Volt Tokens Sale Policy
Section 1. Sale Policy Status Ans Acceptance
1. This Sale Policy (hereinafter referred to as the “Policy”) sets forth general rules and procedure of VOLT Tokens Sale by the Website Owner and their purchase by Users.
2. This Policy is inalienable part of VOLT Tokens Sale General Terms & Conditions that the User shall carefully read, understand and irrevocably accept. In terms not regulated by this Policy (including but not limited to intellectual property rights, dispute resolution etc.), the VOLT Tokens Sale General Terms & Conditions shall apply to the relationships that arise hereunder.
3. Capitalized terms defined in this Policy shall have the meaning as described in VOLT Tokens Sale General Terms & Conditions.
4. Each User must carefully read and comply with this Policy.
5. It is understood and presumed per se that by the fact of the Website use and VOLT Tokens purchase, the respective User fully read, understood and irrevocably accepted this Policy. If any User does not agree with this Policy in general or any part of it, such User should withhold from using the Website and/or purchase of VOLT Tokens.
Section 2. Volt Tokens Sale Offer And Acceptance
1. VOLT Tokens are available for purchase to eligible offerees (Users) only during the specified VOLT Tokens Sale period of time that is defined in the Whitepaper and published on the Website.
2. Website Owner’s publication on the Website of an offer to sell VOLT Tokens to eligible offerees (potential VOLT Token purchasers) is considered a legally binding offer of the Website Owner to sell VOLT Tokens (herein after referred to as the “Offer”).
3. The Offer shall be available only at the Website. Any other offers concerning VOLT Tokens Sale presented on any other websites or internet resources shall be considered null and void and shall not put any obligations upon the Website Owner.
4. The number of VOLT Tokens offered for sale by the Website Owner is limited (ie., not beyond the ‘total tokens for sale’), as well as the number of tokens to be purchased by a User. Such number of VOLT Tokens to be offered and available for purchase shall be defined in the Whitepaper and published on the Website.
5. Legally binding acceptance of the Offer shall be conducted by a User on the Website (hereinafter referred to as the “Offer Acceptance”) by clicking on the respective “contribute” button (or similar) on the Website. From this moment the Offer shall be considered formally accepted by the respective User and the User shall be obliged to pay the price of the respective amount of Tokens (at the condition that the respective User complies with the eligibility requirements set forth by the Website Owner).
6. Offer Acceptance by eligible User shall be deemed irrevocable.
Section 3. Price And Payment Procedure
1. The price of one VOLT Token is set forth in respective Cryptocurrency and shall be mentioned in the Whitepaper and published on the Website.
2. We do not accept fiat currency as payment for VOLT Tokens. In order to buy VOLT Tokens with legal tender User shall convert such funds into Cryptocurrency.
3. To purchase VOLT Tokens the User shall only send Cryptocurrency funds from his/her personal wallet in the amount which is commensurate to the amount of the VOLT Tokens the User is willing to receive for such payment. Although we do not regulate the sending of virtual money funds to buy a VOLT token from a virtual currency exchange, all problems, including extinction and loss caused by instability of such an act, are a user’s risk and VOLT is not responsible. User undertakes to control solely the address and/or the Cryptocurrency wallet used for the VOLT Tokens Sale contribution, shall not act on behalf of any third party and shall not transfer the control of the mentioned address or wallet to any third party.
4. The amount of VOLT Tokens to be provided to a User shall be specified in User’s registered Account on the Website upon completion of VOLT Tokens purchase by the User. The VOLT Tokens shall be sent to the User’s personal respective Cryptocurrency wallet after VOLT Tokens Sale distribution.
5. To the extent maximum permissible under Applicable Law, the purchase of the VOLT Tokens by the User from the Website Owner is final, and, thus, there are no refunds and/or cancellations.
6. The Website Owner shall not store the VOLT Tokens on User’s behalf, any VOLT Tokens shall be stored on the User’s own Cryptocurrency wallet.
7. The Website Owner does not have any access to any passwords of User’s Cryptocurrency wallet.
8. The transactions on purchase of VOLT Tokens shall be stored on Blockchain and available for reference and check.
Section 4. Ownership Rights Transfer
1. Ownership rights for VOLT Tokens shall be transferred from the Website Owner to the respective eligible purchaser (User) upon completion of the payment procedure.
2. Ownership rights for the Cryptocurrency proceeds contributed by a User shall be transferred to the Website Owner upon completion of respective payment procedure. Any such Cryptocurrency proceeds might be converted by the Website Owner into fiat currency at any time for the purpose of VOLT project launch.
Section 5. Volt Tokens Sale Proceeds Status
1. The Cryptocurrency proceeds received by the Website Owner from the sale of VOLT Tokens to Users shall only be deemed as proceeds received from sale of software services, as VOLT Tokens are eventually designated to provide respective utility service.
2. You expressly agree that the VOLT Tokens are not securities or any other financial instruments and shall not be considered as such, the offering of VOLT Tokens is not registered with any government entity, and does not represent any share, stake or security or equivalent rights, including, but not limited to any right to receive future revenue shares and intellectual property rights in VOLT, and do not represent any ownership right of VOLT.
3. The VOLT Tokens purchased by the user are to be assigned to the wallet we create and the user will be able to transfer their tokens to their wallet only after the main sale is over.
Section 6. User’s Representations And Warranties
1. By accepting this Policy and by buying the VOLT Tokens, the User represents/warrants and accepts that there are certain risks associated with purchase of VOLT Tokens, holding VOLT Tokens, and using VOLT Tokens. By purchasing VOLT Tokens, the User expressly acknowledges and assumes such risks, including, but not limited to: risk of losing access to the VOLT Tokens in his/her possession due to loss of private key(s) or password, as well as any other registration information, risks associated with the VOLT Tokens Blockchain, risk of mining attacks, risk of hacking and security weaknesses, risks associated with Cryptocurrency markets, etc.
2. The User also accepts that the VOLT concept is still in an early development stage and unproven, that is why there is no warranty that the process for creating VOLT Tokens will be uninterrupted or error-free and that there is an inherent risk that the VOLT Blockchain could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of VOLT Tokens.
3. There is a risk that the use of the VOLT Tokens and relations between the Parties may be governed by any other applicable terms and policies.
4. The User agrees to be solely responsible for any applicable taxes imposed on the VOLT Tokens purchased hereunder.
5. User is fully liable for his/her any possible misrepresentations concerning meeting of any eligibility requirements set forth by the Website Owner for the purpose of VOLT Tokens Sale conduction (including, but not limited to residence requirements).
6. User understands and fully accepts that the Website Owner is entitled to ban or otherwise restrict User’s participation in VOLT Tokens Sale (solely upon Website Owner discretion and by any means) if the respective User does not meet any of the eligibility requirements set forth by the Website User for the purpose of VOLT Tokens Sale conduction or for others grounded reasons.
7. User understands and fully accepts that certain jurisdictions restrict (or may restrict in future) their residents or citizens from participation in any token sales, restrict use of Cryptocurrencies or use of any Cryptocurrency exchanges for various reasons. The Website Owner does not bear any liability for any possible current or future impossibility to use VOLT Tokens because of the mentioned or any other possible restrictions.
8. The User hereby undertakes to provide valid proves concerning legality of his/her proceeds used to purchase VOLT Tokens upon Website Owner’s request or request of bank institutions or government authorities.
9. The User hereby confirms that he/she has not been involved in any illegal activity and that he/she will not use the Website for any illegal activity.
10. Contributors should check each contributors’ country regulation before contribution. VOLT does not have responsibility of it.
Section 7. KYC & AML Regulations
1. If, at any time, We determine that We must or should comply with applicable law, regulations or guidance for money services businesses operating in the Republic of Singapore or any other jurisdiction.
2. We maintain a KYC (Know Your Customer) policy to comply with the Recordkeeping Requirements. We aim to reasonably identify each prospective purchaser of VOLT Tokens by cross-checking user data against governmental watch lists, including but not limited to the Specifically Designated Nationals and Blocked Persons List maintained by OFAC, as well as third-party identity verification and authentication services. If Your proposed purchase is flagged through Our internal controls, We may require additional proof of identification from You, and We have the right to not permit any purchases until additional and verifiable proof of identity to our satisfaction is received and You have been approved as a prospective purchaser.
3. By agreeing to this Agreement, you acknowledge and agree that that We maintain verification levels that require User participation and verification to obtain, with leveled permissions based on user-supplied information, Our ability to verify it, and Our internal policies. You accept that You may not be able to achieve Your desired level of verification, and We reserve the right in Our sole discretion, to determine the appropriate verification level for any User, as well as the right to downgrade Users without notice. We may, from time to time, implement policies restricting verification levels by nationality, country of residence, or any other factor. This may affect Your right to purchase VOLT Tokens or withdraw VOLT Tokens in your Account, and You indemnify Us against any losses associated with an inability to purchase, withdraw or use VOLT Tokens based on Your verification level.
Section 8. Disclaimer of Warranties And Limitation of Liability.
8.1. The VOLT Tokens are to be provided on an “as is” basis and without any warranties of any kind, either expressed or implied. The User assumes all responsibility and risk with respect to buying of any amount of the VOLT Tokens and their use. The User hereby expressly agrees that, to the maximum extent permitted by the Applicable Law, the Website Owner does not accept any liability for any damage or loss, including loss of business, revenue, or profits, or loss of or damage to data, equipment, or software (direct, indirect, punitive, actual, consequential, incidental, special, exemplary or otherwise), resulting from any use of, or inability to use the Website or the material, information, software, facilities, services or content on the Website, as well as from purchasing of the VOLT Tokens, regardless of the basis, upon which the liability is claimed and even if the Website Owner has been advised of the possibility of such loss or damage. The User understands and agrees that the Website Owner shall not be held liable to and shall not accept any liability, obligation or responsibility whatsoever for any change of the value of the VOLT Tokens. The User understands and expressly agrees that the Website Owner shall not guaranty in any way that the VOLT Tokens might be sold or transferred during or after the VOLT Tokens Sale. If Applicable Law does not allow all or any part of the above limitation of liability to apply to the User, the limitations will apply to the User only to the extent permitted by the Applicable Law. The User understands and agrees that it is his/her obligation to ensure compliance with any legislation relevant to his/her country of domicile concerning purchasing of the VOLT Tokens. Purchasing of the VOLT Tokens by the User in no way creates any exclusive relationship between the User and the Website Owner, nor any partnership, joint venture, employment or agency.
Section 9. Confidentiality
9.1. The User acknowledges and agrees that any information or data the User has acquired from or about the VOLT, included, but not limited to, information or data regarding prices, scope of terms and any other terms, conditions, obligations, affirmations, representations, and warranties set forth herein or delivered prior to the date the Agreement is entered into (hereinafter – the “Confidential Information”), was received in confidence. The User hereby expressly agrees to take all reasonable precautions to protect such information and not to divulge any such information or any information derived therefrom to any third person without the prior written consent of the VOLT. The Parties also agree to hold each other Confidential Information confidential for a period of three (3) years following the signing of this Agreement. The Parties agree, that unless required by law, they shall not make each other Confidential Information available in any form to any third party or to use each other Confidential Information for any purpose other than the implementation of this Agreement. Each party agrees to take all reasonable steps to ensure that Confidential Information is not disclosed or distributed by its employees or agents in violation of the terms of this Agreement. Confidential Information shall also mean all material and information that has or will come into possession or knowledge of the other Party in connection with its performance hereunder and which in the ordinary course of business is considered to be treated confidential. The content of this Agreement, as well as the fact that it has been entered into shall also constitute Confidential Information. Confidential Information shall not include information that: (a) is or becomes a part of the public domain through no act or omission of the other party; (b) was in the other party lawful possession prior to the disclosure and had not been obtained by the other party either directly or indirectly from the disclosing party; (c) is lawfully disclosed to the other party by a third party without restriction on disclosure; (d) is independently developed by the other party; or (e) is required to be disclosed by any judicial or governmental requirement or order (provided that Recipient timely advises the disclosing party of the governmental demand for disclosure). Without the prior consent of the other Party, neither Party shall issue any media release or similar publicity relating to this Agreement. Neither Party shall use the trademarks, trade name or logo of the other Party without having obtained its consent.
VOLT considers transparent operation and development of its decentralized P2P platform based on blockchain (“Platform”) to be important. Thus, VOLT has established a policy for transparency as follows:
1. VOLT (in particular the development of the Platform) is to receive a fair audit through a vote by five globally recognized and credible accounting firms.
2. VOLT shall publish monthly operational and financial reports to share the development and operational status of the Platform with its contributors.
Communication with Contributors
1. VOLT shall distribute a monthly report to share important company updates in relation to the development and operation of the Platform.
2. VOLT must share important matters relating to the development and operation of the Platform by email immediately.
Token Valuation Policy
To protect its contributors and provide them with better profits, executive managers of VOLT who have been allocated VOLT tokens are bound by a lock-up system, which means they are not entitled to make token sales for one year.
The Contribution Period will begin on April 10, 2018. Individuals willing to contribute to and support the development of VOLT can do so by sending ether to the designated address.
The contributors will create VOLT at the rate of 50,000 VOLT per ETH. The VOLT creation rate per ETH will remain constant for the duration of the Contribution Period.
The Contribution Period will run until May 31, 2018, or the moment of reaching the ceiling. The VOLT received by the contributors will be transferrable seven days after the end of the Contribution Period. However, the token distribution date might change based on the market conditions and also based on other conditions.
Future Direction of VOLT’s Platform
Since VOLT’s Platform is intended to facilitate last mile delivery, VOLT will try to apply the VOLT’s model globally, and VOLT will cooperate with major logistic companies such as FEDEX, DHL and Grab to participate in Volt’s Platform.