Terms of Service
Last revised: February 22, 2016
Effective as of: February 22, 2016
The use of the OptionIt.com website and OptionIt marketplace (collectively referred to herein as the “Website”) is subject to the following terms and conditions. Use of the Website constitutes an agreement by you, the user, in which you agree with these terms and conditions. Further, you acknowledge and agree that your continued use of the Website is also governed by any other agreements you may have with OpIt LLC (“OptionIt”). The Terms of Service are hosted at www.optionit.com/tos/ and may change from time to time. Updates and changes will be posted at such location.
Ownership of Intellectual Property/Usage Restrictions
Except with respect to the rights of our partners, as between you and OptionIt, OptionIt owns, solely and exclusively, all rights, title and interest in and to the Website, all the content (including, for example, audio, photographs, illustrations, graphics, other visuals, video, copy, software, etc.), code, data and materials thereon, the look and feel, design and organization of the Website, and the compilation of the content, code, data and materials on the Website, including but not limited to any copyrights, trademark rights, patent rights, database rights, moral rights, sui generis rights and all other intellectual property and proprietary rights. OptionIt’s ownership of all developments, ideas, concepts, know-how, methods or techniques which it develops or conceives of in connection with the Website may be used by OptionIt as it sees fit including, without limitation, for performance measuring and marketing purposes. Your use of the Website does not grant to you ownership of any content, code, data or materials you may access using the Website. You agree that you will not take any action that is incompatible with OptionIt’s intellectual property and proprietary rights. Any such action will grant OptionIt the immediate right to terminate your access to the Website. United States and worldwide copyright laws and treaty provisions protect the entire content, including look, feel and operation of this Website.
To ensure proper use of the Website, safety of its intellectual property and security of its source code, OptionIt may track individual user’s movement throughout the Website, as well as where the user was immediately prior to entering the Website and where the user goes immediately upon leaving the Website. Should OptionIt discover any improper use of the Website, it may terminate your access to the Website.
By continuing to use this Website, you affirm that any use of the Website is only for lawful purposes. The use of any information obtained through the Website is at your own risk and OptionIt specifically disclaims any warranty or responsibility for the accuracy or quality of information provided or obtained through such use. You agree to indemnify, defend and hold harmless OptionIt from any claims, costs, liabilities and attorney’s fees arising from your improper or unauthorized use of the Website.
You agree and understand that you are responsible for maintaining the confidentiality of passwords associated with any account you use to access the Website. Accordingly, you agree that you will be solely responsible to OptionIt for all activities that occur under your account.
By continuing to use this Website, you warrant and agree to use the Website for permissible purposes only. You acknowledge that your use of the Website is limited to object code or html format only in the form and manner in which OptionIt provides access. You agree that you shall not access the Website other than as expressly permitted hereby. In accordance with these terms, except as stated above, you may not:
Copy, reproduce, modify, use, republish, upload, post, transmit or distribute in any way material from the Website, except with OptionIt’s express written permission;
Copy, modify or display trademarks, names or logos appearing in the Website in any way without OptionIt’s express written permission;
Redeliver any of the pages, text, images or other content of the Website using “framing” technology without OptionIt’s express written permission;
Disassemble, decompile, or reverse engineer the Website; and
Upload any computer viruses, or other contaminants, including any codes or instructions that can improperly access, modify, damage, or disable the Website.
Violation of the above will provide OptionIt the right to terminate your access to the Website and pursue any other legal remedies to which OptionIt deems necessary.
What We Sell
An Option sold on OptionIt.com represents a right for the purchaser of the Option to purchase a specified good, product or service during a specified period for a predetermined price. Each Option has a unique set of terms (even for Options covering the same or similar underlying good, product or service), so it is always important to review the terms of a particular Option carefully before purchasing. The purchase of an Option indicates acceptance of the terms of the Option. Option terms may include, without limitation, the Option price (i.e. what you pay for the Option only); a description of the underlying good, product or service (i.e. what you get to purchase when you exercise the Option); strike or exercise price (i.e. the amount you must pay for the underlying good, product or service if you properly exercise the Option); first permitted exercise date (i.e. when the Option first becomes capable of exercise by you); Option expiration date (i.e. the last day when the Option is allowed to be exercised by you); and may include such additional information as deemed necessary by OptionIt to sufficiently describe the Option terms in OptionIt’s sole discretion.
You may select Option(s) to purchase or bid on by navigating the website via category links or by entering terms in the search box and browsing the listings of available options.
Purchasing an Option
Before you purchase Option(s), you must verify your selection and the Option terms associated with it. Purchase of an Option indicates acceptance of the Option terms and these Terms of Service. While the terms applicable to an Option will not change once it has been purchased, please see the Sections below entitled “Conditional Options and Expiration,” “Rescheduled Events” and “Cancelled Events.” Depending on availability, you may have the ability to purchase the Option in the OptionIt marketplace either directly from OptionIt or from another user who has previously purchased the Option and has elected to resell the Option in the OptionIt marketplace (more on this below). Regardless of the seller of the Option (i.e. OptionIt or another user), the Option is stored and maintained in your account once purchased and any exercise of the Option during the exercise period will be through the OptionIt checkout process. To complete any purchase, you must select the applicable Option and enter valid payment details that will be verified by OptionIt. All sales are final. Subject to the rest of the terms hereof, Options will remain in your account until such time as you have resold or exercised the Option or such Option has expired. An Option may not be transferred by any other means or moved outside of the OptionIt system.
Reselling of Options
After an Option has been acquired, typically the user has the option to either exercise the Option (during the applicable exercise window (more on this below)) or the user may relist the Option for sale to other users in the OptionIt marketplace (i.e. Option aftermarket). The opening and closing of an Option aftermarket for a particular type/kind of Option is at the sole discretion of OptionIt, and OptionIt assumes no responsibility or obligation to provide an Option aftermarket. If permitted, in no case shall an Option aftermarket remain open beyond the expiration date of the Option(s) it covers. Options listed in the aftermarket will appear in the search results for a particular good, product or service, which may or may not also contain inventory being listed directly from OptionIt.
In order to list your Option(s) for resale, you will assign a price to the Option(s) to be sold and confirm that such Option is for sale. Your offer to sell is binding if and until canceled or the Option exercise window has expired. If a buyer accepts your offer and purchases the Option(s), the Option(s) will be transferred from your account to the buyer’s account and your account will be credited with the price of the options sold minus the 10% seller’s transaction fee (as described in greater detail below). OptionIt assumes no responsibility or liability if your Option(s) remain unsold at the time of the closing of the exercise window. You may hold any funds received as a result of the resale in your account to use for another transaction, or you may request the funds in the form of a PayPal transfer or a check to be sent to the address on your account. Such transfer out of funds will be processed on at least a monthly basis.
Exercise of Option by Option Holder
Your purchase of the good, product or service under the terms of the Option(s) is known as “exercising the Option.” When you exercise the Option, you are completing a separate transaction whereby you are actually purchasing the good, product or service underlying the Option. The exercise process requires the payment of the exercise price (aka strike price) (as stated in the original Option) to acquire the actual good, product or service. Each Option will contain a limited period of exercise (i.e. “exercise window,” commencing at first permitted exercise date and ending at 11:59 pm (or such earlier time as may be specified) on the Option expiration date) during which time the Option holder can exercise the option. In some instances this exercise window may be several months in the future and/or could be limited to a very short period of time, and is treated differently for contingent events (see “Conditional Option and Expiration” below). OptionIt assumes no responsibility for notifying a user of the exercise window, as the exercise window will clearly be laid out in the terms of the Option. IT IS YOUR RESPONSIBILITY AS OPTION HOLDER TO MONITOR THE APPLICABLE EXERCISE WINDOW AND EXERCISE PRIOR TO THE OPTION EXPIRATION DATE IF YOU DESIRE TO EXERCISE THE OPTION. At the time of exercise of the Option, you will be required to pay the applicable exercise price and will be provided with one or more alternatives as to how to receive the actual good, product or service (e.g. in the case of an event ticket, options may include picking up at “will-call” or receiving a ticketing agency code which will permit you to print your tickets at home).
ALL SALES FINAL/NO REFUNDS
ALL SALES OF OPTIONS ON OPTIONIT.COM ARE FINAL. YOU UNDERSTAND AND AGREE THAT AN OPTION MAY EXPIRE AND THEREAFTER NO LONGER REPRESENTS A PURCHASE RIGHT OR HAS ANY REMAINING VALUE. NO REFUNDS WILL BE GIVEN BY OPTIONIT, ITS PARTNER COMPANIES OR SPONSORS FOR EXPIRED OPTIONS. FURTHER, ONCE AN OPTION HAS BEEN EXERCISED ANY REFUNDS, EXCHANGES OR THE LIKE WITH RESPECT TO THE ITEM PURCHASED MUST BE HANDLED WITH THE GOOD, PRODUCT OR SERVICE SUPPLIER DIRECTLY.
Expiration of Option
When an Option reaches its Option expiration date without having been exercised, the purchase rights underlying the Option are extinguished and they have no further value. Expired Options cannot be exercised, redeemed or exchanged in any manner. Likewise, once an Option has been exercised it has no further value and cannot be further exercised, redeemed or exchanged in any manner.
Options and Expiration for Contingent Events
Some of the Options sold on OptionIt.com are for contingent events. These sort of Options represent the right to purchase a good, product or service, when and if such good, product or service shall actually occur or otherwise become attainable, and the contingent event may or may not ever come to fruition. If the contingent event does not occur, e.g., a selected team does not advance in the playoffs, the Option will expire immediately and shall have no remaining value or exchange rights. The holder of such Option will not be entitled to a refund of any amounts paid to secure the Option.
UNDER NO CIRCUMSTANCE SHALL OPTIONIT BE LIABLE TO THE PURCHASER OR HOLDER THEREOF IN THE EVENT THAT A CONTINGENT EVENT DOES NOT OCCUR INCLUDING, WITHOUT LIMITATION, ANY REFUNDS OF THE PRICE OF THE OPTION OR SUBSTITUTION OF THE OPTION FOR AN ALTERNATE EVENT.
In the event that the good, product or service underlying the Option has been rescheduled (e.g. the date or time of an event has been modified) prior to the exercise of the Option, but the event is still to occur, upon receipt and confirmation of such change in circumstances by OptionIt, OptionIt will use commercially reasonable efforts to update the details of such affected Options and attempt to notify the holders of such Options of such change (via the communication preferences set in the user accounts of the affected Option holders). OptionIt may, but shall not be obligated to, contact those users who have already exercised the Option to inform them of such change. If such change in circumstances affects your ability to attend such event, OptionIt suggests utilizing the OptionIt marketplace to attempt to resell such Option. OTHER THAN AS OUTLINED ABOVE, OPTIONIT ASSUMES NO RESPONSIBILITY IN CONNECTION WITH A CHANGE IN CIRCUMSTANCE, INCLUDING, WITHOUT LIMITATION, PROVIDING ANY REFUNDS.
In the event that the good, product or service underlying the Option has been cancelled or is no longer available such that the exercise of the Option becomes impossible, assuming the exercise window has not previously expired and OptionIt has confirmed that exercise has become impossible, OptionIt will provide a credit to the user who is then in possession of such Option equal to the original purchase price paid to OptionIt therefor (notwithstanding the actual amount paid to acquire the Option if not purchased directly from OptionIt).
Failure to Fulfill by Third Party Supplier
In the event that the good, product or service underlying the Option is to be fulfilled by a third party supplier and an Option Holder attempts to exercise an Option during the appropriate Exercise Window and such third party supplier fails to fulfill the exercise (by failing to provide the good, product or service underlying the Option), the Option Holder may request a refund from OptionIt for the original purchase price of the Option, subject to the Disclaimers and Limitations of Liability described below.
All prices displayed on OptionIt.com are stated in U.S. Dollars.
Upon the first sale of an Option in the OptionIt marketplace, OptionIt does not charge a fee above and beyond the price of an Option. The price of the Option is the total price of that transaction.
Where an Option holder is looking to resell an Option in the OptionIt marketplace that it has purchased from OptionIt, OptionIt charges a small transaction fee to both the buyer and seller upon the closing of such transaction. The transaction fee to buyers is 7% of the price of the Option(s), which is automatically added to the total amount, paid by buyer at the time of purchase and will be shown during the checkout process. The transaction fee to sellers is 10% of the price of the Option(s), which is automatically subtracted from the amount available to seller after the close of the transaction. Such fee is shown to the seller during the consent process for listing the Option for sale in the OptionIt marketplace.
There are no fees or additional charges to an Option holder or user of the OptionIt marketplace for creating an OptionIt user account, purchasing an Option directly from OptionIt (other than the payment of the Option price), merely listing Option(s) for resale or for the exercise of the Option (other than the payment of the exercise price).
We offer password secured pages for access and use of the Website. We follow technical and management practices selected by management in good faith to help protect the confidentiality, security and integrity of data stored in the Website. While no computer system is completely secure, we believe the measures implemented for the Website reduce the likelihood of security problems to a level appropriate to the type of data involved. We employ physical, electronic and procedural safeguards in connection with the collection, storage and disclosure of any personal contact information.
Disclaimer; No Warranty
THE WEBSITE, INCLUDING, WITHOUT LIMITATION, ALL SERVICES, CONTENT, FUNCTIONS AND MATERIALS, IS PROVIDED “AS IS,” “AS AVAILABLE,” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY FOR INFORMATION, DATA, DATA PROCESSING SERVICES, UPTIME OR UNINTERRUPTED ACCESS, ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS, OR CONTENT OF INFORMATION, AND ANY WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND WE HEREBY DISCLAIM ANY AND ALL SUCH WARRANTIES, EXPRESS AND IMPLIED. WE DO NOT WARRANT THAT THE WEBSITE OR THE SERVICES, CONTENT, FUNCTIONS OR MATERIALS CONTAINED THEREIN WILL BE TIMELY, SECURE, UNINTERRUPTED OR ERROR FREE, OR THAT DEFECTS WILL BE CORRECTED. WE MAKE NO WARRANTY THAT THE WEBSITE WILL MEET YOUR REQUIREMENTS. NO ADVICE, RESULTS OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM US OR THROUGH THE WEBSITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY MADE HEREIN.
OPTIONIT ALSO ASSUMES NO RESPONSIBILITY, AND SHALL NOT BE LIABLE FOR, ANY DAMAGES TO, OR VIRUSES THAT MAY INFECT YOUR COMPUTER EQUIPMENT OR OTHER PROPERTY ON ACCOUNT OF YOUR ACCESS TO OR USE OF THE WEBSITE OR YOUR TRANSFER OF ANY MATERIALS, DATA, TEXT, IMAGES, VIDEO, OR AUDIO FROM THE WEBSITE.
WHILE OPTIONIT TAKES REASONABLE MEASURES TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED ON THE WEBSITE, OPTIONIT ASSUMES NO RESPONSIBILITY, AND SHALL NOT BE LIABLE FOR ERRORS: (I) BASED ON INFORMATION RECEIVED FROM THE PROVIDERS OF GOODS, PRODUCTS OR SERVICES (II) OF A CLERICAL NATURE, OR (III) IN INSTANCES WHERE OPTIONIT IS NOT DIRECTLY RESPONSIBLE FOR THE CONTENT THEREOF.
WITHOUT LIMITATION OF THE ABOVE IN THIS SECTION, OPTIONIT HEREBY DISCLAIMS, AND YOU HEREBY WAIVE, ANY AND ALL WARRANTIES AND REPRESENTATIONS MADE IN PRODUCT OR SERVICES LITERATURE AND OTHERWISE ON THE WEBSITE OR IN CORRESPONDENCE WITH OPTIONIT OR ITS AGENTS.
Limitation of Liability
IN NO EVENT, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL OPTIONIT OR ANY OF ITS OFFICERS, EMPLOYEES, AGENTS OR SUPPLIERS (COLLECTIVELY, THE “PROTECTED ENTITIES”) BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING FROM, OR DIRECTLY OR INDIRECTLY RELATED TO, THE USE OF, OR THE ABILITY TO USE, THE WEBSITE, THE OPTIONIT MARKETPLACE OR THE CONTENT, MATERIALS AND FUNCTIONS RELATED THERETO, YOUR PROVISION OF INFORMATION VIA THE WEBSITE, LOST BUSINESS OR LOST SALES, EVEN IF SUCH PROTECTED ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO CERTAIN USERS. IN NO EVENT SHALL THE PROTECTED ENTITIES BE LIABLE FOR OR IN CONNECTION WITH ANY CONTENT POSTED, TRANSMITTED, EXCHANGED OR RECEIVED BY OR ON BEHALF OF ANY USER OR OTHER PERSON ON OR THROUGH THE WEBSITE.
SUBJECT TO APPLICABLE LAW TO THE CONTRARY, IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF THE PROTECTED ENTITIES TO YOU FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE OR OTHERWISE) ARISING FROM THE TERMS AND CONDITIONS OR YOUR USE OF THE WEBSITE EXCEED IN THE AGGREGATE THE GREATER OF ONE DOLLAR OR THE ORIGINAL PURCHASE PRICE PAID TO OPTIONIT TO SECURE THE OPTION.
Your use of the OptionIt.com Website is governed by the OptionIt.com Terms and Conditions of Use, which is incorporated herein by reference thereto and may be viewed at the following URL TERMS OF SERVICE
We value your feedback on the Website and services, and are open to receive your comments on those services including with respect to any ideas, suggestions, materials, concepts or other information (collectively referred to herein as “Information”). If you send us any such Information, all such Information shall be deemed, and shall remain, the property of OptionIt and none of the Information shall be subject to any obligation of confidence on our part and OptionIt shall have unrestricted use of such Information for any purpose whatsoever, commercial or otherwise, without compensation or liability to you or other provider of the Information.
Amendments and Modifications
OptionIt reserves the right to amend the information, services, and/or content of the Website at any time without prior notice. The information and materials contained in the Website – and the terms and conditions of the access to and use of such information and materials – are subject to change without notice. We suggest that you check these terms periodically for changes. These terms can be accessed from the link at the bottom of the Website. If you use the Website after we post changes to the terms, you accept the changed terms.
Disputes and Jurisdiction
We strive to achieve customer satisfaction. If you are dissatisfied in any way with your transaction on OptionIt.com, you agree that you will first attempt to resolve it with us by contacting us with your account information, a written description of your issue, and how best to contact you, all within 30 days of expiration of the Option expiration date. Subject to applicable law to the contrary, your failure to contact us within said 30-day period will result in a waiver of all claims against OptionIt and a release of OptionIt of any and all liability in connection therewith. You understand and agree that because of the time-sensitive nature of Option terms delays in reporting an issue to us will affect our ability to intervene.
These terms of service shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to any principles of conflicts of law. Any dispute relating in any way to your use of the Website shall be submitted to confidential arbitration in Chicago, Illinois, except that, to the extent you have in any manner violated or threatened to violate OptionIt’s intellectual property rights, OptionIt may seek injunctive or other appropriate relief in any state or federal court in the state of Illinois or elsewhere in its sole discretion, and you consent to exclusive jurisdiction and venue in such courts. Arbitration under this agreement shall be conducted under the rules then prevailing of the American Arbitration Association, and OptionIt may select whether the panel of arbitrators shall be comprised of one or three arbitrators. The arbitrator’s award shall be binding and may be entered as a judgment in any court of competent jurisdiction.
BY USING THIS WEBSITE, YOU AGREE TO WAIVE ANY RIGHT TO A TRIAL BY JURY. NEITHER YOU NOR OPTIONIT SHALL SEEK TO CONSOLIDATE, BY COUNTERCLAIM OR OTHERWISE, ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THIS PROVISION SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY EITHER YOU OR OPTIONIT EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY BOTH PARTIES.