Quote:
Originally Posted by swarmee
Thanks for finding it. I didn't realize they did, or forgot over the years.
This is from it, in big bold letters:
"Important Limitation: Under no circumstance will compensation be paid in instances where Owner has suffered no actual damages as a result of the error in certification or in reliance on the Guarantee."
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Saw that limitation as well John. So, the big question is then, what is their definition of 'damages".
Someone buys a card and pays based on the incorrect grade, and then takes it back to CSG to be re-holdered and finds out it was incorrectly graded. I assume "damages" would be the amount they overpaid for the card based on what it's correct FMV at the time of the purchase would have been, had it been properly graded to begin with. Of course, that also assumes that CSG agrees/affirms that they incorrectly graded the card to begin with. They could just re-holder it with the incorrect grade and say nothing. And you can't go to a different TPG that says the grade is wrong, because to my knowledge, NONE of the TPGs will ever recognize, affirm, or rely upon the grading opinions of any other TPGs out there, nor are they legally bound to. (Another big reason I keep saying we need one set of grading standards recognized across the entire hobby, and that ALL the TPGs are forced to follow and recognize among themselves.)
But what about an owner that goes to sell a card they've owned for a long time, and can now make a big profit on because that card's value has skyrocketed over the years. They find a potential buyer, but the potential buyer questions the grade. So the parties agree to have it reviewed. Potential buyer and seller take the card to a local show that CSG is in attendance at, and ask them to review the grade. CSG acknowledges it is incorrectly over graded, and the potential buyer backs out of the deal. So the owner, who also happens to be the one who originally submitted the card to CSG for grading, takes it back to CSG and says they just lost $XXXX of profit on the card's sale because of their grading mistake. And say the owner was counting on and really needed that money to pay for some medical expenses, or maybe college tuition for a child, or some other personal need or reason. What, if any, are the "damages" CSG would recognize and pay/reimburse the owner for? I can certainly see what the owner would view as his "damages".
It would be so much nicer if these types/kinds of guarantees/agreements weren't always so ambiguous. Makes you start to wonder if the businesses/attorneys that came up with them didn't do that intentionally all along.
