TEAM WANG Initial Product Offering™ Official Rules

TEAM WANG Initial Product Offering™
Official Rules

September 8, 2020 – September 10, 2020
(September 8, 2020 – September 11, 2020 (Europe and Asia))
Publish date: September 4, 2020

NO PURCHASE OR PAYMENT OF ANY KIND NECESSARY TO ENTER.  A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. OPEN TO PERSONS 18 YEARS OF AGE OR OLDER AT THE TIME OF ENTRY.

1. Eligibility: TEAM WANG Initial Product Offering™ (the “Auction”) is open to persons who are at least eighteen (18) years of age or older. Employees, contractors, directors, officers, and agents of StockX LLC (“Sponsor”), its parent, affiliates, subsidiaries, distributors, sales representatives, and advertising, promotion and judging agencies and all other service agencies involved with the Contest, and members of the immediate family (spouse, parent, child, sibling and their respective spouses, regardless of where they reside) and household of each such employee (whether or not related) are not eligible to enter or win.

This Auction is subject to all applicable laws and regulations (as applicable) and is void where prohibited.  Participation constitutes bidder’s full and unconditional agreement to these Official Rules and StockX LLC’s (“Sponsor”) decisions, which are final and binding in all matters related to the Auction.  The right to purchase the Goods (as defined below) is contingent upon fulfilling all requirements set forth herein.

2. Sponsor: StockX LLC, 1046 Woodward Avenue, Detroit MI 48226, United States; [email protected].

3. Auction Period:  The Auction begins on September 8, 2020, at 9:00 am Eastern Daylight Time (“EDT”) (September 8, 2020, at 2:00 pm British Summer Time (“BST”); September 8, 2020, at 9:00 pm Chinese Standard Time (“CST”)) and ends on September 10, 2020, at 8:00 pm EDT (September 11, 2020, at 1:00 am BST; September 11, 2020, at 9:00 am CST) (the “Auction Period”).

All bids must be submitted during the Auction Period for the Goods as described below to be valid.

4. How to Bid: The Auction is a blind Dutch auction.

During the Auction Period, to make a bid to purchase the Goods, go to StockX mobile app, or StockX.com, log in to your account (or create one for free) and place a bid as a buyer for any of the TEAM WANG IPO Products—t-shirt, vest, track suit (collectively, the “Goods”). At the time you place the bid, you will not make any payment. During the Auction Period, you may modify or cancel your bid at any time.

For each size of the Goods, the applicable product pages will indicate the number of Goods that will be eligible to win the Auction (e.g., seven hundred items of the TEAM WANG t-shirt, size 1, will be available to be won at auction), as amended in Sponsor’s discretion (the “Available Amount”). Following the Auction Period, the number of highest bidders for each item, as determined by Sponsor, of Goods equal to the Available Amount will win the applicable Goods (as applicable, the “Winners”). The Winners of an item of Goods will be charged and responsible to pay the price bid by the lowest bidder, as determined by Sponsor, amongst the applicable Winners (the “Clearing Price”) of such Goods.

For example, if there for are seven (7) items of a TEAM WANG t-shirt, size 1, available for auction, and the top eight (8) bids for such Goods are as follows:

then, in the example above, the Clearing Price would be $300, which is the lowest price bid by a Winner. In the example above, Winners 1-6 pay the Clearing Price, even though they bid higher than the Clearing Price. Furthermore, bidder 8 (and any other bidders who bid lower than the Clearing Price) will not win the Goods.

In the event that the number of bidders placing an identical bid amount which would otherwise equal or exceed the Clearing Price exceeds the Available Amount, then Winners shall be chosen based on which bidders entered their bids in the Auction first. In other words, if the applicable Available Amount is ten (10), and the eleven (11) highest bidders all bid $500, then the Winners will be the first ten (10) highest bidders to have made the bid of $500, and the eleventh (11^th) highest bidder will not win the right to purchase the Goods.

Bidders do not know the amount of the bids that others are making.

Individuals who do not follow all of the instructions, provide the required information, successfully submit their bid, and/or abide by these Official Rules or other reasonable instructions of Sponsor may be disqualified.

Each person may bid once on each particular item contained in the Goods, but there is no limit on how many Goods a bidder may make a bid.

Automated entries are prohibited, and any use of automated devices will cause disqualification. Any bidder that attempts to complete or submit fraudulent entries will be disqualified (including all of that bidder’s bids) in Sponsor’s reasonably exercised discretion. Bidders may not enter with multiple e-mail addresses nor may bidders use any other device or artifice to enter multiple times or as multiple bidders. Any bidder who attempts to enter with multiple e-mail addresses, under multiple identities, or uses any device or artifice to register multiple times will be disqualified and forfeits any and all prizes won, in Sponsor’s reasonably exercised discretion.  Multiple bidders are not permitted to share the same e-mail address. Should multiple users of the same e-mail account enter the Auction and a dispute thereafter arise regarding the identity of the bidder, the authorized account holder of the said e-mail account at the time of entry will be considered the bidder. “Authorized Account Holder” is defined as the natural person who is assigned an e-mail address by an Internet access provider, on-line service provider or other organization, which is responsible for assigning e-mail addresses or the domain associated with the submitted e-mail address. Potential winner may be required to show proof of being the Authorized Account Holder.

5. Results:  On or around September 14, 2020, Sponsor will determine the Winners from among all eligible bids for each item contained in the Goods received during the Auction Period. Odds of winning the right to purchase the Goods depend on the number of eligible bids received and the amounts of the bids.

On or around September 15, 2020, Winners will be notified via the e-mail address and/or telephone number provided during entry into the Auction. Bidders who did not win the right to purchase the Goods on which they bid will not be notified.

The selected Winners shall purchase the applicable Goods for which they successfully bid for the Clearing Price. The purchase must be completed by transferring the Clearing Price to Sponsor by September 16, 2020 (September 17, 2020, at 4:49 AM BST; September 17, 2020, at 11:59 AM CST) (the “Payment Date”). If a selected winner does not purchase the Product by the Payment Date, the bid will not be valid and such person will no longer be entitled to obtain the Goods.

Potential winners are subject to verification. If a potential winner is found not to be eligible or not in compliance with these Official Rules, if attempted notification or any Product is returned as undeliverable, if any required documents are not returned within the required number of days, if a winner cannot be verified, or if a winner is otherwise unable or unwilling to accept and claim the Goods as stated, the winner may be disqualified and the Goods may be forfeited in Sponsor’s reasonably exercised discretion.   In the event that a potential winner is disqualified for any reason, Sponsor reserves the right to not award the Goods to any other bidder. Where lawful under applicable law, Winners may be required to complete, sign and return an Affidavit of Eligibility/Liability Release and a Publicity Release, within seven (7) days of attempted notification or Goods may be forfeited. Sponsor is not responsible for any change of email address, mailing address and/or telephone number of bidders.

In the event of unforeseen circumstances, if any Goods, or any portion thereof, cannot be awarded, Sponsor shall substitute the Goods with another product of equal or greater value or refund the bid at the Winner’s choice.  Due to the unique nature of certain Goods, color variations may occur.  Winners will be solely responsible for all federal, state and/or local taxes, and for any other fees or costs associated with the Goods they receive, regardless of whether it, in whole or in part, is used. Product awarded to a winner may be reported for tax purposes where required by law. Please allow 4-8 weeks for shipment of the Goods after confirmation.

To the extent permitted under applicable law, Winner acknowledges that Promotion Parties (as defined below) have not made nor are in any manner responsible or liable for any warranty, representation, or guarantee, express or implied, in fact, or in law, relative to any Goods, including but not limited to its quality, mechanical condition or fitness for a particular purpose. Any and all warranties and/or guarantees on Goods (if any) are subject to the respective manufacturers’ terms therefore, and winners agree to look solely to such manufacturers for any such warranty and/or guarantee.

6. Release: As a condition of entering, bidders agree (to the maximum extent permitted by applicable law): (a) to release Sponsor, each of its affiliates, subsidiaries, retailers, and agents, and each of their officers, directors, employees and agents (“Promotion Parties”), from any and all liability, loss or damage incurred with respect to the awarding, receipt, possession, and/or use or misuse of any Goods except for warranty claims resulting from the delivery of a defective item or for damages resulting from injury to life, body or health and other damages resulting from a grossly negligent or intentional breach of duty; (b) under no circumstances will any bidder be permitted to obtain awards for, and bidder hereby knowingly and expressly waives all rights to claim, punitive, incidental, consequential, or any other damages, other than for actual out-of-pocket expenses and/or any rights to have damages multiplied or otherwise increased; and (c) any and all claims, judgments, and awards shall be limited to actual out-of-pocket costs incurred (if any), excluding attorneys’ fees and court costs.

7. Publicity: Except where prohibited by law, each winner grants (and agrees to confirm this grant in writing, if requested) permission for Sponsor and those acting under its authority to use his/her name, photograph, and/or likeness, for advertising and/or publicity purposes in any and all media now known or hereinafter invented including without limitation on paper, audio, video, audio-visual, electronic, digital or online media on worldwide basis and royalty-free basis for a term of two years as of their selection as winners.

8. General Conditions: To the extent allowed under applicable law, Sponsor is not responsible for lost, late, misdirected, undelivered, incorrect, or inaccurate entry information whether caused by Internet users or by any of the equipment or programming associated with or utilized in the Auction or by any technical or human error which may occur in the processing of the entries.  Sponsor reserves the right to cancel, suspend and/or modify the Auction, or any part of it, if any fraud, bugs, virus, technical failures, or any other factor beyond Sponsor’s reasonable control impairs the integrity or proper functioning of the Auction, as determined by Sponsor in its reasonable discretion. Sponsor is not responsible for computer system, phone line, hardware, software or program malfunctions, or other errors, failures or delays in computer transmissions, the website, or network connections that are human or technical in nature. Sponsor reserves the right, in its reasonably exercised discretion, to disqualify any individual and his/her entries it finds to be tampering with the entry process, the website, or the operation of the Auction or to be acting in violation of the Official Rules of this or any other promotion or in an unsportsmanlike or disruptive manner. Any attempt by any person to deliberately undermine the legitimate operation of the Auction may be a violation of criminal and civil law, and, should such an attempt be made, Sponsor reserves the right to seek damages from any such person to the fullest extent permitted by law.  Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that provision. The sale of Goods pursuant to this Auction shall be subject to Sponsor’s Terms of Service.

9. Binding Arbitration: Any controversy or claim arising out of or relating to this Auction shall be subject to the jurisdiction determined by applicable law.

SOME JURISDICTIONS DO NOT ALLOW THE LIMITATIONS OR EXCLUSION OF LIABILITY SET FORTH ABOVE AND IN SECTION 6, SO SUCH LANGUAGE MAY NOT APPLY TO EVERY BIDDER.

10. Governing Law & Jurisdiction: Except where prohibited by law, this Auction and its Official Rules are governed by the laws of the State of Michigan, United States, and are subject to all applicable laws and regulations. The entire mandatory law of the country in which the participant has his habitual residence remains applicable. The European Commission also provides consumers with an online dispute settlement platform accessible at the following address: https://ec.europa.eu/consumers/odr/.

For all the duration of the Auction, these Official Rules will be made available here, together with any other promotional material regarding the Auction.

11. Bidder’s Personal Information: Please see the privacy policy located at https://stockx.com/privacy for details of Sponsor’s policy regarding the use of personal information collected in connection with this Auction.  If you are selected as a winner, your information may also be included in a publicly-available winner’s list.

12. Translations: Copies of these Promotion Rules in Italian, French, German, and Japanese can be found here. In the event of any inconsistency between different language versions of these Promotion Rules, the English version shall prevail.