INSTALLMENT PAYMENT TERMS & CONDITIONS
These Installment Payment Terms and Conditions (“Installment Terms”) set out the agreement by and between the Buyer and VIP regarding the payment for any VIP Order via multiple payments. By selecting the VIP Payment Plan option for any VIP Order, Buyer will be deemed to have read and agreed to these Installment Payment Terms & Conditions for that VIP Order. In the event of any conflict between these Installment Payment Terms & Conditions and VIP’s Terms & Conditions or Auction Buyer’s Guide, these Installment Payment Terms & Conditions shall take precedence.
Definitions. The definitions for the terms used in these Installment Payment Terms & Conditions are listed below:
- Auction – An online auction sales event managed by VIP that offers Auction Items over a defined time period at VIP’s website (www.vipfanauctions.com).
- Auction Buyer’s Guide – VIP’s Auction Buyer’s Guide which appears as a tab on the listing page for each Auction Item.
- Auction Item – Each item or group of items offered in the Auction, as detailed in the Auction.
- Auction Close – Expiration of bidding on an Auction Item in an Auction.
- Bidder – Any person or entity, properly registered and approved by VIP Fan Auctions to participate in an Auction who makes or considers making a bid to buy an Auction Item in the Auction.
- Buyer – The person or entity who submitted the Hammer Price for an Auction Item in an Auction and/or accepted the Buy It Now Price on any an available Buy It Now Item(s).
- Buy It Now Item – An item that is listed and available to purchase for the Buy It Now Price on any of VIP’s website.
- Buy It Now Price – Listed purchase price for a Buy It Now Item.
- Hammer Price – The last and highest bid from a Bidder for an Auction Item at the Auction Close which bid is accepted by VIP.
- Initial Payment Deadline – Seven (7) days following the conclusion of any Purchase Period for any VIP Order.
- Installment Payment Purchase Price – The total sum of the Hammer Price and Buyer’s Premium for the Auction Item(s) and the Buy It Now Price for any Buy It Now Item(s) within a VIP Order that is subject to the VIP Payment Plan plus the total of all Shipping & Handling fees and any applicable taxes due for this VIP Order.
- Purchase Period – Seven (7) day period commencing every Sunday at 12:00 a.m. (CST) and ending on Saturday at 11:59 p.m. (CST).
- VIP Order – A single order for a Buyer containing one or more Auction Items won by a single Buyer in any Auction during one Purchase Period plus any Buy It Now Items that are added by Buyer (and still available) before the expiration of the Initial Payment Deadline.
- VIP Payment Plan – A payment option that, if offered to and selected by Buyer during checkout, allows the Buyer to pay the Installment Payment Purchase Price in accordance with the terms and conditions stated herein.
1. PURCHASE PRICE. If the Buyer is offered and selects the VIP Payment Plan for a VIP Order, Buyer agrees that the Installment Payment Purchase Price shall be due and payable to VIP via four equal installments (“Installment Payments”) from Buyer pursuant to the following payment schedule (“Payment Schedule”):
- Initial The Initial Payment, equal to 25% of the Purchase Price, shall be due and payable within the Initial Payment Deadline.
- Remaining Installment Payments. The remaining Installment Payments, each equal to 25% of the Purchase Price, shall be individually due and payable within ninety (90) days following the Initial Payment Deadline pursuant to the following payment schedule:
- 1st Installment Payment: 30 days after the Initial Payment Deadline.
- 2nd Installment Payment: 60 days after the Initial Payment Deadline.
- 3rd Installment Payment: 90 days after the Initial Payment Deadline.
- Method of Payment. All Installment Payments shall be payable in US dollars and remitted in Good Funds to VIP via PayPal.
- Time is of the Essence. Buyer agrees that time is of the essence in regards to each Installment Payment.
- Transfer of VIP shall deliver possession or tender delivery of the VIP Order to Buyer only upon Buyer’s payment and satisfaction of the entire Installment Payment Purchase Price in accordance with the terms of this Agreement (“Effective Date”).
2. OWNERSHIP RIGHTS. Buyer shall not obtain any ownership, claim or rights of any kind to the Auction Item prior to the Effective Date which signifies Buyer’s satisfaction of all terms of this Agreement including full and timely payment of the Installment Payment Purchase Price.
3. VIP’S REPRESENTATIONS AND WARRANTIES.
3.1. VIP has the authority to enter into this Agreement and sell the components of the VIP Order to Buyer.
3.2. VIP MAKES NO WARRANTIES WHETHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE PURCHASE OF THIS AUCTION ITEM IS SUBJECT TO THE VIP’S TERMS AND CONDITIONS AND IS SOLD “AS IS”.
3.3. Upon the Effective Date, VIP shall act to coordinate the shipment of the VIP Order to Buyer in accordance with the Buyer’s designated and purchased shipping method.
4. DEFAULT. If VIP does not receive any Installment Payment by the Due Date, then Buyer shall have a five (5) day grace period to submit full payment of the overdue Installment Payment to VIP. Buyer’s failure to do so shall constitute a material default of this Agreement (“Default”). Upon any such Default, VIP has the absolute right, in its sole discretion to terminate this Agreement immediately via written notice to Buyer. In such case, any and all Installment Payments received by VIP prior to the termination of the Agreement shall be forfeited to VIP as liquidated damages and further as VIP’s exclusive remedy. In no event shall Buyer have any action or claim for damages against VIP.
5. NOTICES. All demands, notices, consents, or other communications required or permitted to be given or sent by either party to the other, shall be deemed to have been duly given (1) if delivered, by personal delivery, when delivered, (2) if mailed, three business days after being deposited in the United States mail, certified or registered mail, return receipt requested, and postage prepaid, to the address below ( 3) if sent by courier, the business day after being sent by a nationally reputable overnight courier service. The mailing address for any notice pursuant to this Agreement shall be as follows: (i) VIP: 424 Fort Hill Drive, Suite 128, Naperville, IL 60540 Attn: Legal Department; and (ii) Buyer: To Buyer’s shipping address for the Auction Item.
6. ASSIGNMENT OR TRANSFER. Buyer may not assign or transfer this Agreement without the prior written consent of the VIP.
7. ATTORNEYS’ FEES. In the event that any claim, lawsuit, or arbitration is brought under or in connection with the enforcement of this Agreement, the prevailing party shall be entitled to recover from the losing party reasonable attorneys’ fees, costs, and expenses incidental to any such proceedings, including reasonable attorneys’ fees incurred in collecting any judgment awarded as a result of liability established pursuant to this Agreement.
8. GOVERNING LAW AND VENUE. This Agreement shall be governed by the laws of the State of Illinois. Any legal action commenced to enforce or interpret this Agreement shall be brought in state or federal courts with the appropriate jurisdiction, located in DuPage County, Illinois, and VIP and Buyer each consent to both venue and jurisdiction.
- NOTICE TO CALIFORNIA BUYERS. Under California Civil Code Section 1789.3, California website users are entitled to the following specific consumer rights notice: The Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs may be contacted in writing at 1625 N. Market Blvd., Suite S-202, Sacramento, California 95834, or by telephone at (800) 952-5210.
- ENTIRE AGREEMENT. These terms and conditions constitute the entire agreement between VIP and Buyer (collectively the “Parties”) regarding Buyer’s payment of the Installment Payment Purchase Price and may not be amended, modified, or superseded except in a signed writing executed by the Parties. This Agreement shall be binding and enforceable on the Parties and all permitted heirs, successors, and assigns; provided, however, that this Agreement is personal to VIP and Buyer may not assign its rights or delegate any of its duties or obligations hereunder, whether by operation of law, change of control or any other means. If any of these terms and conditions are for any reason deemed invalid or enforceable, the remaining portions shall remain fully enforceable without regard to the invalid or unenforceable provisions.
- NO WAIVER. Neither a waiver by VIP of any breach nor a failure by VIP to enforce any of the terms and conditions of this Agreement at any time shall in any way affect, limit or waive VIP’s right thereafter to enforce and compel strict compliance with every term and condition hereof.