Previous Term and Conditions January 31, 2021

Last updated: May 25, 2022

Welcome to the Worthy website (the “Site”) brought to you by Worthy, Inc.

Worthy is the premier market for pre-owned luxury items. Through the Site, we offer our customers a safe, convenient and fast way to sell valuables to a network of third party buyers and get cash directly from us in return (the “Services”). The following terms and conditions (the “Terms”), along with the terms set forth in any of our forms submitted by you through the Site when using the Services, constitute a legally binding contract by which we operate the Services. We refer to ourselves throughout the Site and in these Terms and Conditions as “Worthy”, “we”, “us” or “our”.

ANY USE BY YOU OF THE SITE AND SERVICES IS SUBJECT TO THESE TERMS. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT USE THE SITE AND THE SERVICES.

We operate in full compliance with the Dept. of Consumer Affairs under Secondhand Dealers License No.2060169 - DCA, issued by the NYC Dept. of Consumer Affairs

IT IS HEREBY CLARIFIED THAT WORTHY IS NOT THE FINAL BUYING ENTITY AND ONLY SERVES AS A BROKER FOR THE SERVICES SET FORTH IN THESE TERMS

1. SERVICES

Our simple-to-use Services are conducted in the following steps:

1.1. STEP 1: APPLY ONLINE TO SELL YOUR ITEM

By filling out our Request Form (the “Request”), you may apply to sell valuable(s) owned by you. When you fill out the Request, you will be asked to provide us with a complete and accurate description of the valuable you are seeking to sell, and to attach a clear photo of it if you can. The more accurate and detailed description and history of the valuable you provide us, the more likely it is that we will be able to provide you with an accurate estimation of the item’s value (as described below) and the more probable that a high number of potential bidders will be interested in your valuable.

We reserve the right to refuse to assist in the sale of any valuable for whatever reason at our sole discretion.

All Requests are subject to our final approval and evaluation of the item and we reserve the right to refuse any Request at any time prior to completing the transaction.

IT IS HEREBY CLARIFIED THAT BY USING OUR SERVICES, YOU ARE UNDERTAKING THAT YOU WILL ONLY USE OUR SERVICES TO SELL ITEMS THAT BELONG TO YOU. YOU TAKE FULL RESPONSIBILITY FOR ANY ITEM THAT YOU SELL THROUGH OUR SERVICES, AND AGREE TO HOLD WORTHY AND ITS OFFICERS, EMPLOYEES AND REPRESENTATIVES HARMLESS FOR ANY LOSS RELATED TO ANY UNAUTHORIZED ITEMS SOLD BY YOU THROUGH THE SERVICES. YOU FURTHER ACKNOWLEDGE YOUR UNDERSTANDING THAT THE SALE OF STOLEN PROPERTY, PROPERTY TAKEN WITHOUT AUTHORIZATION FROM ITS RIGHTFUL OWNER OR PROPERTY THAT IS NOT FREE FROM ALL SECURITY INTERESTS, LIENS, OR ENCUMBRANCES VIOLATES STATE, FEDERAL, AND INTERNATIONAL LAW. WE WILL NOTIFY LAW ENFORCEMENT OF ANY ATTEMPTS TO SELL STOLEN PROPERTY THROUGH THE SERVICES OR IN GENERAL, AND WILL SUPPORT THE INVESTIGATION AND PROSECUTION OF SELLERS WHO VIOLATE THESE TERMS.

IN ADDITION TO ALL OTHER REMEDIES AVAILABLE UNDER APPLICABLE LAW, IT IS CLARIFIED THAT ALL AMOUNTS PAID FOR ITEMS WHICH BREACH THE ABOVE UNDERTAKINGS WILL BE RETURNED IN FULL TO WORTHY.

1.2. STEP 2: RECEIVE AN INITIAL ESTIMATE FOR THE ITEM

After you submit your completed Request, we will provide you with an initial response which may include an estimation of the number of potential bidders that might be interested in your item and an initial estimation of the potential value of your item (in a range), based on the description you submitted ("Estimate Range"). Alternatively, if we decide to reject your Request, the initial response will inform you of such rejection.

The Estimate Range is provided by us solely as a non-binding estimation, at our sole discretion, and may differ from the actual market value of the valuable. Following the receipt of the Estimate Range, you may choose to either (i) ACCEPT IT and continue with the process set forth below for each item, or (ii) NOT – at your discretion.

1.3. STEP 3: PACK AND SHIP YOUR VALUABLE TO US

If you wish to proceed, the next step will be to create a pre-paid shipping label. This label will enable you to ship us the valuable to one of our secured facilities located in New York.

Our insurance coverage for a valuable in transit is up to an amount of $50,000 based on the resale replacement value and is subject to the terms, limitations and requirements of our then current insurance policy (the “Insurance Coverage”).

* Valuables estimated above $50,000 will receive additional coverage with pre-approval from Worthy at our sole discretion.

YOU SHOULD SEND THE VALUABLE WITHIN UP TO 14 DAYS’ FROM PRINTING THE SHIPPING LABEL, USING A BOX NO SMALLER THAN THE SMALLEST AVAILABLE FEDERAL EXPRESS BOX.

IF YOU SEND YOUR ITEM USING OUR PRE-PAID SHIPPING LABEL AFTER MORE THAN 14 DAYS, AND/OR USING A SMALLER BOX THAN REQUIRED ABOVE, THE VALUABLE MIGHT NOT BE COVERED BY THE INSURANCE COVERAGE.

If you decide to bypass our shipping and arrange for your own shipping, you shall be solely responsible for delivery costs and related insurance.

Please bear in mind that we are not responsible for damage to valuables which occur during shipping, so please remember to securely and appropriately package your valuable, including the use of double-packaging and/or item-specific packaging. In packaging the valuable, please consider the type and nature of the item, and what might happen as the item is handled, loaded and transported. For the safety of the valuable, we strongly recommend that you do not indicate the contents on the outside of the package. We reserve the right to reject the acceptance of any package which appears to be damaged, opened, or tampered with. Any such valuable will be returned to you in the same manner in which we received it.

If your valuable is lost in transit or arrives damaged, we will try to assist you in your reimbursement claim, which must be filed through the shipping carrier through which it was insured.

1.4. STEP 4: VALUABLE RECEIVED AND PROFESSIONAL ASSESSMENT IS CONDUCTED; RESERVE PRICE & BUY IT NOW PRICE IS SET

Once we receive your valuable, our internal experts or 3rd party labs and experts will conduct a physical assessment of the valuable in order to verify and certify the item's authenticity and condition. The assessment may be conducted internally by us or through a reputable independent service provider, such as the Gemological Institute of America or the International Gemological Institute. Following this, the item will be issued a technical property assessment which will result in one of the following:

(1) ACCEPTANCE: If the valuable matches the description sent to us through the Request, as solely determined by licensed experts, or if we deem it suitable for sale regardless, we will accept it and provide you an updated amount which we feel represents the market value of the valuable based on the physical assessment (the "Expected Value Range ").

(2) REJECTION: If the valuable materially differs from the description provided through the Request, is inauthentic, is in unsatisfactory condition or is otherwise not suitable for sale, as determined by us in our sole discretion, we will reject it. In such instances, we will notify you that due to our rejection, we will be shipping back the valuable to you and the coverage of the on-premises insurance associated with your item may be adjusted or eliminated accordingly. The valuable will be shipped at our expense using FedEx or other carriers elected by us (the tracking number, if available, will be sent to you following its shipment) and will be covered in case of loss or damage during shipment in accordance with the Expected Value Range, up to $1,000. Should you prefer an alternative shipping method or higher insurance coverage, you will have up to 72 hours from our initial email to you to inform us of your decision to bypass our shipping and arrange for your own shipping by providing us with an alternative shipping label; in such instance, you shall be solely responsible for delivery costs and related insurance.

By sending the item to us for a physical assessment, you understand that certain items might require in-depth examination to fully assess them. Such in-depth examination might result in slight physical alterations, minor scratches or other physical changes. For example, when we assess a watch, the back of the watch may need to be opened in order to properly examine it or when we assess a diamond ring, the diamond may need to be removed from its setting in order to properly examine it, properly weigh it and determine its quality. Rest assured that we will not remove any stone from its setting without obtaining your prior approval.

Similarly, when we received items sealed in plastic box or wrapping, such packaging must be removed to fully assess the valuable. In some instances, it will not be possible to restore the valuable back to its original state. In addition, before starting a closed-bid auction, the item may need to be washed and cleaned, which might result in a slight change in its look. We will not be held responsible for any such reasonable changes due to the assessment of the valuable or preparation for the closed-bid auction.

Assuming your valuable is accepted and an Expected Value Range is set, we will also assist you during this step in determining a minimum amount that you are willing to accept for your valuable (the "=I3 Price"). Setting up a =I3 Price is a mandatory step prior to commencing an auction for your valuable. *** BY DETERMINING THE RESERVE PRICE AND CONTINUING WITH THE PROCESS, YOU WILL BE AGREEING TO SELL YOUR VALUABLE TO THE BUYER WE PROVIDE YOU WITH IF THE FINAL WINNING BID (AS FURTHER EXPLAINED IN STEP 5) IS EQUAL TO OR HIGHER THAN THE RESERVE PRICE ***

1.5. STEP 5: WE PRESENT THE VALUABLE TO OUR NETWORK OF BUYERS FOR AN OPEN BID AUCTION AND PROVIDE YOU WITH THE BEST OFFER.

A bid sheet will be created outlining the unique and appreciated characteristics of your valuable based on the physical assessment of the valuable. This bid sheet will then be circulated to our network of potential buyers for their bids as part of the closed-bid auction of your valuable. In some instances, your valuable will be shipped to an off-site location for additional examinations and grading during which it will continue to be insured as set forth herein.

In certain cases, as we deem fit in our sole discretion, we might set a minimum consideration amount for the valuable in the terms of the closed-bid (the “Minimum Offer Amount”). Such Minimum Offer Amount shall not be deemed a binding bid if no other offers or offers that are lower than the Minimum Offer Amount are made for the item.

Auctions are extended by 30 minutes automatically if new bids are accepted in the last 15 minutes of the auction. This is to allow to other buyers that were outbid to try to bid again before an auction ends. Worthy reserves its right to extend auction end times when we anticipate low demand from our buyers and deem it necessary to promote an auction in order to get more bids.

Using our proprietary platform, you will be able to view the ongoing bid in real-time. Our platform allows you to see the number of potential buyers interested in your item, their geographical location, the amount each has bid for the item and how much time is left until the end of the bidding process. You can easily share this information with any other person you choose to. Notwithstanding the foregoing, there may be instances in which you will not have access to a live viewing of a certain auction.

Bear in mind that we may publicly share any information provided regarding items that you choose to auction through our Services and you should have no expectation of privacy regarding such information.

Following the end of the auction, we will review and consider all bids received during the bid phase. Based on such review and the range of parameters considered by us, we will determine the winning bid (the “Winning Bid”) from the qualifying bids collected in our sole and final discretion based on a range of parameters considered by us. Bear in mind as you view the real-time auction process, that the highest bid received will not necessarily always be the Winning Bid, since there may be reason to disqualify certain bids. Furthermore, we do not guarantee that any bids will actually be placed for all auctions. A Winning Bid which materially differs from the Expected Value Range may impact the rate of the on-premises insurance coverage of the item.

We will inform you of the Winning Bid and of our applicable success fees (the “Success Fee”), calculated according to our rates which are available for review at FAQ (as may be updated by us from time to time). Such Success Fee will be deducted by us from your Winning Bid should you opt to accept the Winning Bid. Once we inform you of the Winning Bid and the related Success Fees, you will have up to three (3) days to inform us in writing if you accept or reject the Winning Bid made to you. If we do not hear back from you within three (3) days from the date we inform you of the Winning Bid, your silence will be deemed as a rejection of the Winning Bid. ***BEAR IN MIND THAT IF THE WINNING BID RESULTS ARE EQUAL TO OR HIGHER THAN THE RESERVE PRICE (BEFORE ANY APPLICABLE FEES), YOU WILL BE DEEMED AS HAVING AUTHORIZED US TO ACCEPT

If you reject the Winning Bid that was lower than the Expected Value Range, we will ship back the item to you and you will not be charged the success fee. The item will be shipped at our expense using FedEx or other carriers elected by us (the tracking number, if available, will be sent to you following its shipment) and will be covered in case of loss or damage in accordance with its value as per the Expected Value Range, but in no case more than $1,000. Should you prefer an alternative shipping method or higher insurance coverage, you will have up to 72 hours from our initial email to you to inform us of your decision to bypass our shipping and arrange for your own shipping by providing us with an alternative shipping label; in such instance, you shall be solely responsible for delivery costs and related insurance.

If you decide to sell your valuable as per the Winning Bid, you will be requested to sign an electronic form agreeing to transfer of ownership of the valuable. By accepting the Winning Bid and executing the electronic bill of sale you also authorize us to charge and deduct the Success Fee out of the amounts payable to you for the valuable.

Please note that in addition to the Success Fees, we also collect fees from the winning bidder in accordance with the rates posted in our FAQ section (as may be updated by us from time to time); such fee is collected in addition to the Winning Bid which we will transfer to you from the buyer, less applicable Success Fees.

1.6. STEP 6: WE SEND YOUR MONEY

After you sign the relevant form, we will send you the amount stated in the form (subject to the applicable deductions), in the method chosen by you. You may choose whether to receive the payment by check, by an ACH cash transfer directly to your United States bank account or to a PayPal account. Note that Worthy will only make money transfers to bank accounts located in the United States. Take into account that it might take a few days for you to actually receive the payment, depending on your chosen payment method. In addition, any misinformation provided to us regarding your elected payment method (for example, erroneous email address or non-functioning PayPal account, incorrect bank or routing number, mistaken mailing address for a check) may cause a delay in the delivery of payment as well as expenses that you might be required to bear. Fees related to the money transfer method chosen by you shall be deducted from the total amount paid to you. In addition, any fees charged to you by a third party for the money transfer, will be paid by you.

2. ELIGIBLE USERS AND ACCEPTABLE USE

YOU HEREBY REPRESENT AND WARRANT THAT (I) YOU ARE OVER EIGHTEEN (18) YEARS OF AGE, (II) YOU ARE THE RIGHTFUL OWNER OF, OR ARE ENTITLED TO SELL ANY VALUABLE THAT YOU SELL THROUGH THE SERVICES, (III) THE VALUABLES YOU SELL THROUGH THE SERVICES ARE FREE AND CLEAR OF ALL LIENS AND ENCUMBRANCES WHATSOEVER, AND (IV) YOU ARE LEGALLY ENTITLED TO FREELY SELL OR OTHERWISE TRANSFER THE VALUABLES YOU SELL THROUGH THE SERVICES AT YOUR SOLE DISCRETION.

Our Services are intended only for participants that can lawfully enter into and form contracts under applicable law. You undertake to use our Services in a manner that demonstrates common sense and respect for our rights and the rights of third parties.

You undertake not to use our name or our brand names (or any name that is confusingly similar to either) for any purpose without our prior written permission. You undertake not to register any domain name that incorporates our names, trademarks or that is confusingly similar to our names or trademarks.

As a condition to your use of the Site and Services, you agree that you will not use the Site and Services for any purpose that is unlawful or prohibited by these Terms or any applicable law. Prohibited uses include, but are not limited to, competitive analysis (including providing screen shots, which are copyrighted material owned by us) and data mining or scraping. In addition, you may not use the Site, the Services, or any of your communications with us to: (a) defame, abuse, harass, threaten or otherwise violate our legal rights (such as rights of privacy and publicity) or the legal rights of others; (b) offer to sell any item that infringes or otherwise violates a third party's rights, including an item that: (i) you cannot legally sell, (ii) is misrepresented to us, and/or (iii) if sold, would cause us to violate any law, statute or regulation; (c) provide false, inaccurate, or misleading personal information; or (d) violate any applicable government laws or regulations (for example, those governing financial services, consumer protections, unfair competition, anti-discrimination or false advertising). We will cooperate with legal authorities and internet service providers in releasing information about users who violate these Terms.

As far as your actual usage of the Services, you shall not (directly or indirectly): (i) access the Services other than by the interfaces provided by us; (ii) take any action that imposes or may impose an unreasonable or disproportionately large load on our infrastructure; (iii) interfere or attempt to interfere with the proper working of the Services or any activities conducted on the Services; (iv) bypass any of our measures which may be used to prevent or restrict access to the Services (or parts thereof); (v) decipher, decompile, disassemble, reverse engineer or otherwise attempt to derive any source code or underlying ideas or algorithms of any part of the Services; or (vi) modify, translate, or otherwise create derivative works of any part of the Services.

You acknowledge and agree that we provide the Services as an agent and on your behalf, and, that in most cases, Worthy does not purchase or take title to any items sold using the Services.

3. MEMBERSHIP AND REGISTRATION

In order to use the Services, you will be asked to become a registered member (“Member”) and provide us with certain identifiable information about yourself. By becoming a Member, you agree to provide accurate and complete information as requested during the registration process, and to update such information as necessary from time to time.

Additionally, when you sign up to become a Member, you will be asked to submit your email address and choose a password which will enable you to access the Services and your account whenever you like. Our main means of communicating with our users are electronic means (in other words, through email or text messages). You must provide us with accurate and complete contact information when registering to use our Services. It is your responsibility to maintain a current & valid email address.

As the Member account owner, you are solely responsible for the activity that occurs through your account. We urge you to keep your account password secure and to always log-off from the Services when leaving your computer unattended. We will not be liable for losses caused by any unauthorized use of your account. We strongly recommend you notify us immediately of unauthorized use or access to your Member account.

If you decide to sell your valuable, you will be asked to present a copy of one of the following IDs: (1) a state driver's license; (2) a state identification card; (3) a passport; (4) a military identification; or (5) identification issued by the agency of the United States responsible for citizenship and immigration. Additional information might be required and you will be asked to sign a specific bill of sale relating to such transaction.

4. FEES

While access to the Site is free, the Services are offered to you herein may include service fees. All fees, estimations and offers are made in U.S. dollars.

5. RIGHT TO DENY OR LIMIT ACCESS

We have the right, but not the obligation, to provide you with access to the Site. Accordingly, we reserve the right to deny or limit access to any Site users whose behavior and use of the Services we find to be abusive, illegal, disruptive, or that might otherwise fail to conform to our standards and these Terms. We reserve the right to limit or revoke your access in full or in part to the Site, in our sole discretion, at any time, and for any reason, including, but not limited to violation of these Terms.

6. OWNERSHIP OF THE SERVICES

The underlying platform of the Services is either our proprietary property, or the proprietary property of our licensors or licensees. "Worthy™", "Worthy Value Partner™", and other trademarks, slogans, service marks, trade names, and trade dress which appear via the Services are proprietary to us. Except as expressly set forth herein, no right, license, or interest to such trademarks are generated or granted hereunder. You shall not remove or alter any copyright notice, trademark or other proprietary or restrictive notice or legend affixed to any material provided by us.

You acknowledge and agree that nothing in these terms of use shall have the effect of transferring the ownership of any copyrights, trademarks, slogans, service marks, trade names, trade dress or other proprietary rights contained within the Services or any part thereof to you or any third party.

The Services may contain links to third party websites that are not owned or controlled by us. We have no control over, and assume no responsibility for, the content, privacy policies, or practices of any third party websites. By using the Services, you expressly relieve us from any and all liability arising from your use of any third-party website or service.

7. WARRANTIES

THE SITE AND THE SERVICES ARE PROVIDED ON AN "AS IS" AND AN "AS AVAILABLE" BASIS. WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT FOR THE USE OF THE SITE. NO ADVICE OR INFORMATION OBTAINED FROM US, OUR AGENTS, REPRESENTATIVES OR THROUGH THE SERVICES WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED HEREIN. ANY DEFICIENCY IN TITLE FOR ITEMS SOLD THROUGH THE SERVICES WILL BE HANDLED DIRECTLY BETWEEN THE BUYER AND THE SELLER.

8. LIMITATION OF LIABILITY AND INDEMNIFICATION

You agree to indemnify and hold us, our officers, agents, partners and employees, harmless from any loss, liability, claim, or demand, including reasonable attorney's fees, made by any third party due to or arising out of or relating to: (a) your use of the Site or the Services, or (b) arising from your breach of these Terms.

WE SHALL HAVE NO LIABILITY TOWARDS SITE VISITORS WHO DO NOT USE THE SERVICES. OUR CUMULATIVE LIABILITY TOWARDS USERS OF THE SERVICES IS GOVERNED BY APPLICABLE LAW.

OTHER THAN THE REQUIREMENTS OF ANY APPLICABLE LAW, WE WILL NOT BE LIABLE FOR DAMAGES OF ANY KIND INCLUDING, WITHOUT LIMITATION, COMPENSATORY, CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL OR SIMILAR DAMAGES, THAT MAY RESULT FROM THE USE OF, OR THE INABILITY TO USE, THE SITE. THE LIMITATIONS, EXCLUSIONS AND DISCLAIMERS IN THIS SECTION AND ELSEWHERE IN THESE TERMS OF USE APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

9. PRIVACY

We understand the importance of guarding the privacy of our Services’ users and, except for information provided in connection with a sale to a third party buyer or as required by law, undertake to not share your personal information with any third party without your explicit permission. To learn more about how we protect your personal information, please refer to our Privacy Policy.

10. USER FEEDBACK AND INPUT

By submitting any comments, feedbacks and reviews through the Site, including via e-mail (“User Feedback”), you grant us a, perpetual, irrevocable, royalty-free, transferable right and license to use, copy, modify, delete in its entirety, adapt, publish, translate, create derivative works from and/or sell and/or distribute such content and/or incorporate such content into any form, medium or technology, including without limitation marketing materials, throughout the world without compensation to you.

In addition, any concepts, ideas, and materials that you transmit to the Site or otherwise provide us (“User Input”) shall be and remain our property. You hereby irrevocably waive any right with respect to such User Input without compensation to you and acknowledge that we will be free to use any such User Input for any purpose whatsoever including, but not limited to, developing or marketing products or services incorporating such information without compensation to you.

For avoidance of doubt, personal information submitted by you in the course of applying for the sale of a valuable shall not be considered for itself as “User Feedback” or “User Input” and shall be treated by us in accordance with our Privacy Policy as stated in Section 9 above.

With respect to any User Feedback or User Input submitted by you, you hereby represent and warrant to us, that: (i) you are the sole author of such content and have all rights required to submit such content; (ii) such content is not known by you to be false, inaccurate or misleading; (iii) such content is non-confidential and non-proprietary and does not infringe the right of any third party (iv) such content does not contain any unlawful, threatening, libelous, defamatory, inflammatory, pornographic, or profane material, any material in violation with any law, statute, ordinance or regulation or any other material that could give rise to any civil or criminal liability under law.

We reserve the right to change, condense or delete any User Feedback or User Input as we deem fit, in our sole discretion. We do not guarantee that you will have any recourse through to edit or delete any User Feedback or User Input you have submitted. You acknowledge that you are responsible for the User Feedback or User Input you submit. None of the content that you submit shall be subject to any obligation of confidence on the part of Worthy, its agents, subsidiaries, affiliates, partners or third party service providers and their respective directors, officers and employees.

11. MISCELLANEOUS

(a) If you have not signed separate documentation as part of the Services, then these Terms constitute the entire agreement between the parties concerning the subject matter hereof, replacing any prior agreements. If there is any conflict between these Terms and specific documentation relating to an actual transaction between us, approved by us, the specific documentation will prevail; (b) You affirm that you are 18 years of age or older, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms, and to abide by and comply with these Terms; (c) Failure to enforce any provision will not constitute a waiver of that provision. If any provision is found unenforceable, it and any related provisions will be interpreted to best accomplish the unenforceable provision’s essential purpose; (d) These Terms shall be governed by the laws of the State of New York, without giving effect to any principles of conflicts of laws thereof. The eligible courts of New York, NY shall have exclusive jurisdiction over all disputes arising from or in connection with this Agreement.

For issues pertaining to copyright infringement, please visit copyright notifications.