The CGC Guarantee
Certified Guaranty Company LLC (“CGC”), a US limited liability company with an address of 5501 Communications Pkwy, Sarasota, Florida, 34240, USA, provides the following guarantee for CGC-graded comics, magazines, lobby cards, and concert posters (collectively, “Collectibles”), subject to the limitations and other terms and conditions stated below. Collectibles must be encapsulated in CGC holders to be eligible for the CGC Guarantee.
Subject to the terms and conditions of this Guarantee and the limitations specified below, CGC guarantees that:
- For all Collectibles (other than Collectibles with the red CGC Memorabilia label), such Collectibles are authentic and have been inspected by at least two professionals.
- For all Collectibles with the yellow CGC Signature Series label, the yellow/green CGC Signature Series Qualified label, the yellow/purple CGC Signature Series Restored label, or the yellow/grey CGC Signature Series Conserved label (collectively, the “Signature Series Collectibles”), the signature inscribed on the Signature Series Collectible is authentic. The Guarantee for Signature Series Collectibles is limited and applies solely to signatures authenticated by CGC and not to the Collectible item itself or (in the case of a Collectible with a yellow/green CGC Signature Series Qualified label) any signatures not authenticated by CGC.
For CGC-graded Collectibles, the assigned grade represents our opinion, as grading is subjective. Because of the fragile nature of these Collectibles, the grade is not guaranteed.
Guarantee Conditions and Limitations
In order to raise a claim under this Guarantee, the owner must submit it to CGC (Collectibles are insured against loss or damage while in CGC’s possession in accordance with the specific terms and conditions in the CGC Submission Form completed by the submitter of a Collectible). If the owner of a Signature Series Collectible believes the signature to be inauthentic, the owner may submit the Signature Series Collectible to CGC and purchase CGC’s Authentication Review Services. If CGC determines, in its sole reasonable opinion, that a Collectible is not genuine or that a Signature Series Collectible has an inauthentic signature, CGC will provide one of the remedies described below. The choice of remedy will be made by CGC in its sole discretion, and the remedies are subject to the further limitations set forth below. Current Fair Market Value is determined solely by CGC as described in each of the listed remedies and the “Fair Market Value” paragraph that follows.
- CGC may purchase the Collectible from the submitter. CGC will pay the lesser of (a) the Fair Market Value of a genuine Collectible at the grade assigned by CGC, (b) the amount actually paid for the Collectible by the submitter in an actual arm's length transaction, or (c) the declared value provided by the customer on the submission form, plus any postage, shipping or other incidental expenses incurred by the submitter in submitting the Collectible to CGC for review under this Guarantee.
- Alternatively, CGC may retain the Collectible and provide to the submitter in its place an equivalent Collectible that is genuine and has the same grade as CGC originally assigned to the Collectible.
The remedies provided above are exclusive.
CGC is committed to proposing a fair and reasonable remedy to a submitter of a Collectible. If the submitter does not accept such remedy from CGC, the Collectible will be removed from the CGC holder and returned to the submitter along with a payment of the grading fees originally paid to CGC to grade the Collectible. In no event will CGC return a Collectible that has been determined to be not genuine in a CGC holder or a Collectible that has been determined to be incorrectly described encapsulated with an incorrect CGC label.
Fair Market Value. CGC will determine, if and as necessary, and in its sole reasonably exercised discretion, the current “Fair Market Value” of the Collectible if it were to be sold. This determination will be made for an authentic Collectible at the grade assigned by CGC; provided that CGC may determine the Fair Market Value based on a lower grade if CGC determines that the Collectible has a lower grade than that originally assigned as a direct result of a holder that it determines, in its sole discretion, was subjected to abuse, alteration or improper storage conditions such as (but not limited to) extreme temperature, moisture, damaging environmental conditions, excessive light, excessive motion or vibration or any other extreme conditions and that such exposure of the holder was capable of affecting the condition of the graded Collectible. CGC will determine the current Fair Market Value of a Collectible based upon what CGC believes, in its sole reasonably exercised opinion, to be reliable current market information. CGC may use actual pricing and sales information available to it, including prices in the actual transaction history of the Collectible in question. However, due to the volatile nature of the Collectible market and Internet auctions/sales as well as the differences in buying habits of different individuals, such information may not necessarily represent the accurate current Fair Market Value of any particular Collectible, which again, will be determined by CGC in its sole reasonably exercised discretion.
WARNING: THIS GUARANTEE IS LIMITED. The following terms, limitations and restrictions apply with regard to the above guarantee and available remedies, and the submitter of a Collectible under this Guarantee agrees to be bound by all of the terms, conditions and limitations set forth herein:
- Required Information. In fulfillment of the CGC Guarantee, CGC may require that the submitter provide information and available documentation regarding the transaction history of a particular Collectible, including the date purchased, the purchase price, the seller and the transaction amount. CGC may also require that a submitter minimizes its damage and attempt to reverse a prior transaction. It may further require that a submitter provide proof to the effect that negotiations to reverse a prior transaction have failed. The submitter acknowledges that his or her inability to provide requested information and / or non-cooperation in providing requested information may prevent CGC from knowing important facts and background surrounding a claim and therefore CGC may not be able to fulfill its commitments under the terms of this Guarantee, and in such cases CGC shall not be required to provide any of the listed remedies.
- CGC Holders. The CGC Guarantee does not apply to Collectibles that have been removed from their CGC holder, or if the CGC holder containing a Collectible has been damaged, unsealed, tampered with or altered. The determination as to whether this has occurred shall be at the sole reasonable discretion of CGC. Further, the CGC Guarantee does not apply to counterfeit or tampered CGC holders.
Clerical or “Mechanical” Errors. A clerical (“mechanical”) error occurs when a Collectible is encapsulated with a label that bears a grade and/or description that a collector familiar with the CGC grading system and who performed a thorough inspection of both the CGC-certified Collectible and the CGC certification label could determine could not be accurate. It is the duty of the buyer and seller of a Collectible to examine such Collectible for a clerical error to return such Collectibles for correction when warranted. The CGC Guarantee does not apply when CGC determines, in its sole reasonable discretion, that a clerical error has resulted in the Collectible having an incorrect grade or description. If requested, CGC will remedy any clerical error free of charge by updating the encapsulation to show an appropriate label. The determination of what constitutes a clerical error is at the sole discretion of CGC.
CGC certification labels with incorrect dates, and Collectible types (all of which should be obvious to someone who performs an inspection of the Collectible and label) are considered clerical errors.
Owners and prospective buyers of CGC-certified Collectibles are encouraged to enter the Collectible’s CGC certification number in the Verify CGC Certification section of the CGC website to confirm a Collectible’s grade and description. If CGC becomes aware that a Collectible was encapsulated with a label that bears a clerical error, it will correct the clerical error in its records and display the correct grade and/or description for that Collectible in Verify CGC Certification.
- CGC Registry. The CGC Guarantee does not cover a Collectible's status in the CGC Registry, including eligibility or points assigned. Changes to the CGC Registry may be made without notice, and CGC does not guarantee that a Collectible will always be eligible for inclusion in the CGC Registry nor does it guarantee that it will receive a certain point score.
- Damage and Inspection. The original submitter of a Collectible to CGC must inspect such Collectible immediately upon receipt from CGC. In the extremely rare event that a Collectible is lost or damaged due to CGC’s negligence while at CGC’s facility, CGC shall have no liability for any damage unless reported to CGC within fourteen (14) days of the submitter's receipt of the Collectible from CGC. Notwithstanding anything else contained in this CGC Guarantee, in the event of loss or damage of your Collectible by CGC, CGC will only be responsible for the LESSER of the actual current Fair Market Value as reasonably determined solely by CGC or the submitter declared value. Notwithstanding the foregoing, in the event a submitter requests that CGC remove a Collectible from its holder, submitter agrees to release, waive, and discharge CGC and its affiliates and each of its and their directors, officers, agents and employees (all for the purposes herein referred to as “Releasees”) from all liability to submitter and submitter’s assigns, and covenant not to sue any Releasees, with regard to any and all loss or damage arising out of CGC’s (or any Releasee’s) efforts to fulfill submitter’s request to remove the Collectible from the holder, unless such loss or damage is caused by the gross negligence or willful misconduct of CGC, it being understood that the holder is designed to be tamper-evident and to make removal of the Collectible from the holder extremely difficult and that there is a significant inherent risk in any attempt to remove a Collectible from a holder.
- Knowledge of Error. If the owner of a Collectible is informed by CGC that the Collectible is not genuine or that the CGC holder has a clerical error, it is the duty of that owner to immediately return the Collectible to CGC. If the owner does not immediately return the Collectible to CGC after such notice, then (a) the CGC Guarantee will no longer apply to that Collectible, and (b) if the owner sells, trades or otherwise transfers ownership of the Collectible instead of returning it, then the owner may be liable to the buyer for fraud or otherwise be subject to legal recourse.
- Red CGC Memorabilia Label. The CGC Guarantee does not apply to any Collectibles with the red CGC Memorabilia label.
- Information from Third Parties. The CGC Guarantee does not apply to any information listed on a label that originates from a third party (including, without limitation, any statements that a Collectible has been authenticated by a third party).
EXCEPT FOR ANY EXPRESS WARRANTIES SET FORTH IN THIS GUARANTEE, CGC DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, REGARDING CGC AND / OR THE SERVICES, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL CGC OR ANY OF ITS AFFILIATES, OR ANY OF ITS OR THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS OR AGENTS, BE LIABLE TO CUSTOMER OR ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS GUARANTEE IN NO EVENT SHALL THE AGGREGATE LIABILITY OF CGC, ITS AFFILIATES, AND ANY OF ITS OR THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS OR AGENTS TO THE CUSTOMER OR ANY THIRD PARTY FOR WHOM THE CUSTOMER MAY BE ACTING, ARISING FROM ANY CAUSE, ACT, OMISSION OR OTHER CIRCUMSTANCE, EXCEED THE FEES PAID OR PAYABLE FOR THE SERVICES ORDERED BY THE SUBMITTER OF SUCH ITEM(S).
THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA AS APPLIED TO TRANSACTIONS TAKING PLACE WHOLLY WITHIN FLORIDA BETWEEN FLORIDA RESIDENTS. CLAIMANTS UNDER THIS GUARANTEE HEREBY WAIVE TRIAL BY JURY. SUBJECT TO CONTRARY COMPULSORY LOCAL LAW APPLICABLE TO A NON-US CLAIMANT, CLAIMANTS EXPRESSLY CONSENT, AT THE OPTION OF CGC, (1) TO THE PERSONAL AND SUBJECT-MATTER JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN AND FOR THE COUNTY OF SARASOTA, STATE OF FLORIDA, OR (2) TO ARBITRATION BEFORE THE AMERICAN NUMISMATIC ASSOCIATION OR THE PROFESSIONAL NUMISMATISTS GUILD FOR ANY DISPUTE ARISING FROM OR RELATED TO THIS GUARANTEE.
If any part of this Guarantee shall be declared invalid or unenforceable by a court of competent jurisdiction, it shall not affect the validity of the balance of this Guarantee. In such circumstance, the provision declared invalid/unenforceable shall be re-drafted as closely to the original provision as allowed by law, so as to give effect to CGC’s intent.