Question about GoDaddy Domain Auctions

I was about to use the "Buy It Now" option to purchase a domain name on Godaddy . But I noticed that it required me to check a box with a waiver that states this :
I understand that my bid is a binding contract and that an $10.69 (COM), $12.99 (NET), $14.99 (ORG), $19.99 (CC), $7.99 (INFO), $14.99 (BIZ), $14.99 (NAME), $39.99 (TV), $19.99 (US), $14.99 (WS), $14.99 (MOBI) one-year renewal (from the end of the domain's previous registration period) plus 18-cent ICANN fee if applicable will be added to the bid, if successful. I am responsible for payment within 48 hours of auction close, or the form of payment I used to purchase my TDNAM membership will be charged on the third day following the auction close. The domain will transfer to me in 1 week or less after auction close unless reclaimed by the original registrant (in which case, I am entitled to a full refund). I also (i) acknowledge that I have read and understand and (ii) agree to comply with and be bound by GoDaddy.com's Universal Terms Of Service, and the Escrow.Com agreement on winning bids of $500 or more.

Does this mean I will have to pay this additional amount when I purchase the domain? And is there a way around this?

No there's no way around it. A lot of their auctions are expired names or names that are about to expire. When you buy a name thru GD auctions you get an extra year on the name. You can always transfer it out later, but the one-year renewal is "included" with the name's purchase from GD auctions.

It's not a big deal if the name is a good deal. You're getting an extra year, and most registrars give you an additional year if you transfer a name to them.