TERMS & CONDITIONS
1.1 ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS & CONDITIONS
Use of this Web site constitutes acceptance of the Parts55.com Terms & Conditions. You accept and agree to be bound by the Terms & Conditions, operating rules and/or policies of Parts55.com, published by Parts55.com 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 Parts55.com transaction, Bidder when a Member is being described as bidding on an asset in order to act as a potential buyer in a Parts55.com transaction, and Seller when a Member is acting as a seller in a Parts55.com transaction.
These Terms & Conditions comprise the entire agreement between Member and Parts55.com and supersede all prior agreements between the parties, regarding the subject matter contained herein.
1.2 DESCRIPTION OF PARTS55.COM SERVICES
Parts55.com acts as a venue for Sellers to list properties and Buyers to bid on properties. Parts55.com is not involved in the actual transactions between Buyers and Sellers and assumes no responsibility for actions made based on information or services on Parts55.com. In the event that any parties using our Web 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 Web Site www.Parts55.com may include inaccuracies or errors. While the Company strives to keep the information on the Web 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 Web Site, the delay or inability to use the Web Site, or any information or services obtained from the Web Site.
1.3 WHO CAN BID?
Bidders must register with Parts55.com as a Member and be capable of forming legally binding relations under applicable law. The services provided by Parts55.com 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.
1.4 WHO 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 Parts55.com or a Buyer.
1.5 PROCEDURE FOR CONDUCTING AUCTIONS
Assets are listed for the specified bidding periods shown on the Web 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 Web 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 Web Site. For certain Assets, the Seller may impose a reserve price which is not disclosed on the Web Site. Seller is not obligated to sell the Asset. After bidding closes on each Asset, Parts55.com 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). 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 Parts55.com, 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 Parts55.com; (b) after contacting Parts55.com, contact the second highest Bidder and sell the Asset to the second highest Bidder; or (c) re-list the asset on the Web Site. By selling an Asset to the next highest Bidder, neither the Seller nor Parts55.com 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.
1.6 SETTLEMENT 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.
1.7 USER NAME AND PASSWORD
Once a party becomes a Member of the Web 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 Parts55.com of any unauthorized use of Member's ID or any other breach of security known to Member.
1.8 CONTRACTUAL 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 Web 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 Web 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.
1.9 BINDING 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.
1.10 CONDITIONS OF PURCHASE AND SALE
All purchases and sales of Assets and use of the Web Site by Members shall be conducted in compliance with applicable law. Purchases made on the Web Site are entirely without recourse to Parts55.com. 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.
1.11 BUYER 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, Parts55.com retains the right to terminate a Member's rights to use the Web Site in the event a Member violates these Terms & Conditions. All Assets are listed and sold on the Web 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. Parts55.com retains the rights to terminate a Buyer's rights to use the Web Site in the event a Buyer fails to perform the obligations to settle on a completed auction.
1.12 OTHER RESPONSIBILITIES OF SELLERS
Description of Assets. Sellers must accurately describe Assets in a listing provided for inclusion on the Web 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. Parts55.com retains the right to terminate a Seller's rights to use the Web 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 Parts55.com any terms or conditions of sale for particular Assets in addition to these Terms & Conditions. Sellers are responsible for complying with all applicable local 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.
1.13 PAYMENT OF COMMISSION TO & FROM PARTS55.COM
Each Seller in a transaction for which a Winning Bid notice is issued shall pay Parts55.com the agreed upon commission based on the final sales price for the asset in question. Such amount shall be paid to Parts55.com within three (3) days of invoicing by Parts55.com. The Secured Deposits will be refunded in full if the bidding is not Won by the Individual or Companies.
1.14 SUPERVISION OF CONTENT
Parts55.com reserves the right to supervise all material, content and information on its Web 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 Parts55.com. Parts55.com 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 Parts55.com.
1.15 MEMBER CONDUCT
Member is solely responsible for the contents of his/her/its transmissions through the Web Site. Member's use of the Web Site is subject to all applicable local, national and international laws and regulations. Member agrees:
(a) to comply with United Arab Emirates law regarding the transmission of technical data exported from the UAE through the Web Site;
(b) not to use the Web Site for illegal purposes;
(c) not to interfere or disrupt networks connected to the Web Site; and
(d) to comply with all regulations, policies and procedures of networks connected to the Web Site.
Member agrees not to transmit through the Web 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, national or international law or regulation. Attempts to gain unauthorized access to other computer systems are prohibited. Member further agrees not to use the Web Site in a manner that violates any local or national laws or, including but not limited to the sale of any regulated substances.
1.16 NO RESALE OR COMMERCIAL USE OF THE SERVICES PROVIDED ON THE WEB SITE
Member's right to use the Web Site is personal to Member. Member agrees not to resell or make any commercial use of the services provided on the Web Site, without the express written consent of Parts55.com. Member acknowledges that content appearing on the Web 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 Parts55.com, Member shall not resell the Web Site, or the services provided on the Web Site, or use the Web 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 Web Site) without the express written consent of Parts55.com. 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 Web Site. Member agrees not to use the Web 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 Web Site to disseminate any message in a broad-based mailing without the prior written permission of Parts55.com. Member agrees not to forge communications or take any other action that would disguise the origin of communications Member transmits through the Web 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 Web Site.
1.17 LIMITATION OF LIABILITY
NEITHER Parts55.com, 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 Parts55.com OR INABILITY TO USE Parts55.com (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, 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 Parts55.com, 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.