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17 May. 2008

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Terms and Conditions

	TERMS & CONDITIONS 1.1ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS & CONDITIONS Use of this Web site constitutes acceptance of the 121Bid Terms & Conditions. You accept and agree to be bound by the Terms & Conditions, operating rules and/or policies of 121Bid, published by 121Bid as described below (all such Terms & Conditions, operating rules and/or policies as they may be amended from time to time shall hereinafter be referred to as these "Terms & Conditions"). Members may be referred to as "Member," "User," "Buyer" when a Member is being described as acting as a buyer in a 121Bid transaction, "Bidder" when a Member is being described as bidding on an asset in order to act as a potential buyer in a 121Bid transaction, and "Seller" when a Member is acting as a seller in a 121Bid transaction. These Terms & Conditions comprise the entire agreement between Member and 121Bid and supersede all prior agreements between the parties, regarding the subject matter contained herein. 1.2DESCRIPTION OF 121BID SERVICES 121Bid acts as a venue for Sellers to list properties and Buyers to bid on properties. 121Bid is not involved in the actual transactions between Buyers and Sellers and assume no responsibility for actions made based on information or services on 121Bid. In the event that any parties using our Site, including Sellers, Buyers and Bidders, have a dispute, the Company (including our officers, directors, agents, affiliates, and employees) is not liable for any claims, demands and damages arising out of or in any way connected with such disputes. The information published on the Site may include inaccuracies or errors. While the Company strives to keep the information on the Site accurate, complete and up-to-date, the Company can not guarantee, and will not be responsible for any damage or loss related to the accuracy, completeness or timeliness of the information. Such information is provided without warranty of any kind. In no event shall the Company (and our officers, directors, agents, affiliates, and employees) be liable for any claims, demands and damages arising out of or in any way connected with the use of the Site, the delay or inability to use the Site, or any information or services obtained from the Site. 1.3WHO CAN BID? Bidders must register with 121Bid as a Member and be capable of forming legally binding relations under applicable law. The services provided by 121Bid are not available to individuals under the age of 18 years old and any other individuals who are legally prohibited from, or otherwise incapable of, entering into binding contracts. 1.4WHO CAN SELL? Sellers must be the rightful owners or authorized by the owners of such property, a court of law, or through power of attorney to sell an Asset. Sellers must produce evidence of ownership and/or authorization to sell an Asset upon request of 121Bid or a Buyer. 1.5PROCEDURE FOR CONDUCTING AUCTIONS Assets are listed for the specified bidding periods shown on the Site and are deemed "sold" at the close of bidding which will be set at a time pre-determined by the Seller. Each Asset will have a description and disclosure information on the Site, as well as any additional conditions of sale provided by the Seller. Once bidding commences, Bidders may make a bid at any time prior to closing of the bidding. All Assets will have a minimum bid price disclosed on the Site. For certain Assets, the Seller may impose a reserve price which is not disclosed on the Site. If there are no bids above the minimum bid or reserve price (whichever is higher), then the Seller is not obligated to sell the Asset. After bidding closes on each Asset, 121Bid will send the highest Bidder and Seller an email detailing the highest bid and contact information. In all auctions Buyers who receive a winning bid notice are legally bound to buy the asset at the quoted bid amount (see "Contractual Obligations of Buyers and Sellers" below), and the Seller is legally bound to sell the asset, pursuant to these Terms & Conditions, subject to the additional conditions of sale specified by Seller. The Seller is obligated to contact the winning Bidder within three (3) business days to complete the transaction (or the Seller may engage a representative, including 121Bid, to contact the winning Bidder on the Seller's behalf, pursuant to prior agreement). After three (3) business days if the Seller is unable to contact the winning Bidder, for whatever reason, the Seller may, in its sole discretion (a) continue to attempt to contact the high bidder with assistance from 121Bid; (b) after contacting 121Bid, contact the second highest Bidder and sell the Asset to the second highest Bidder; or (c) re-list the asset on the Site. By selling an Asset to the next highest Bidder, neither the Seller nor 121Bid is releasing any claims he/she/it may have against the highest Bidder for non-performance. Once the Seller contacts the winning Bidder, the Seller and winning Bidder shall complete the settlement of the purchase and sale of the Asset pursuant to "Settlement of Transactions" below. 1.6SETTLEMENT OF TRANSACTIONS The settlement of a purchase and sale of an Asset following a completed bidding process shall be conducted pursuant to this Section, unless otherwise provided in the Seller's conditions of sale or in a written agreement executed by the Buyer and Seller. Unless otherwise provided in the Seller's conditions of sale or otherwise agreed upon by the Seller and Buyer in writing, final settlement shall take place no later than seven (7) business days after Buyer is given a Winning Bid notice. 1.7USER NAME AND PASSWORD Once a party becomes a Member of the Site, the Member will select a user name and a password. Members are entirely responsible for maintaining the confidentiality of their user names and passwords. Furthermore, Members are entirely responsible for any and all activities, which occur under a Member's ID and password. Member agrees to immediately notify 121Bid of any unauthorized use of Member's ID or any other breach of security known to Member. 1.8CONTRACTUAL OBLIGATIONS OF BUYERS AND SELLERS Terms & Conditions As Contract. These Terms & Conditions, together with any additional conditions of sale provided by a Seller for a particular Asset disclosed on the Site, comprise a contract between a Seller and the winning Bidder in any completed auction. By bidding on an Asset a Bidder agrees, and by listing an Asset on the Site, a Seller agrees, to be bound by these Terms & Conditions and the Seller's conditions of sale included in the Asset's description, so long as those conditions of sale are not in violation of these Terms & Conditions or unlawful. In the event of any direct conflict between these Terms & Conditions and any conditions of sale provided by a Seller, then these Terms & Conditions shall prevail, except that in the event of a direct conflict regarding the timing and requirements of settlement provided in the Section entitled "Settlement of Transactions" above, then the Seller's conditions of sale shall prevail with respect to such provisions. 1.9BINDING CONTRACT BETWEEN BUYER AND SELLER A bid made by a Buyer is an offer to purchase the asset from the Seller at the stated bid price. The bid is an irrevocable offer, subject only to material changes in the description of an asset made after such bid is placed by a Buyer. Buyers are required to conduct any research or due diligence of an asset prior to making a bid (See "Other Responsibilities of Bidders/Buyers" below). All Assets are listed and sold on an "as is" basis. If a Buyer bids on an asset and that bid represents the highest bid for that asset, and the highest bid is at or above the Seller's minimum and/or reserve price (whichever is higher), the Buyer's bid is deemed accepted by the Seller (subject to these Terms & Conditions, including the right of a Buyer to change or retract a bid in the event of a material change in the description of the Asset, as set forth below), except for an exceptional circumstance, such as a typographical error. Once a Buyer's bid is accepted by the Seller, the Buyer is obligated to purchase the asset at the price he/she/it offered and pursuant to these Terms & Conditions and the Seller's conditions of sale. If a Seller receives at least one bid at or above the Seller's stated minimum price (or in the case where the Seller has set a reserve price, at or above the reserve price), the Seller is obligated to complete the transaction with the highest Bidder upon the completion of the bidding, unless there is an exceptional circumstance, such as a clear typographical error or other conditions stated in these Terms & Conditions. 1.10CONDITIONS OF PURCHASE AND SALE All purchases and sales of Assets and use of the Site by Members shall be conducted in compliance with applicable law. Purchases made on the Site are entirely without recourse to 121Bid. All Members acknowledge and agree that closing of all sales of Assets may be subject to final approval of a court (including a bankruptcy court) or other agency and that if such approval is not obtained, the Seller may withdraw such Asset after a completed bidding process without any recourse or liability on the part of Seller. 1.11BUYER AND SELLER CONTRACT OBLIGATIONS All Members are third party beneficiaries of these Terms & Conditions, and Buyers and Sellers shall be entitled to enforce the provisions hereof and may pursue legal action against each other for non-performance of any provision hereof, including without limitation, non-performance of a purchase and sale after a completed bidding process. In addition, 121Bid retains the right to terminate a Member's rights to use the Site in the event a Member violates these Terms & Conditions. All Assets are listed and sold on the Site on an "as is" basis. Bidders are required to conduct any research or due diligence of an asset that they wish to conduct prior to making a bid. After the online bidding is complete, unless otherwise indicated/engaged, Buyers are responsible for taking all necessary actions to complete the sale once a Winning Bid notice is given to Buyer. 121Bid retains the rights to terminate a Buyer's rights to use the Site in the event a Buyer fails to perform its obligations to settle on a completed auction. 1.12OTHER RESPONSIBILITIES OF SELLERS Description of Assets. Sellers must accurately describe Assets in a listing provided for inclusion on the Site and shall be liable for any misstatements or omissions in such description. Failure to accurately describe an Asset could be fraudulent and could subject a Seller to civil and/or criminal liability, as well as being in violation of these Terms & Conditions. 121Bid retains the right to terminate a Seller's rights to use the Site in the event a Seller includes material misstatements or omissions in an Asset's description. Prior to listing an Asset, Sellers shall provide to 121Bid any terms or conditions of sale for particular Assets in addition to these Terms & Conditions. Sellers are responsible for complying with all applicable local, state, federal, or foreign laws, rules, regulations and legal approvals regarding the sale of any Assets. Sellers are also solely responsible for ensuring that all items offered for sale are offered in full compliance with any applicable legal limitations or restrictions. 1.13PAYMENT OF COMMISSION TO 121BID Each Seller in a transaction for which a Winning Bid notice is issued shall pay 121Bid the agreed upon commission based on the final sales price for the asset in question. Such amount shall be paid to 121Bid within thirty (30) days of invoicing by 121Bid. 1.14SUPERVISION OF CONTENT 121Bid reserves the right to supervise all material, content and information on its Site, including, but not limited to, asset listings and bidding activity, to determine compliance with the Terms & Conditions and all current and future operating procedures and rules of conduct established by 121Bid. 121Bid reserves the right, at its sole discretion, to amend, edit, remove or otherwise block any material posted by a Member, which may violate any state, federal or local law or violate any aspect of these Terms & Conditions or which may otherwise jeopardize the business operations or goals of 121Bid. 1.15MEMBER CONDUCT Member is solely responsible for the contents of his/her/its transmissions through the Site. Member's use of the Site is subject to all applicable local, state, national and international laws and regulations. Member agrees: (a) to comply with international law regarding the transmission of technical data exported from any country through the Site; (b) not to use the Site for illegal purposes; (c) not to interfere or disrupt networks connected to the Site; and (d) to comply with all regulations, policies and procedures of networks connected to the Site. Member agrees not to transmit through the Site any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature. Member further agrees not to transmit any material that encourages conduct that could constitute a criminal offense, give rise to civil liability or otherwise violate any applicable local, state, national or international law or regulation. Attempts to gain unauthorized access to other computer systems are prohibited. Member further agrees not to use the Site in a manner that violates any national, international, federal, state, local or statute laws, including but not limited to the sale of any regulated substances. 1.16NO RESALE OR COMMERCIAL USE OF THE SERVICES PROVIDED ON THE SITE Member's right to use the Site is personal to Member. Member agrees not to resell or make any commercial use of the services provided on the Site, without the express written consent of 121Bid. Member acknowledges that content appearing on the Site may be protected by copyrights, trademarks or other proprietary or personal rights and that applicable laws will govern the Member's use of such content. Member agrees that without the prior written consent of 121Bid, Member shall not resell the Site, or the services provided on the Site, or use the Site for the transmission of commercial solicitations (other than an offer by Seller of Assets for sale) or for the receipt of responses to commercial solicitations (other than a Buyer's interest in purchasing Assets offered for sale through the Site) without the express written consent of 121Bid. Member agrees not to, for a commercial purpose, upload, transmit, reproduce, distribute or participate in the transfer or sale, or in any way exploit, any content obtained through the Site. Member agrees not to use the Site for the transmission of (or receipt of responses to) chain letters, lotteries, gambling or pyramid schemes of any kind. Member agrees not to use the Site to disseminate any message in a broad-based mailing without the prior written permission of 121Bid. Member agrees not to forge communications or take any other action that would disguise the origin of communications Member transmits through the Site. Member agrees not to permit another person to transmit communications that falsely identifies the Member's account as the origin of such communication. Nothing herein shall limit or prevent any Buyer from re-selling any Asset purchased through the Site. 1.17LIMITATION OF LIABILITY NEITHER 121BID, THEIR INTERNET SERVICE PROVIDERS, OR THEIR INFORMATION PROVIDERS, LICENSORS, EMPLOYEES, REPRESENTATIVES, OR AGENTS NOR ANYONE ELSE INVOLVED IN CREATING, PRODUCING OR DELIVERING THIS SERVICE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF 121BID OR INABILITY TO USE 121BID (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS, GOODWILL OR SAVINGS, DOWNTIME, DAMAGE TO OR REPLACEMENT OF PROGRAMS AND DATA) ARISING FROM CLAIMS BASED IN WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE, (BUT EXCLUDING CLAIMS ARISING OUT OF PERSONAL INJURY OR DEATH CAUSED BY THE NEGLIGENCE OF 121BID PROVIDERS) EVEN IF ANY SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH CLAIM OR DAMAGE. THE PROVISIONS OF THIS AGREEMENT ARE FOR THE BENEFIT OF 121BID, THEIR INTERNET SERVICE PROVIDERS, OR THEIR INFORMATION PROVIDERS, LICENSORS, EMPLOYEES, REPRESENTATIVES AND AGENTS AND EACH SHALL HAVE THE RIGHT TO ASSERT AND ENFORCE SUCH PROVISION DIRECTLY ON ITS OWN BEHALF. THE PROVISIONS OF THIS PARAGRAPH AND THE PRECEDING PARAGRAPHS WILL SURVIVE ANY TERMINATION OF THIS AGREEMENT.
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