Terms of Service

1. Acceptance of Terms

By accessing or using the BuyLotz platform ("Platform"), including our website at buylotz.com and any associated services, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to all of these Terms, you may not access or use the Platform.

These Terms constitute a legally binding agreement between you (whether personally or on behalf of a business entity) and BuyLotz LLC ("BuyLotz," "we," "us," or "our"). Your continued use of the Platform following the posting of revised Terms means you accept and agree to the changes.

2. Account Registration

To participate in auctions on BuyLotz, you must create an account. By registering, you represent and warrant that:

• You are at least 18 years of age.
• You are registering on behalf of a legitimate business entity or as a sole proprietor engaged in resale, refurbishment, or related commercial activities.
• All information you provide during registration is accurate, current, and complete. You agree to update your information promptly if it changes.
• You are responsible for maintaining the confidentiality of your account credentials and for all activity that occurs under your account.
• You will not create more than one account, share your account with others, or transfer your account to any third party without our prior written consent.

BuyLotz reserves the right to suspend or terminate any account that we reasonably believe violates these Terms or is being used fraudulently.

3. Auction Rules

3.1 Binding Bids

All bids placed on the BuyLotz platform are legally binding offers to purchase. By placing a bid, you commit to completing the purchase at the bid price (plus applicable buyer premium and shipping costs) if you are the winning bidder. Bids cannot be retracted once placed.

3.2 Anti-Snipe Policy

To ensure fair competition, BuyLotz employs an anti-snipe mechanism. If a bid is placed within the final 5 minutes of an auction, the auction end time is automatically extended by 5 minutes from the time of the bid. This extension may occur multiple times. The anti-snipe policy ensures all interested bidders have a fair opportunity to respond.

3.3 Reserve Prices

Sellers may set a reserve price -- the minimum amount they are willing to accept. If bidding does not meet or exceed the reserve price, the lot will not be sold. Reserve prices are not disclosed to bidders. The Platform will indicate whether or not the reserve has been met during the auction.

3.4 Buyer Premium

A buyer premium of 15% is applied to all winning bids. This premium is added to the final bid amount to calculate the subtotal before shipping. Elite members receive a reduced buyer premium as part of their membership benefits. The buyer premium is non-refundable.

3.5 Bid Increments

Bids must meet minimum increment thresholds based on the current bid level. The platform automatically enforces the applicable minimum increment at each price tier.

4. Payment Terms

Payment is due within 48 hours of winning an auction. Failure to complete payment within this period may result in order cancellation, account suspension, and/or restrictions on future bidding activity.

• Payment Processing: All payments are processed securely through Stripe, our third-party payment processor. BuyLotz does not store your full credit card or bank account information on our servers.
• Accepted Methods: Credit cards (Visa, Mastercard, American Express, Discover), debit cards, and ACH bank transfers (where available).
• Total Amount Due: The total amount due is the winning bid amount plus the buyer premium (15%, or the reduced Elite rate) plus any applicable shipping costs.
• Currency: All prices, bids, and transactions are in US Dollars (USD).
• Non-Paying Bidder Policy: Repeated failure to pay for won auctions may result in permanent account suspension and forfeiture of any outstanding deposits.

5. Shipping & Pickup

Buyers are responsible for all shipping costs associated with their purchases. Shipping options and estimated costs are displayed during checkout.

5.1 Shipping Options

• Freight / LTL (Less Than Truckload): Recommended for full pallets and heavy lots. Delivered to a commercial address or freight terminal. Liftgate service may be available at additional cost.
• Parcel Shipping: Available for smaller lots that can be broken down into standard parcel sizes. Carrier selection is at the seller's discretion.
• Local Pickup: Available at the seller's designated warehouse or facility. Buyers must arrange pickup within 5 business days of payment confirmation. Lots not picked up within this window may incur daily storage fees or be forfeited at the seller's discretion.

5.2 Shipping Timeline

Sellers are expected to ship lots within 3-5 business days of payment confirmation. Tracking information will be provided through the Platform once available. BuyLotz is not liable for delays caused by carriers, customs, or circumstances beyond reasonable control.

6. Returns & Disputes

6.1 As-Is Sales

All liquidation goods sold on BuyLotz are sold "as-is, where-is." Due to the nature of liquidation merchandise (customer returns, overstock, shelf pulls, salvage), BuyLotz and its sellers do not guarantee the condition, functionality, or completeness of individual items within a lot.

6.2 Manifest Verification

Each lot includes a manifest listing the items, brands, conditions, and estimated MSRP. While sellers are required to provide accurate manifests, minor discrepancies (typically under 5% of total MSRP) are considered within normal variance for liquidation merchandise.

6.3 Inspection Window

Buyers have a 48-hour inspection window upon receipt of goods to report significant discrepancies between the manifest and the actual contents of the lot. "Significant discrepancy" is defined as a variance exceeding 10% of total manifest MSRP, missing items representing more than 15% of lot value, or material misrepresentation of item conditions.

6.4 Dispute Resolution

Disputes must be filed through the Platform within the 48-hour inspection window. BuyLotz will mediate disputes between buyers and sellers in good faith. Our dispute resolution process includes documentation review, seller response (48 hours), and a final determination by BuyLotz. Remedies may include partial refunds, return authorization, or credits toward future purchases.

7. Seller Obligations

By listing lots on BuyLotz, sellers agree to:

• Provide accurate and truthful descriptions of all lots, including item conditions, quantities, brands, and estimated MSRP values.
• Upload verified manifests that reasonably represent the contents of each lot.
• Ship sold lots within 3-5 business days of receiving payment confirmation, or make them available for pickup as specified.
• Respond to buyer inquiries and disputes in a timely manner (within 48 hours).
• Comply with all applicable local, state, and federal laws regarding the sale of goods.
• Not list prohibited items, including hazardous materials, recalled products, counterfeit goods, or items that are illegal to sell.

8. Prohibited Conduct

The following activities are strictly prohibited on the BuyLotz platform and may result in immediate account termination and potential legal action:

• Shill Bidding: Placing bids on your own lots, or coordinating with others to artificially inflate bid prices.
• Bid Manipulation: Using automated tools, bots, or scripts to place bids, or any attempt to manipulate the bidding process.
• Fraud: Misrepresenting lot contents, providing false manifests, creating fake accounts, or engaging in any deceptive practices.
• Collusion: Coordinating with other buyers to suppress bidding activity or fix prices.
• Circumvention: Attempting to complete transactions outside of the Platform to avoid buyer premiums or other fees.
• Harassment: Threatening, intimidating, or harassing other users of the Platform.

9. Limitation of Liability

BuyLotz operates as a marketplace platform connecting buyers and sellers. BuyLotz is not a party to transactions between buyers and sellers and does not take possession of, inspect, or guarantee the goods listed on the Platform.

To the maximum extent permitted by applicable law, BuyLotz shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, use, or goodwill, arising out of or in connection with your use of the Platform.

BuyLotz's total aggregate liability to you for any claims arising from or related to your use of the Platform shall not exceed the total fees paid by you to BuyLotz during the twelve (12) months preceding the claim.

The Platform is provided "as is" and "as available" without warranties of any kind, either express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

10. Modifications to Terms

BuyLotz reserves the right to modify these Terms at any time. When we make material changes, we will notify registered users via email and/or a prominent notice on the Platform at least 14 days before the changes take effect.

Your continued use of the Platform after the effective date of any modifications constitutes your acceptance of the updated Terms. If you do not agree to the revised Terms, you must discontinue your use of the Platform.

We encourage you to review these Terms periodically to stay informed about our requirements for use of the Platform.

11. Contact Information

If you have any questions or concerns about these Terms of Service, please contact us:

12. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict of law provisions. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the state and federal courts located in Dallas County, Texas.