This addendum sets out the terms and conditions that govern selling and buying through Stadium SOURCE.
Except as otherwise expressly provided in this Addendum, all of the terms and conditions of the Consignor Agreement remain unchanged and in full force and effect. Capitalized terms not otherwise defined in this Addendum will have the meanings ascribed to them in the Consignor Agreement.
You (“Selling Consignor” or “Seller”) may create a selection of Goods (the “Bundle”) to be sold through the SOURCE portal to another consignor (“Buying Consignor” or “Buyer”). In some instances, we may suggest a Bundle to you. All Goods must be in our existing catalogue to be eligible.
Pricing and contents of Bundle(s) will be subject to our approval in our sole discretion before any Bundle can go live on the SOURCE portal. Pricing will be set for both individual Goods in Bundle and entire Bundle, as a whole.
In some cases Buyers may be able to bid on Bundles or individual Goods, meaning Buyers can either opt to purchase a Bundle or Good at the advertised price or make an offer for a different price. If a Buyer places a bid on a Bundle, this is a binding offer to conclude a contract for the entire Bundle at such price. Upon receiving a bid for a Bundle or Good, Seller can accept or reject such bid. Buyers will be able to provide up to three (3) bids on a respective Bundle or Good. Bids may be subject to expiration prior to any such acceptance or rejection by Seller. If a bid is made on an individual Good, and it is accepted by the Seller, then the final price of the Bundle will be adjusted accordingly. Once a Bundle final price has been agreed, we will charge the agreed amount on the Buyer’s credit card on file.
If, as and when Bundle sales are agreed, if any Goods are not already in our possession or custody, Sellers will need to provide such Goods to us for intake and authentication. Bundles and/or Goods must arrive within 72 hours of an agreed sale, otherwise Sellers may be subject to a late fee (please see Charge Policy for relevant fees). We will not be liable for any Goods lost in transit. We will visually inspect all Goods and Bundles and use commercially reasonable efforts to confirm all Goods are authentic, unworn and meet the description provided in the SOURCE portal. If we determine a Good is not authentic, or does not meet the description provided, or if a Good arrives damaged, we reserve the right to reject any such Good. Any rejected Goods will be rejected as per the rejection process in clause 2 of the Consignor Agreement, including being subject to any applicable rejection charges. If any Goods in a Bundle are rejected for any reason, we will notify the Seller regarding such rejections. If a Bundle is “Incomplete” meaning it is missing items or any Goods are rejected, Sellers will be subject to Seller Penalty/Incomplete Bundle Charge for each missing/rejected Good. Buyers will be notified of the updated contents and adjusted price (less the missing/rejected items) for the Bundle. If more than 50% of original Bundle price is missing/rejected, and Buyer no longer wants to proceed with the purchase of the Bundle, Buyer has a right to cancel purchase at this point. Otherwise, purchase will proceed at the adjusted lower price, and Buyer will receive a refund for the price difference. In some instances, the Buyer may also be eligible for additional compensation on top of the applicable refund that they receive.
The Seller will then be eligible for the Proceeds of the Sale through their Hyperwallet account as per clauses 4 and 5 of the Consignor Agreement.
Note: If you create a Bundle with Goods that are already in our custody, such Goods will not be reserved exclusively for the Bundle. If such Good(s) sells through an alternate channel, such as the Seller Portal, you will be responsible for providing an alternate Good for the Bundle, otherwise you will be subject to the Seller Penalty/Incomplete Bundle Charge for each missing Good.
Note: If any SOURCE transactions do not go ahead, but we are in custody of the Goods, Goods will be transferred to Seller’s Seller Portal and consigned per the Consignor Agreement. We reserve the right to set the initial price of these Goods.
Title to and ownership in the Bundle and respective Goods will transfer to the Buying Consignor once full payment is made by the Buying Consignor and accepted by us. Risk in the Bundles shall remain with the Selling Consignor until Goods have been authenticated and accepted by us and then transferred to the Buying Consignor’s Seller Portal, at which point risk shall be transferred to the Buying Consignor.
Please note returns will not be accepted for SOURCE transactions.
Once Bundles have been transferred to Buyer’s account on the Seller Portal, Buyer will need to set Direct to Consumer (“DTC”) individual pricing for the Goods in the Bundle. In some situations, we may provide a suggested price, and Buyer will have the option to change the price within a 72 hour window. If DTC prices are not set within 72 hours, we reserve the right to price Goods in our sole discretion. All DTC sales will then proceed as per the Consignor Agreement.
All Buyers represent and warrant that they are purchasing Bundles for the purpose of resale through Stadium Goods. As such, Buyers will not be liable for sales tax on Bundle purchases. Should Buyers choose not to resell any such Bundles after purchase, they will be liable to pay any such applicable sales tax. If Goods are withdrawn from Seller Portal, they will also be subject to the standard Withdrawal charges per clause 6 of the Consignor Agreement, and we reserve the right to apply any additional fees, in our sole discretion.