance, requests concerning information residing on backup tapes), or for which access is not otherwise required. In any case, where Bullion Shark provides information access and correction, Bullion Shark provides this service free of charge, except if doing so would require a disproportionate effort.
Bullion Shark is not interested in accepting and does not knowingly collect information from individuals under the age of 18.
If you are located outside of the United States, You acknowledge and agree that by using the Bullion Shark Services and by accessing Bullion Shark, Your Personal Information will be collected, stored, and used by Bullion Shark in the United States. As such, you agree to the collection, transfer, storage and use of Your information in the United States and that the collection, storage, transfer and use of any of Your information will be governed by the laws of the United States.
If You have any additional questions or concerns about this Policy, please contact us at email@example.com.
CALIFORNIA PRIVACY RIGHTS
If you are resident of California, you have the right to request, update, or delete certain personal information from a business with whom you have an established business relationship. This includes personal information the business shares with third parties for direct marketing purposes by such third party and the identities of the third parties with whom the business has shared such information during the immediately preceding calendar year.
If you want to exercise these rights with respect to your personal data, please make your request by email to [firstname.lastname@example.org].
We will always verify the identity of anyone making a subject access request before handing over any information. In the event We refuse your request under rights of access, we will provide you with a reason as to why, which you have the right to legally challenge.
Bullion Shark adheres to the US safe harbor privacy principles of Notice, Choice, Onward Transfer, Security, Data Integrity, Access and Enforcement. For more information about the Safe Harbor framework, see the Department of Commerce’s web site.