BaMedFounder

Terms of Use

This is a legally binding contract between you and B-a-MedFounder Ltd. a company registered in the Republic of Cyprus with registration number HE 315951 (the "Company") -

1. General

1.1 The terms and conditions specified hereinafter applies to the use of this site and the use of any site that may replace it or any affiliated site of the Company added to it by the Company (the "Site"), unless otherwise stated. All Users, as they are defined below, are bound by the terms and conditions of this Agreement.

1.2 The terms and conditions of this Agreement may be amended by the Company from time to time, at its sole discretion. However, if the Company shall amend this Agreement, then the amendment shall not apply to Existing Projects.

1.3 If you object to any of the terms and conditions held within this Agreement, you should not use the Site. By using the Site you state that you have taken the time to read and understand this Agreement and agree to all the above and following terms and conditions.

2. Definitions

In addition to the terms defined above the following expressions in this Agreement shall have the following meanings:

2.1 "User" - any person or legal entity using the Site including Project Owners, Investors and Donors, as defined hereinafter, as well as visitors who access the Site and do not register to it.

2.2 "Project Owner" - registered User requesting others to fund a project or projects for the development of a medical device, by way of invention or innovation, through an Existing Project on the Site.

2.3 "Investor" - registered User who pledge his funds as investments to an Existing Project in exchange for equity offered by the Project Owner, according to the terms and conditions set by the Project Owner.

2.4 “Donor” - registered User who pledge his funds as donations to an Existing Project in exchange for the rewards offered by the Project Owner, according to the terms and conditions set by the Project Owner.

2.5 "Project" - a plan for the development of a medical device, by way of invention or innovation, set up by a Project Owner (including a proposal for a Project and an Existing Project)

2.6 An "Existing Project" - a Project that has been approved and uploaded to the Site by the Company.

2.7 "Project Profile Page" - a page set up on the Site, containing information regarding a Project.

2.8 "Project Submission Guidelines" – the Company's guidelines for the submission of a proposal for a Project as shall be published from time to time on the Site.

2.9 “Project Display Policy” - the Company's policy for the display of Projects on the Site, as shall be determined from time to time by the Company, at its sole and absolute discretion, and published on the Site, including inter alia with regards to the Project's and the Project's Profile Page classification, location, size , shape, etc..

2.10 "Initial Funding Target" - the required total sum of funding needed in order to start or further develop a Project, as determined and published by a Project Owner.

2.11 "Minimum Funding Threshold" - 75% of the Initial Funding Target, which represents the minimum total sum of funding needed in order for a Project Owner to receive raised funds.

2.12 “Final Funding Target” – the maximum total sum of funding that a Project Owner is willing to obtain in exchange for equity in case there will be sufficient level of interest in an Existing Project’s funding round.

2.13 "Target Date" - the closing date for pledging funds for an Existing Project, whether extended or not, all according to the Company's policy and terms as shall be published from time to time on the Site.

2.14 “Active Funding Period” - the period of time allocated for pledging funds for an Existing Project.

2.15 "Information" - all information given by or collected about Users, during their use of the Site, including personal details provided by Users who register as Project Owners, or Investors or Donors and IP addresses, but excluding any payment information that will be stored only by MangoPay or PayPal, or by another secured outside payment service provider, and unless the context otherwise requires. For the removal of doubt It is being clarified that the Company may, at its sole and absolute discretion use any other secured outside payment service provider as will be published on the Site from time to time, and from hereinafter wherever MangoPay or Paypal is mentioned the reference should be construed as referring to any secured outside payment service provider used at said time by the Company.

2.16 "Material" - all information available on the Site that can be viewed by the public, be it information uploaded to the Site by the Company or by Users, including this non-exhaustive list: Information, Projects Pages, videos, slide shows, Project descriptions, biographies, documents, data, information, pictures, images, ideas, details, agreements, music, songs, sounds etc.

2.17 “Rewards-Based Crowdfunding” – A term for pooling of money from a large number of people; to fund projects for rewards in return for money provided.

2.18 “Equity-Based Crowdfunding” - A term for pooling of money from a large number of people; to fund projects for equity in return for money provided.

2.19 In this Agreement, wherever there is a reference to a male, such reference shall be deemed to include either male or female and vice versa.

3. Registration of Users

3.1 All Project Owners, Investors and Donors must register to the Site and set up an account on the Site to be able to either submit for review a Project or to pledge funds as investments or donations to an Existing Project.

3.2 Registration to the Site is free of charge.

3.3 Any legal entity is allowed to register to the Site as a User.

3.4 A User is allowed to register to the Site only once and create one account. Duplicated accounts, for a single legal entity, may be deleted by the Company, and the User will have no claim and/or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

3.5 Users who register to the Site agree to use current and correct information only, as required from them in the registration process. For the duration of their use of the Site, registered Users must keep all details given by them during the registration process up-to-date.

3.6 Failure to provide current and correct information during the registration process or updating such information, is a breach of this Agreement and if occurs will render this Agreement null and void, with the exclusion of any stipulation regarding User's liability and stipulations regarding the User's obligation to indemnify the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives for any damages or losses they may incur due to the User's use of incorrect or out-of-date information or his failure to keep such information up-to-date.

4. Submission of Projects

4.1 A registered User may submit a Project proposal for review by the Company. When Submitting a proposal for a Project, a Project Owner will not be required to pay a Project Submission Fee.

4.2 All Projects proposals submitted on the Site must comply with the Project Submission Guidelines and be accompanied with all required documentation.

4.3 The responsibility for the delivery to the Company of all Materials or documents relating to the Project and for conformation of its arrival to the Company rests solely upon the User.

4.4 Once the Project is submitted to the Company for review the registered User will not be able to make any changes to the Project.

4.5 The Company, at its sole and absolute discretion, may decide whether or not a Project will be published on the Site, it can reject the submission of any Project from any reason whatsoever and the User/Project Owner will have no claim and/or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this. Inter alia, and without derogating from the abovementioned, in order for a Project to be published on the Site, it has to comply with the Project Submission Guidelines and and to be approved by the Company's experts.

4.6 If the Company decides to publish a Project, then within a period of three (3) months as of the Project's proposal submission date (the "Review Period"), the Company will inform the Project Owner and will publish it in accordance with the Site's current Project Display Policy. Notwithstanding the above mentioned it is being emphasized that the Company may, at its sole discretion, publish the Project on any page on the Site that the Company believes will further the Site's purpose. A Project Owner will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding their decision to place his Project or not to place it, on any of the Site's pages.
For the removal of doubt it is hereby clarified that the Company shall be entitled to change its Project Display Policy on the Site from time to time, at its sole and absolute discretion.

4.7 All Projects must be published exclusively on the Site. Users may not submit a Project to be published on the Site if the Project has already been published, or is being considered to be published on any other Equity and/or Rewards-Based Crowdfunding site. Users may not publish or submit for publication, on another Equity and/or Rewards-Based Crowdfunding site, a Project that is in a review process within the Review Period or is an Existing Project, on the Site. A Project Owner can submit to other Equity and/or Rewards-Based Crowdfunding sites only Projects that have been rejected by the Company for publication on the Site. By submitting a Project to the Site, the User undertakes to the above.

4.8 The Company may, at its sole discretion, reject a publication on the Site and/or remove from the Site any Project that does not meet the above terms and publish on the Site that the said Project has been removed due to a BREACH OF CONTRACT by the Project Owner and the Project Owner will not have any claim and/or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding such rejection and/or removal and/or posts.

4.9 If the Project Owner wishes to remove his Project from the Site he may do so before receiving any pledged funds by following the instructions on the Site. In such case all pledges made to the Project will be cancelled as if the Project failed to reach its Minimum Funding Threshold. The Project's Page will remain visible but not active for a reasonable amount of time set by the Company on its sole discretion but nobody will be able to make any more pledges.

5. Transfer of Funds to an Existing Project

5.1A Project offering equity will include a Target Date for funds to be pledged, an Initial Funding Target, a Final Funding Target of funds to be collected. Projects offering rewards, on the other hand, will only have a Target Date for funds to be pledged and an Initial Funding Target of funds to be collected with no upper funding limits (i.e. Final Funding Target) in place. In order for a Project Owner to receive raised funds, and subject to the rest of the provisions of these Terms of Use, the Existing Project needs to reach the Minimum Funding Threshold which represents 75% of the Initial Funding Target.

5.2 After an Existing Project has successfully reached or exceeded the Minimum Funding Threshold, then after the Company will verify that all pledges made are registered in the relevant MangoPay e-wallet or PayPal account and all required funding agreements and/or other documents are signed and delivered ("Closing"), the Company will facilitate the transfer of raised funds to the Project Owner (minus the Company's Success Fee and MangoPay or Paypal transaction fees).

5.3 If the Existing Project did not reach the Minimum Funding Threshold set by the Project Owner by the Project's Target Date, then all the pledges made will be cancelled by the Company and the Project Owner will not receive any funds and will have no claim and/or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

5.4 Notwithstanding the above mentioned it is hereby clarified in an Existing Project offering equity, the Project Owner's Approval (as this term is defined in section 6,5 below) for the Investors list will be required before Closing takes place. In Existing Projects offering rewards, the Project Owner’s Approval will not be required regarding the list of Donors before Closing takes place.

6. Becoming Investors or Donors and Pledging funds

6.1 Registered Users will be able to use the Site in order to make pledges to invest in or donate to an Existing Project, during the Active Funding Period, subject to the terms and conditions set by the Project Owner, making said User an Investor and/or a Donor.

6.2 Investors or Donors will only be obliged to provide their payment details when they choose to make a pledge to an Existing Project. All pledges made by Investors or Donors shall be handled by MangoPay or PayPal, and will be transferred to the MangoPay e-wallet or PayPal account of the Project Owner (minus the Company's Success Fees and MangoPay or PayPal transaction fees) subject to the Company's approval, and only after an Existing Project reaches or exceeds its Minimum Funding Threshold, all legal documents have been signed by the Investors, where applicable, and in a Project offering equity after receiving the Project Owner’s Approval. The Company will have exclusive access to all the pledges submitted by Investors or Donors.

6.3 A pledge will have to meet or exceed the minimum amount of investment or donation required from a single Investor or Donor as shall be determined from time to time by the Company. In Projects offering equity, a pledge by an Investor will be in the form of an actual payment, which may not be cancelled before the end of the Active Funding Period. Such a pledge by an Investor will only be refunded if a Project cannot reach or exceed its Minimum Funding Threshold by the Target Date. In projects offering rewards, on the other hand, a pledge by a Donor will be in the form of a pre-approval, which may be cancelled by the Donor through PayPal only before the end of the Active Funding Period. In accordance, a Donor's PayPal account will not be debited until the Closing.

6.4 The Project Owners will have access to the names and abbreviated surnames (unless they choose to remain anonymous), and locations (country) of the Investors or Donors of their Existing Project during the Active Funding Period through their Project Profile Pages. The full list of the Investors or Donors with further information including their full names and surnames, locations (country), e-mail addresses, pledge amounts and shipping addresses will be sent by the Company to the Project Owners only after an Existing Project has successfully reached or exceeded the Minimum Funding Threshold.

6.5 In Existing Projects offering equity, and as long as the total sum pledged remains above the Minimum Funding Threshold, the Project Owner will have the right to decline a pledge made by an Investor after a full list of Investors as specified above have been sent by the Company to the Project Owner, at his sole and absolute discretion and responsibility due to any reason relevant to the Project Owner.
If the Project Owner did not respond to the Company's approach regarding the approval of the list of Investors, within 48 hours with requests to exclude any of the Investors that made the pledge, the Company would be entitled to assume that the Project Owner has approved the entire list of Investors.
(together: "Project Owner's Approval")

6.6 The Company will facilitate the transfer of pledged funds to a Project Owner (minus the Company's Success Fees and MangoPay or PayPal transaction fees) only after and to the extent such Existing Project successfully reaches or exceeds its Minimum Funding Threshold by the Project's Target Date (subject to the Project Owner's Approval and Closing), and if it didn’t, then the pledges made will be cancelled by the Company with no deductions taking place.

6.7 For Investors’ and Donors’ convenience, their payment details will be stored at MangoPay or PayPal, secured outside payment service providers.

6.8 If a pledge that has been made by an Investor or Donor cannot be transferred to the Project Owner’s MangoPay e-wallet or PayPal account at Closing due to insufficient balance or a decline of a payment or a credit card due to any reason whatsoever, then such pledges will be considered null and the Investor or Donor will not be entitled to receive equity or rewards from the Existing Project. The Investor or Donor will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

6.9 Investors or Donors hereby declare that they are fully aware that the Project Owners will have access to the names and abbreviated surnames (unless they choose to remain anonymous) and locations (country) of the Investors or Donors of their Existing Project during the Active Funding Period through their Project Pages. Furthermore, when Existing Projects reach or exceed the Minimum Funding Threshold, a full list of Investors or Donors including their full names and surnames, locations (country), e-mail addresses, pledge amounts and shipping addresses will be sent by the Company to the Projects Owners.
Investors also declare that they are fully aware that in Existing Projects offering equity, the Project Owner’s Approval for the Investors list will be required before Closing takes place and that the Project Owner has the right to refuse investments from Investors as stated above, at his sole and absolute discretion. It is hereby emphasized that the Company has no discretion regarding the Project Owner's decision to decline any pledge and is not responsible or liable, directly or indirectly, for any actual or alleged damage or loss caused by or in connection with this decision and the Users will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

7. Fees

7.1 When submitting a proposal for a Project, a Project Owner will not be required to pay a Project submission fee.

7.2 In case an Existing Project reaches or exceeds the Minimum Funding Threshold, then the Company will be entitled to a success fee at sums determined from time to time by the Company and published on the Site ("Success Fee") which will be deducted from the pledged funds and will be transferred to the Company by MangoPay or PayPal. In addition, the Project Owner will be required to pay MangoPay or PayPal transaction fees as determined by MangoPay or PayPal. The Success Fee and MangoPay or PayPal transaction fees will be automatically deducted from the funds pledged for an Existing Project before they will be transferred to the Project Owner.

7.3 It is the User's responsibility to pay all taxes, levies and bank charges.

7.4 To all fees paid to the Company, according to this Agreement, and where applicable, VAT and/or other local taxes will be added.

7.5 For the removal of doubt it is hereby clarified that the Company shall be entitled, at its sole and absolute discretion, to add to and/or change from time to time the fees it charges and its sums including but not limited to with regards to the Success Fee. However such change will not apply to Existing Projects.

8. Unauthorized Use of the Site

8.1 Equity-Based and/or Rewards-Based Crowdfunding may not be legal in some countries. This Site is not intended for the solicitation of investments or donations from the public of such countries.

8.2 Users are solely responsible for their familiarity and compliance with any laws that may prohibit them from using the Site.
Investments or donations by anyone who, by the laws that applies to him, is prohibited from investing by way of Equity-Based Crowdfunding and/or donating by way of Rewards-Based Crowdfunding through the Site, is unauthorized and in violation of this Agreement. Users acknowledge and agree that by using the Site they represent that they are not prohibited by law to invest by way of Equity-Based Crowdfunding and/or to donate by way Rewards-Based Crowdfunding or to offer investments in Projects by way of Equity-Based Crowdfunding or donations in Projects by way of Rewards-Based Crowdfunding.

8.3 All Users using the Site must be of legal age and at least 18. Any access by anyone not of legal age or under 18 is unauthorized and in violation of this Agreement. Users acknowledge and agree that by using the Site they represent that they are of legal age and at least 18.

8.4 Any use of the Site done in contradiction to the laws applicable to a User of the Site or the Site or the Company, including but not limited to any securities law, intellectual property law etc., is unauthorized and in violation of this Agreement.

8.5 Users will not make any unreasonable use of the Site (i.e. redistribute Material found on the Site, collect other Users' information, use the Site for unlawful purposes in an unlawful manner, etc.). The definition of "reasonable use" will be determined by the Company's sole discretion, as it may change from time to time.

8.6 Users are prohibited from uploading to the Site any unlawful Material; without being an exhausting list this includes, among others, false and/or libelous information and/or information gained in illegal manner and/or information the uploader has no right to upload and/or any content that encourages others to perform any unlawful activity and/or any harmful behavior.

8.7 Users are prohibited from uploading to the Site any offensive or derogatory Material or use any offensive or derogatory language; without being an exhausting list this includes, among others, uploading to the Site any hurtful and/or distasteful and/or false information and/or harassing others.

8.8 Without derogating from any other course of action the Company may choose to take, the Company may delete any Material or any part thereof (be it a proposal for a Project, an Existing Project, post, message, picture, mark, sign or any other content in any other form) uploaded to the Site, if the Company believes it infringes this Agreement and/or block any User it believes did so, at the Company's sole and absolute discretion and no User shall have any claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

8.9 The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives are not liable for any unauthorized use of the Site and any losses or damages that a User may incur, be it to himself or others, by using the Site in such a manner, will be the User's sole responsibility and said User will indemnify the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives for any losses and/or damages they may be held liable for by a court of law or any other competent authority.

9. Termination of Use

The Company can terminate this Agreement, without cause or any prior notice, terminate the use of the Site by a User and delete his account if that User is in breach of this Agreement, and the User will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

If Registered User wishes to terminate his account, he may do so by following the instructions on the Site. All provisions of the Terms of Use that by their nature should survive termination shall survive termination, including, without limitation, warranty disclaimers, indemnity, and limitations of liability. For the removal of doubt it is clarified that any fees paid to the Company or to MangoPay or PayPal are non- refundable upon termination.

10. Privacy Policy

The Company respects your privacy. A complete statement of the Site's current privacy policy can be found by clicking here.

11. Security

11.1 While the Company takes ample measures to ensure that Users' Information is protected against accidental loss or destruction as well as from malicious use by outside sources, all Users acknowledge that the Company cannot, and does not, guarantee that Users' Information will be kept secure at all times, only that it will take all reasonable measures to secure such Information as appropriate to a site such as this Site.

11.2 It is the User's responsibility to keep his password to the Site and access information secure. The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives are not liable for any unauthorized use of such information and losses or damages to the User or others incurred by such use.

11.3 Users are prohibited from logging on and/or trying to log on to and/or accessing or trying to accesses the Site or parts of the Site they are unauthorized to log on to and/or access or accessing the Company's servers.

11.4 Users are prohibited from trying or testing the Company's internet security services and/or the Company's other means of protection and/or interfering with the Site's operations or use by the Company or others, including by way of distributing viruses, Trojan horses, spam mail etc.

12. Intellectual Property

12.1 All information provided on the Site by the Company is protected by intellectual law rights including, copyrights and trademarks. The Company gives Users nontransferable, nonexclusive, limited license to use the Site and it may change the scope of that license, from time to time, or revoke it completely, at its sole discretion.

12.2 Users are prohibited from copying or altering any parts of the Site or removing any copyright or other propriety notice from the Site or any part of the Site.

12.3 When accessing or using the Site, you will respect the intellectual property rights of others and act in accordance to all applicable intellectual property right laws. You agree not to upload, download, display, perform, transmit, or otherwise distribute any Material or any other information not available to the public, in violation of our or any third party's copyrights, trademarks, or other intellectual property or proprietary rights or laws.

12.4 Users agree that they will not post on the Site in any way or form any Material that they are not the sole owners of its intellectual property rights and/or have all the necessary licenses allowing them its publication on the Site. Users who act in contradiction to this will bear all damages that may incur from such actions and will indemnify the Company if it will be held accountable for such Users' actions.

12.5 Users give the Company irrevocable and transferable, world-wide and royalties free license to use any of the Material they upload to the Company to use to whatever purpose it sees fit.

12.6 Claims against Users posting on the Site Material that infringes on third party's rights can be made through info@bamedfounder.com. The Company will take down all Material claimed to be infringing on third party's rights as a “No question asked policy”. The Company at its sole discretion can demand from the User responsible for the posting of the alleged infringing Material to provide the Company within 5 days with official documentation proving that the Material is owned by that User and that he has the right to post it including the right to demand to receive a judicial decision stating this, and the User must comply to that demand. The Company, at its sole discretion, may decide that the documentation provided to it proves that the claim has no merit, or to remove the Project and/or Material from the Site.

12.7 The Project Owners hereby declare that they understand that they need to take necessary steps to protect their Projects before submitting them for review by the Company. Furthermore, The Project Owners hereby declare that they understand that uploading their Projects to the Site and making them public may harm their chances to patent it. The Project Owners will have no claim and/ or suit and/or demand against the Company its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

13. Content material disclaimer of warranty

13.1 The Site, and all information or Material on the Site (including without limitation any information, documents, forms, resources, or referrals contained thereon or therein) are provided "As Is" and WITHOUT WARRANTY OF ANY KIND. YOU ASSUME THE RISK OF ANY AND ALL DAMAGE OR LOSS FROM THE USE OF THE SITE OR THE MATERIAL TO THE MAXIMUM EXTENT PERMITTED BY LAW. The Company EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE SITE AND THE MATERIAL, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. The Company does not warrant that the Site or the Material will meet your requirements, and The Company explicitly advises you that all or part of the Material or information may be inapplicable to or inappropriate for your particular circumstances. Therefore, you should consult with an appropriate legal, accounting, or other professional prior to your use of or reliance of any of the Material or information. The Company is under no obligation to and does not undertake to update or verify the completeness or correctness of any of the Material or information.

13.2 The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives are not liable for any of the Material published on the Site (including all Projects), by any User and/or any losses or damages the published Material may have caused and these will be the sole responsibility of the User who uploaded said Material and said User will indemnify the Company for any losses and/or damages it may be held liable for by a court of law or any other competent authority, due to this. The Users agree to be exposed to all materials shown in the site, including commercial material and/or any other materials that the company decides to include in the Site.
For the avoidance of doubt it is hereby clarified that, as it is the User's prerogative whether to the upload any of the Material and it is he who chooses its content and as the Company cannot monitor all the Material being uploaded to the Site, and this includes all the details of the Projects, Existing Projects and Project Owners. The Company has no control and will not be viewed as having any control on any of the Material, published on the Site.

14. No Professional Advice

14.1 While some of the Material on the Site may relate to legal, tax, investment, or accounting matters, the Company or the Site are not providing professional advice to Users, and all Users acknowledge that there is no professional relationship between them and the Company. The Company is not a licensed broker-dealer and do not offer investment advice.

14.2 The Company has no interest, financial or otherwise in any of the Projects published on the Site by Project Owners; it does not invest in them and has no interest to further them. The only financial interest the Company has with regards to the Projects is its right to be paid the herein mentioned fees. If the Company feature Projects and/or companies and/or businesses on the Site including after reviewing a proposal for a Project and/or approving a Project to be displayed on the Site by the Company and/or its experts and/or anyone on its behalf, this does not imply that the Company and/or its experts and/or anyone on its behalf endorse them or that the Company is representing anything about the quality of any Project (including Existing Project) and/or any other potential investment in similar Projects and/or the Project Owners, be it individuals or companies.

14.3 The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives do not endorse or recommend any Projects and/or Initial Funding Target and/or Final Funding Target of a Projects and/or investment avenue and it does not guarantee the outcome of any investment done through the Site and is not liable for any such outcome and no User shall have any claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

14.4 The Company is not liable for any difficulties or compromises that may incur in subsequent rounds of funding either from the Site or from venture capitalists due to raising funds via the Site.

14.5 Without derogating from the above, it is hereby emphasized that the Company or the Site are not providing legal advice and/or economic advice and/or tax advice to Users concerning, inter alia, the distribution of equity, share capital structure, the rights attached to the shares, Project valuation, etc. Any suggestions and/or recommendation on the Site are merely general without taking into consideration other factors that are relevant to any Project in specific. The Company recommends any Project Owner to seek professional advice and in no event shall the Company be liable for damages of any kind (including, but not limited to, special, incidental, or consequential damages, lost profits, regardless of the foreseeability of those damages) arising from the use of the Site.

14.6 Any interaction between Users, including any investment that may stem from use of the Site is the result of a private interaction and/or agreement between the Users of the Site, to which the Company is not a part of. The Company shall not be held liable to any legal issues or complications arising from such interaction and/or agreement, be it tax related or other. Any User who chooses to be a party to such interaction and/or agreement does so by his own volition and at his own risk and will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.
In addition the Company shall not be held liable to any breach of the Project Owners obligations towards the Investors and/or Donors including but without limitation, the allocation of equity (including share certificates) and/or profits and/or rewards and the Investors and/or the Donors will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.
For the avoidance of doubt it is hereby clarified that any conflict and/or disagreement between Users of the Site, regarding their interaction on the Site and/or as a product of their interaction on the Site, does not concern the Company and will be resolved between the Users, and they will not hold the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives liable and/or as a party to their disagreement or conflict.

15. Limited Liability

15.1 The Company's and the Site's LIABILITY TO ALL USERS IS LIMITED to the maximum extent permitted by law. In no event shall the Company be liable for damages of any kind (including, but not limited to, special, incidental, or consequential damages, lost profits, or lost data, regardless of the foreseeability of those damages) arising out of or in connection with all Users' use of the Site or any of the Material. This limitation shall apply regardless of whether the damages arise out of breach of contract, tort, or any other legal theory or form of action.

15.2 The Company shall not be liable for any mistakes that might occur while operating the Site; this shall include all human errors and/or computer and/or mechanic malfunction, bugs etc. that might cause the information presented on the Site, including any and all Material uploaded to the Site by Users, to be incorrect and/or inaccurate and/or partial and no User shall have any claim and/or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

15.3 In addition, and without derogating from the above, the Company will not be liable for any results of the actions taken by Users in connection to the Site and inter alia but without limitation to the failure to raise fund, to meet any funding targets, for the failure of Projects to be completed, to gain profits, to meet any predictions etc. With regards to fund raising by Project Owners, it is hereby emphasized that while the Company is aiming to use reasonable efforts in order to market or advertise the Site, and to release information about the Site to the print or electronic media, it has no obligation to do so and in any event it will not be liable for the results of such marketing and/or advertising or lack thereof and Users will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

15.4 All Users agree that, if for any reason a court or body of competent jurisdiction or an arbitrator finds this Section to be unenforceable, the Company shall not be liable for any damages in excess of 10,000 USD (Ten thousand United States Dollars), or the smallest amount possible under applicable law.

16. Maintenance

16.1 All Users accept and agree that the Company, at its sole discretion, may take down the Site or parts of it, for maintenance, for unspecified periods of time, as it may see fit and they will have no claim and/ or suit and/or demand regarding this.

16.2 The Company has the right to change the Site, all or parts of it, including deleting parts of it and/or adding them and/or changing and/or deleting application and functions and/or adding them, all to its sole discretion, and no User shall have any claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this.

16.3 The Company is not responsible for any delay or failure in performance of the Site in whole or in part due to reason of force majeure, which includes this non-exhaustive list: fires, floods, storms, earthquakes, civil disturbances, war, riot, epidemic, sabotage, strike, disruption of telecommunications, transportation, utilities, services or supplies; nor will the Company be responsible for any failure in performance of the Site in whole or in parts due to governmental action, computer viruses, corruption of data, hacker attack, incompatible or defective equipment, software or services or otherwise.

17. Third Parties

17.1 The Site may include links to outside sources. The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives are not liable to any of the content that may be presented on these websites and does not endorse, support or control them. Any User using these websites, does so at his own risk and will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives in case his use of these websites incur any losses or damages to him or third parties.

17.2 17.2 The Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives are not liable for the provision of any purchases any User might make, using the links provided on the Site to an outside source, or for the warranty of the service or product purchased and any User who makes a purchase using such a link does so at his own risk and will have no claim and/ or suit and/or demand against the Company, its affiliates, members, officers, directors, employees, consultants, agents, or representatives regarding this. Under no circumstances will the Company be liable for any damages arising from a User's interactions with any third party.

18. Indemnification

Without derogating from any other stipulation in this Agreement, Users agree that any User who will cause any loss or damages to the Company, will indemnify it for such loss or damages, that had incurred due to the action of that User.

19. Governing Law

This Agreement is governed by the laws of the Republic of Cyprus and the competent courts regarding any claim and/ or suit that may arise regarding this agreement are the courts of the Republic of Cyprus.

20. Miscellaneous

20.1 Access to this Site is permitted on a temporary basis, and the Company reserve the right to withdraw or amend the service/s provided on this Site without notice.

20.2 By using the Site, you consent to receive from the Company all communications including notices, agreements, legally required disclosures, or other Information or Material electronically ("Electronic Information"). The Company may provide the Electronic Information by posting them on the Site and/or by using e-mail.

20.3 Approval from the Company's system which contains the date of a post on the Site and/or an e-mail delivery, shall be deemed as conclusive evidence that the said e-mail was sent by the Company and has arrived to the User on the said date.

20.4 If the Company choose not to and/or failed to exercise or enforce any right or stipulation granted to it by this Agreement, this shall not constitute a waiver of such right or stipulation.

20.5 If any provision of the Terms of Use is found to be unenforceable or invalid, that provision will be limited or eliminated to the minimum extent necessary so that the Terms of Use will otherwise remain in full force and effect and enforceable.

20.6 This Agreement constitutes the entire agreement between the Site's Users and the Company and govern Users' use of the Site.

20.7 The Company reserves the right to assign the Agreement, and any or all of its rights and obligations under the Agreement. Users may not assign or dispose of this Agreement, nor subcontract any of their rights and obligations under it.


General terms and conditions of use of the electronic money MANGOPAY

Entered into between:

The client, natural capable adult who uses the electronic money issued by Leetchi Corp SA , through MANGOPAY, hereinafter referred to as “You” or the “User”, on the one hand;
Leetchi Corp. S.A., sociיtי anonyme incorporated under Luxembourg law, with a share capital of 500.000 Euros, having its registered office at 14, rue d’Aldringen, L-1118 Luxembourg and registered in the Luxembourg Trade and Companies Register under number B173459, hereinafter referred to as “Leetchi” or the “Issuer”, on the other hand; and,
Hereafter collectively called “Parties”,

Warning

Please carefully read the General Terms and Conditions of the MANGOPAY service of the Use of Electronic Money. If you wish to become a User, you must read these General Terms and Conditions of Use and accept them within the context of the registration process. Otherwise, you undertake to leave this website

1.Definitions

For the purposes hereof, the words here after are defined as follows:

API: « Application Programming Interface » means the programming interface made available by the Issuer to the Partner for the proper functioning of the Site.

Bank: Crיdit Mutuel Arkיa,ING Luxembourg or any credit institution that has been authorized in a member state of the European Economic Area, which the issuer could replace in the future.

Beneficiary: Person who receives the Electronic Money through a Payment Transaction. It being noted that the Beneficiary can be an online vendor who is a User’s partner accepting the Electronic Money as a means of payment, or a non-profit seeking body, or a natural person or a legal entity.

Credit Card: Debit or credit card, valid within the European Economic Area and not expired, subject to their authorisation by the Issuer (Visa, MasterCard, CB) used in order to pay a Participation.

General Conditions of Use: means this document.

General Conditions of the Website: means the general conditions of use of the Website concluded between the User and the Distributor governing in particular the access to the Website, the conclusion of Transactions generating an Account opening request at the name of the user for the needs of Payment Transactions and the purchase of Electronic Money.

Special Conditions: means the information:
to be filled-in by the User for his or her registration with the Site which includes the information necessary to the entering into of this document and regarding, in particular, his or her last name, first name, date of birth, valid email address and password. Such information is provided to the Issuer for the purpose of the account opening.

Account: means the Electronic Money account opened by the Issuer in its books in the name of the User on demand of the Distributor.

Contract: means these General Conditions of Use together with the General Conditions of Sale and the associated Special Conditions.

Distributor(s): means a legal entity owning a Site that wishes to offer to its users the possibility of opening an Account, purchase Electronic Money issued by the Issuer through the Site and to use the Electronic Money in order to make a Payment Transaction to a Beneficiary. Such entity is mandated, for this purpose, by the Issuer to distribute the Electronic Money to the Users of its Site.

Issuer: means Leetchi Corp, issuer of the Electronic Money.

Login: means the data necessary to the identification of a User by the Issuer which includes a User name (valid email address) and a password.

Business day: means a calendar day excepting Saturdays, Sundays, and public holidays in mainland Luxembourg.

MANGOPAY: the API (“Application Programming Interface” or “programming interface”) provided by Leetchi to the Partner to ensure the Website’s proper functioning.

Electronic Money: means the monetary value stored under an electronic support on the Issuer’s server, and representing a receivable over the latter. The Electronic Monetary is issued by the Issuer in exchange for the User’s delivery of the corresponding funds.

Payment Transaction: means the payment of a Beneficiary made by transfer of Electronic Money from a User account to a Beneficiary account.

Withdrawal: means a wire transfer request by the Beneficiary to his/her bank account of the amount of the reimbursement receivable of Electronic Money over the Issuer reduced of potential fees within the limit of the applicable regulation.

Reimbursement: means a repayment by the Issuer of all or part of the Electronic Money held by the User.

Website: means the web site [indicate the website name] created and managed by the Distributor, which integrates the MANGOPAY solution.

Transaction: means a transaction concluded by a User regarding the General Conditions of the Website and generating a Payment Transaction.

User: Any natural person acting on his or her own behalf and using the Electronic Money issued by the Issuer in order to execute payment Transactions.

Fees: mean the fees owed to the Issuer regarding the issuance and the management of Electronic Money as detailed hereof and within the limits of applicable law.

2.Purpose

The purpose of these General Conditions of Use is to define the conditions on which the Issuer and the Distributor supply to the User the services of issuance , use and management of the Electronic Money issued by the Issuer in return for the payment of the fees defined in the General Conditions of Sale.

These General Conditions of Use, completed the Special Conditions constitute the whole Contract entered into between the Parties regarding issuance, use and management of the Electronic Money issued by the Issuer; they are incorporated by reference to the General Conditions of the Website binding the Distributor and the Issuer regarding the payment modalities The User can, at all times and without any supplemental fees, obtain a copy of these documents on the Website. Only the Contract shall prevail in case of litigation.

3.User Registration

3.1 Necessary and previous conditions to the registration
In order to register, the User must be at least 18 years old and be legally capable throughout the duration of the Contract.

3.2 Registration procedure and creation of a User’s account
At his/herregistration, the User shall provide, in particular, his/her last name, first name, email address and date of birth; citizenship; country of residence.
The User must indicate a login, which includes a User name (valid email address) and a password. He/she is solely responsible for maintaining the confidentiality of his/her Login. The User agrees not to use at any time the Accounts, name or User name owned by another User, neither to disclose his/her login to a third party. The User agrees to inform immediately the Issuer, in case he/she suspects a non-authorized use of his/her login at the following email address: […] [Client service address]. He/she is solely responsible for any use of his/her login.
By accepting these General Conditions of use, you agree that the Distributor processes your registration to the dedicated service of the Issuer, whenever it deems necessary. The creation of your User Account formalises the creation of the contract. The Issuer and the Distributor may give no effect to an application for registration without motivation or right to compensation. The Issuer, through the Distributor, is allowed to request for further information and identification data to the User, and all supporting documents it may consider useful.
The User declares at the registration and throughout the duration of the Contract that:
- (a) that he/she is at least 18 years old;
- (b) that all information provided during the registration are true, accurate and up-to-date.

3.3 Limitations of the Electronic Money account’s use
As long as the User has not provided the documents required by the Issuer allowing the latter to verify his or her identity, the following limitations will be imposed on the individual User:
- A total amount of 2.500 Euros maximum- Electronic Money owned by a User during one calendar year via the same Website, and
- A total amount of 1.000 Euros maximum of reimbursement of Electronic Money during one calendar year via the same Website.
Upon receipt of the following documents subject to such documents be deemed satisfactory by the Issuer, the latter may release the limitations applying to the User:
- The copy of an official and valid identity document : for French citizens a copy of the identity card (double-sided), and for the foreigners residing in France or abroad, the passport;
- If the Beneficiary is not the beneficial owner of the funds, the identity of the beneficial owner with a copy of his or her identity card or his or her passport if he or she is a foreigner, and eventually;
- Proof of residence that may be requested at the discretion of the Issuer.
Upon receipt of the following documents subject to such documents being deemed satisfactory by the Issuer, the latter may release the limitations applying to the legal entity User:
- Statutes;
- A recent extract of the register of incorporation.
- The headquarter address and the legal system governing the constitution and the functioning of the company.
- Declaration form of all the beneficial owners owning more than 10% of the shared capital, signed by the managers, and the ID’s of individual beneficial owners.
- ID of the manager or of the duly empowered individual to engage the company.
- The bank details of the company.
Upon receipt of the following documents subject to such documents be deemed satisfactory by the Issuer, the latter may release the limitations applying to the organization User:
- Statutes;
- ID of the president of the organization;
- Receipt of statement creation.
In addition, it is expressly provided that the Issuer retains the possibility to request the above documents to identify the Users and the beneficial owner of the Account in accordance with applicable regulations from the opening of the account.

4. Functioning of the Account

4.1 Purchase of Electronic Money
The purchase of the Electronic Money may be made by debit or credit card in one or several times. The cash amount paid by the User is collected by the Issuer in exchange of the issuance of units of Electronic Money for a nominal value equivalent and stored on the Account net of issuance and management fees provided for in the General Conditions of Sale.

4.2 Reimbursement due to purchase’s cancellation of Electronic Money
The User who owns Electronic Money may request the repayment of all or part of the Electronic Money (a “Reimbursement”) at any time before any use to the benefit of a Beneficiary. To be valid, a reimbursement has to be requested to the following address: info@b-a-medfounder.com.
The User must indicate the amount of the reimbursement requested which may be total or partial. The Issuer therefore adjusts the units of Electronic Money issued by him and owned by the User.
The Issuer initiates a credit order of the Credit Card within 5 (five) business days following receipt of the request of the User.

4.3 Holding of Electronic Money
The Issuer holds the equivalent amount of Electronic Money on the Account up to:
- the date of the Reimbursement, or
- the date of completion of a Payment Transaction.

4.4 Use of the Electronic Money in order to realize a payment transaction
The amount of Payment Transactions is charged against the amount of the Electronic Money listed on the account. When the amount of the Electronic Money listed on the account is lower than the price of the Payment Transaction, the User may pay the additional price required by using one of the means of payment accepted by the Website on which the payment transaction is performed. Conversely, when there is a remaining balance of Electronic Money on the Account after the Payment Transaction, it may give rise, further to the decision of the User, to a new Payment Transaction.
The Issuer is not concerned the legal relation that exists between the User and the Beneficiary of the Payment Transaction. The Issuer shall not be held liable for mistakes, defaults or negligence of the User or the Beneficiary towards one another.
The Electronic Money is transferred after the execution of a Payment Transaction for the benefit of the Beneficiary.

4.5 Use of Electronic Money received for a Payment Transaction
The Beneficiary may, according to the circumstances and regarding the agreement and/or the General Conditions of Use, immediately use the received Electronic Money to do a new Payment Transaction or ask for a Withdrawal.
The Issuer shall then pay the Beneficiary the corresponding sum to a bank account opened in his/her name in the books of a bank having its registered office in the European Economic Area or in a country supported by the Distributor. For this purpose, the Beneficiary must communicate the IBAN number and the SWIFT code or any other information of his/her bank account with his/her address.
The Beneficiary who owns the Electronic Money is deemed to be the beneficial owner of the Reimbursement within the meaning of the regulation.
Otherwise, the Beneficiary undertakes to communicate the email address, the date of birth, the nationality and the postal address of the person to whom the Beneficiary shall pay the funds issued of the Reimbursement. The Reimbursement and the corresponding use of funds are realized under the exclusive responsibility of the Beneficiary.
When the Beneficiary decides to proceed to a Reimbursement of Electronic Money, fees may be applicable in accordance with the General Conditions of the Website.

4.6 Transmission and execution of a Reimbursement order
When he/she wishes to execute a Reimbursement, the User of the Account proceeds to his/her identification on the Website by filling his/her user name (valid email address) and password. He/she completes the Reimbursement application form in the appropriate section and communicates, as the case may be, the appropriate supporting documents requested by the Issuer.
The Reimbursement request becomes irrevocable when the User clicks on the validation tab of the form. The Issuer then sends a confirmation email to the User and then proceeds to the reimbursement transaction following the form.

5. Login objection, challenge of a Payment Order and Reporting

5.1 Login objection
The User must inform the Distributor about the loss or the theft of his/her Login, in case of misuse or unauthorized use of his/her Login or data as soon as he/she becomes aware of this fact in order to block the access to such data. Such a declaration has to be realized:
- directly by email at the following email address: info@b-a-medfounder.com.
The Issuer through the Distributor will immediately execute the objection request of the Login concerned. The event will be recorded and time stamped. A time stamped objection number will be provided to the User. A written confirmation of the objection request will be sent by the Distributor to the concerned User by email, fax or registered mail. The Issuer is in charge of the file on the administrative level and retains all the data during 18 (eighteen) months. Upon written request of the User and before the expiration of such a deadline, the Issuer will communicate a copy of this objection request.
The Issuer and the Distributor shall not be held liable for the consequences of an objection made by fax or email by a person who is not the User. An objection request is deemed to be done at the date of the effective receipt by the Distributor. In case of theft or fraudulent use of the Login, the Issuer is entitled to request a receipt or a copy of the complaint to the User who is committed to respond as soon as possible.

5.2 Challenge of a Transaction
For any claim concerning transactions executed hereunder by the Issuer, such as a Payment Transaction or any debit taken from or credit transaction made to the User’s Account, regarding especially a purchase of Electronic Money, a Withdrawal or a Reimbursement (hereafter a “Transaction”), the User may contact the Distributor’s Customer Service or write to any address indicated for that purpose in the General Conditions of the Website.
The User who wishes to challenge an unauthorized or poorly performed transaction must transfer his/her request to the Distributor as soon as possible and within 13 months from the date of transfer of Electronic Money (a “Challenge”).
The liability of the Issuer shall not be invoked in case of any fault of the User, wilful default or gross negligence to his/her obligations, late transfer of the challenge or in bad faith.
After the validation of the Challenge by the Issuer, the latter will be in charge of re-instating as a temporary credit of Electronic Money units the Electronic Money Account in the condition that it was in before the realisation of the disputed transaction.

5.3 Reporting
The Issuer will maintain in its books the account of Electronic Money within 13 (thirteen) months from the date of each Payment Transaction by Electronic Money in order to deal with any Challenge. The User may obtain online at any time on the Website a detailed statement of his/her Payment Transactions realized by Electronic Money.
After the execution of each Transaction, the User will receive by email from the Distributor the following information:
- a) a reference to identify the relevant Transaction;
- b)information concerning the parties involved in the relevant Transaction, as the case may be;
- c) the amount of the relevant Transaction and the purpose of the relevant transaction, as the case may be;
- d) the date of receipt of the corresponding order and/or the date on which the corresponding amount in Electronic Money is transferred, as the case may be;

6. Amendment to the Contract

The Issuer retains the right to modify the General Conditions of Use at any time. Such amendments are made available by the Distributor to all Users at the address provided at their registrations. Any User may refuse the amendments proposed and must notify his/her refusal to the Distributor’s Customer Service by registered letter with acknowledgement of receipt before the date of effectiveness of the amendments (stamp of postal office as a proof) at the address of the Distributor.

In the event of failure to notify his/her refusal before the date of effectiveness, or failing that, before a 7 (seven) day period after they are posted on the Website, the User shall be deemed to have accepted the amendments proposed. The relationship between the Parties after the date of effectiveness shall be governed by the new version of the General Conditions of Use.

It is therefore important that the User reads his/her emails and reads regularly the General Conditions of Use available online on the Site at any time.

In case of refusal by the User of the amendments, he/she has the right to obtain the termination of the General Conditions of Use, without any fees, and the Reimbursement of the units of Electronic Money that he/she owns.

7. Liability of the Issuer under the access to the Site

The Issuer shall not be held liable to the Users for errors, omissions, interruptions or delays of the transactions executed through the Website resulting in an unauthorized access to the Website. Moreover, the Issuer shall not be held liable for thefts, destructions or unauthorized communications of data resulting from unauthorized access to the Website.

The Issuer retains the right to temporarily suspend the online access to the Account for technical or maintenance reasons without any compensation. He undertakes to limit this type of interruption to a strictly minimum.

The Distributor undertakes to do its best to insure the safety and the confidentiality of the data exchanged under the use of the Website in accordance with the General Conditions of the Website, while the Issuer is in charge of the security and the confidentiality of data it hereby exchanges with the User regarding the creation and the management of the Account and the Transactions concerning this Account.

8. Exemption case of liability of the Issuer

The Issuer does not exercise any control on the compliance, security, legality, characteristics and adequate character of the products or services, which are underlying to the Transactions. In this respect, the User shall collect all the useful information before purchasing the products with full knowledge of the facts. Each purchase made by the User gives rise to a contract directly created between the User and the vendor to which the Issuer is not concerned.

Therefore, the latter cannot be held liable for the non-performance or poor performance of the obligations resulting therefore, nor for potential damages caused to the User as such.

Notwithstanding any clause to the contrary in this Contract, the liability of the Issuer towards a User is limited to the repair of damages directly caused by the non-performance of a contractual obligation under this contract.

9. Commitment of the User

The User guarantees that nothing in his/her profile on the Site shall affect third party rights or is contrary to law, public order and good conduct.

He/she undertakes not to: - Perform the Contract in an illegal manner or within conditions which may damage, deactivate, overload or affect the Site;
- Appropriate illegally the identity of any other person or entity, falsify or withhold your identity, your age or create any false identity;
- Distribute personal data or information about a third party, such as postal address, phone number, email address, credit card numbers, etc.;

In case of default to these obligations, the Issuer retains the right to take every appropriated measure in order to stop the concerning behaviour. It therefore retains the right to delete or remove any content or information considered as inappropriate. It can also suspend and cancel his login and block the access to his/her Account.

Without prejudice to proceedings brought by third parties, the Issuer has the right to bring legal action in its own name in order to repair the prejudice personally suffered due to breaches that are attributable to it under this Contract.

If the User notes a breach of obligations above mentioned, he/she is invited to report such acts to us by contacting the Customer Service at this following email address: contact@Leetchi-corp.com.

10. Duration of the General Conditions of Use and cancellation

The General Conditions of Use are entered into for an undetermined period of time from the creation of the Login or the express approval of the User by the Issuer. The User can at any time and respecting a notice period of 30 (thirty) calendar days, proceed to the Termination of the General Conditions of Use. Such termination shall constitute also the termination of the entire Contract.

The User will have to communicate the bank account details allowing the Issuer to reimburse to the User the Electronic Money which is credited to his/her Account. In the absence of such information, the Issuer shall follow the Reimbursement instructions entailing the reimbursement by credit on the Credit Card used for the purchase of the Electronic Money. The Issuer is discharged of any obligation after having confirmed to the User the transfer to the bank account indicated or the credit on the Credit Card of the amount of the Electronic Money reduced of the corresponding fees.

In case of gross default, fraud or lack of payment from it, the Issuer retains the right to suspend these provisions by sending an email accompanied eventually by a registered letter with acknowledgement of receipt. The termination shall entail the removal of the Account, and, as the case maybe the reimbursement of the Users. These Reimbursements may in certain case be blocked according to the legislation of anti-money laundering and financing of terrorism.

The termination of the General Conditions of Use on the initiative of the Issuer cannot entail any right to compensation to the benefit of the User, the Distributor or the Beneficiary.

11. Right of withdraw

The User has a deadline of 14 (fourteen) calendar days to pursue his/her right of withdrawal, without having to neither justify any motive nor sustain any penalty. This deadline for withdrawal shall be computed from the day of its registration as a User.

The User must notify his/her request of withdrawal within the deadline prescribed to the Customer Service of the Distributor by telephone or by email and submit a confirmation letter at the postal address of the Customer Service of the Distributor.

12. Rules regarding Anti-money laundering and combating the financing of terrorism

The Issuer is subject to the entire French and Luxembourg legislation regarding anti-money laundering and combating the financing of terrorism.

In application of the provisions of French and Luxembourg law, relating to the participation of financial institutions in the anti-money laundering and combating the financing of terrorism, the Issuer must obtain information from any User for any transaction or business relationship of the origin, purpose and destination of the transaction or the opening of an account. In addition, it must make all the audit necessary to the identification of the User and, as the case maybe the effective Beneficiary.

The latter undertakes to make all audit to allow the Issuer to realize a close examination of the transaction, to inform him/her about any exceptional transaction compared to the usual transactions registered under these rules and to provide him/her with any document or information required.

The User recognizes that the Issuer can stop or delay at any time the use of a login, the access to an Account or the execution of a transaction or a Reimbursement in the absence of sufficient element about its purpose or nature. He/She is informed that a transaction executed under these rules may be subject to the exercise of the right to communicate to the national financial intelligence unit.

The User can, in accordance with the legislation, access all this information communicated subject to such right of access does not challenge the purpose of anti-money laundering and combating the financing of terrorism, where this data concerns the claimant.

No pursuit and no action of tort can be brought or professional sanction taken against the Issuer, its managers or agents who have reported their suspicions in good faith to the national authority.

13. Personal data and obligation of confidentiality

The User agrees that contact details and personal information about him/her be communicated to the companies of the group to which the Issuer belongs as well as operational service with whom it is in a contractual relationship for the purpose of the execution of transactions and services offered subject to the third parties recipients of personal data be subject to rules ensuring adequate level of protection as defined in the French and Luxembourg Law.

The list of the third parties recipients of information protected by the obligation of confidentiality is available by simple request from the conformity manager of the Issuer. This information is stored by the latter or by any company authorized to do so, in accordance with legal and regulatory rules.

He/she may at any time object to receiving commercial solicitation, have his or her contact details amended, object to their disclosure by notifying by registered letter or e-mail followed by a request of receipt to the customer service of the Issuer.

This letter shall indicate his/her last name, first name and Login. In accordance with the applicable regulation, such letter must also be signed, accompanied with the photocopy of an identity document containing the signature of the User and indicate the address where he/she wishes to receive the response.

A response will be sent to the address indicated within a period of 2 (two) months following the receipt of the request.
The Issuer will store the information and personal data within the maximum legal or regulatory period applicable depending on the purpose of each data processing.

The conditions of collection, possession and access to personal data collected by the Issuer and under its responsibility regarding the access to the Website, are governed by the General Conditions of the Website and the privacy policy, which is published on the Website.

14. Inactive account

The Issuer and the Distributor have the right to close Accounts that have been inactive for more than 24 months.
Please refer to the Distributor’s terms and conditions.

15. Force majeure

The Parties shall not be held liable or considered to have failed under these rules in case of late or non-performance when their cause is related to a force majeure situation as defined by the case law of the French courts.

16. Independance of contractual rules

If any provision of these rules is considered null or without object, it will be deemed to be unwritten and will not entail the nullity of the other provisions.

If one or several provisions of these rules become lapsed or are considered lapsed further to the application of a law, a regulation or following a final decision granted by a competent jurisdiction, the other provisions will keep their binding force and scope. The provisions declared null and void will be replaced by provisions which will approximate the most with respect to their meaning and scope from the originally agreed provisions.

17. Protection of deposits

The funds of the Users are deposited at the end of each business day in an account opened with a Bank and are ring fenced by it.

18. Unassignability

The Contract shall not be subject to a total or partial transfer by the User, for valuable consideration or for free. It is further prohibited to transfer to a third party any rights or obligations that it owns under these rules. In case of breach of this prohibition, in addition to the termination of these rules, its liability may be triggered by the Issuer or the Distributor.

19. Fees

The fees related to the creation and management services of the account are invoiced by the Issuer and are included in the fees indicated in the General Conditions of the WebSite.

20. Agreement of proof

All data included in a permanent, reliable and secure manner in the computer database of the Issuer relating, in particular, to the payment orders and confirmations received by the User, to the notices sent, access, Withdrawal, Reimbursement will prevail between the parties until proven otherwise.

21. Application Law and competent jurisdiction

Save for the case of application of a public policy law (which will apply within the strict limits of its purpose), it is expressly stipulated that the Contract is subject to French law and that any litigation between the Parties under this latter shall be subject to the jurisdiction of the competent French courts.