TERMS OF BUSINESS
UPDATED October 5, 2018
This is a binding contract between you and SavAct, Pte. Ltd (hereinafter referenced by such terms as “SavAct”, “we”, “us”, “our”).
Please read these terms carefully. These terms include information about future changes of these terms, limitations of liability, a class action waiver, and resolution of disputes by arbitration instead of by litigation in court.
1.1. This agreement is based on the accordance among the parties who recognize and agree with it. All previous agreements, discussions, presentations, warranties and conditions are part of this document. There are no agreements, discussions, presentations, warranties, or conditions expressed or implied among the parties, except as explicitly detailed in this agreement.
1.2. It should be noted that SavAct is a company incorporated under the laws of the State of Singapore. The issuance of coins and tokens requires prior approval by the Monetary Authority of Singapore (MAS). The approval is currently not yet present.
1.3. This agreement may only be amended or supplemented by a written document agreed upon by the founding parties.
1.4. We may introduce new features, change or limit features (including by automatic update), update or remove content, or restrict access to parts or all of the services, without noticing you. We reserve the right to change the terms by displaying the updated terms at SavAct.com or within the services. By using the services after a change to the terms, you agree to all of the changes. This agreement and any disclosures we make to you through the services or via your registered email or other communications, fulfill the written form requirement for legal purposes.
2. SavAct coins and tokens are not collateral
2.1. As a user, you accept, understand and agree that SavAct does not provide collateral. You accept, understand and agree that ownership of SavAct tokens, as well as coins, does not give the user any rights to receive any profits or any income or other payments or reimbursements from acquisition, storage, management or disposition, generation, reimbursements or expiration of any right, interest, name or benefit in SavAct or any other SavAct ownership, whether in whole or in part.
3. Uncertainties of Blockchain-techniques
3.1. Blockchain techniques are part of the instruction and control of various rules and regulations wherever they exist. SavAct’s Token and Coin may, by itself, include one or more requirements or actions, including but not limited to, limitations on the use or possession of digital tokens or coins, which may slow down or limit the function or the repurchase of SavAct tokens and coins in the future.
4. Quantum computers
4.1. Technical innovations such as the development of quantum computers can endanger cryptocurrencies, including the Coin and Token of SavAct.
5. Quantum computers
5.1 Technical innovations such as the development of quantum computers can endanger cryptocurrencies, including the Coin and Token of SavAct.
6. Waiver of income guarantees or profits
6.1 There is no guarantee that SavAct tokens or coins will be valuable. Price development is not guaranteed, expressly included in the context of unforeseeable events or events over which the developers have no control, or due to force majeure. The confidence in the SavAct system may also weaken, as confidence in other decentralized systems, such as Bitcoin or Ethereum, diminishes, weakening the appreciation of SavAct tokens or coins.
7. Selling price and agreements
7.1. All prices refer to the value in Ether (ETH) at the time of the receipt of the transaction in the blockchain. For this purpose, the value of Ether is being retrieved from www.kraken.com every 30 seconds. A minimum value of 90€ (NINETY EURO) must be reached at the time of the transaction.
7.1.1. You are aware that there may be deviations in value due to the time difference between the sending and confirmation of a transaction in the blockchain.
7.1.2. Only the ETH which are available to SavAct after deducting the fees are considered.
7.1.3. The incoming ETH and the time stamp are stored in the blockchain. We refer to the officially valid blockchain that www.kraken.com refers to.
7.1.4. SavAct’s live ticker may differ from the considered ETH value of www.kraken.com.
7.1.5. You confirm that you own the private key of the public key that your transaction refers to. Transactions may not be sent from an exchange.
7.2. Participating with a fiat currency (e.g. Euro) is only possible with a negotiated SAFT agreement (Simple Agreement for Future Tokens).
7.3. We do not provide terrorist financing, therefore, a verification using the Know Your Customer / Anti Money Laundering (KYC/AML) procedures is necessary. You find the necessary information for this in the purchasing process.
7.4. You are aware that it may be necessary to link your ETH wallet with your e-mail address. For this, it is necessary to sign your e-mail address with the private key of your ETH wallet. We never request you to send us your private key.
7.5. The respective sale ends once all tokens of the respective sale are sold. Payments that go beyond the PreSale are being recorded for the following token sale with its price. If you do not agree with this procedure, you must file an objection within two weeks after the PreSale.
7.5.1. Refunds only go to the address, that you have used to transfer the payment to SavAct. Therefore, it is important that you do not perform your ETH transaction from an exchange.
7.6. A discount campaign is planned, the date is still to be announced. If all tokens of the respective sale are already sold, the discount campaign will not take place. The discount will be at maximum 60% and decrease to the end of the sale.
7.6.1. There is no right to receive the discounts of the sales.
7.7. The announced dates of the start and end of the respective sales are not binding. Unexpected events may lead to rescheduling the dates. An increase of the price of the following token sale is possible.
7.8. You are responsible to protect your e-mail accounts and private keys. We assume no liability in case that third parties have access to your data.
8. Excluded geographic areas
8.1. The acquisition of tokens is only for investors who are authorized to acquire tokens and in jurisdictions where the acquisition of tokens is legally permitted.
8.2. Persons who are citizens of the United States, the People’s Republic of China, the Federal Republic of Germany, the Socialist Republic of Vietnam or who are resident (for tax or other purposes) in one of these states, hold a green card for one of these states or are resident in a state in which American embargoes and sanctions apply, e.g. in Iran, North Korea, Syria, Cuba or any other geographical area where the acquisition of SavAct tokens is prohibited by applicable laws, regulations, directives, treaties or administrative acts, are not entitled to acquire SavAct coins or token, which are issued by SavAct.
8.3. Exceptions may be negotiated by means of a SAFT agreement.
9. Third Parties.
9.1. Any information or content publicly posted or privately transmitted through the services are in the sole responsibility of the person that originated it and you access all such information and content at your own risk and we are not liable for any damages or loss you might suffer in connection with it. We cannot control and have no duty to take any action regarding how you may interpret and use the content or what actions you may take as a result of having accessed the content, and you hereby release us from all liability for you having acquired or not acquired content through the services. The services may also contain links or connections to third party websites or services not owned or controlled by SavAct, and using the services may require you to transact with third parties, such as for your internet connection. SavAct is not responsible for these third party services or individuals that you may interact with through the services.
10. The risks of using new technologies
10.1. SavAct-tokens are a new and relatively untested technique. The risks that have been raised include certain additional risks that the SavAct team cannot anticipate. These risks may be compounded in forms other than those described here.
11. Limitation of Liability.
11.1 TO THE FULLEST EXTENT ALLOWED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES AND UNDER NO LEGAL THEORY (INCLUDING, WITHOUT LIMITATION, DELICT, CONTRACT, STRICT LIABILITY, OR OTHERWISE) SHALL SAVACT (OR ITS LICENSORS OR SUPPLIERS) BE LIABLE TO YOU OR TO ANY OTHER PERSON FOR (A) ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR LOST PROFITS, LOSS OF GOODWILL, WORK STOPPAGE, ACCURACY OF DATA OR RESULTS, COMPUTER FAILURE OR MALFUNCTION, (B) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF THE SERVICES OR THE RESULTS THAT MAY BE OBTAINED FROM USE OF THE SERVICES, OR (C) ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (I) $100 OR (II) THE AMOUNTS PAID BY YOU TO SAVACT IN CONNECTION WITH THE SERVICES IN THE TWELVE (12) MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM, OR (C) ANY MATTER BEYOND OUR REASONABLE CONTROL. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
12. Risk of mutual funds
12.1. Funds raised through fundraising are in no way insured. If they lose their value, there is no private or public insurance that buyers can claim.
13.1. You may not use or interact with the services to: (a) infringe or violate the intellectual property or other rights of anyone else (including Savact); (b) violate any law or regulation; (c) harm, defraud, harass, threaten, or deceive others, or make contributions that are obscene or otherwise objectionable; (d) jeopardize or violate the security of Savact, the services, or anyone else; (e) attempt to obtain the password, account, or other security information from any other user; (f) run any form of auto-responder or “spam” on the services, or any processes that otherwise interfere with the proper working of the services; (g) run scrape or spider functions on any page, data, or portion of the services or content (manually or by automated means); (h) copy or store any significant portion of the content; or (i) decompile, reverse engineer, tamper with, or otherwise attempt to obtain the source code or underlying ideas or information of it or relating to the services or use the services to develop competing products.
14. Copyright, Trademark & DMCA.
14.1. The materials displayed or performed or available on or through the services, including text, graphics, data, software, photos, images, illustrations, logos, trademarks (collectively, the “content”), and aspects of the services themselves, are protected by copyright, patent, trademark and/or other intellectual property laws in the United States and in other countries. You promise to abide by all copyright notices, trademark rules, information, and restrictions contained in any content you access through the services, and that you will not use, copy, reproduce, modify, translate, publish, broadcast, transmit, distribute, perform, upload, display, license, sell or otherwise exploit for any purpose any content not owned by you, (i) without the prior consent of the owner of that content (which may be Savact or our licensors) or (ii) in a way that violates someone else’s (including Savact) rights.
14.2 You understand that Savact exclusively owns the content and the services and intellectual property in them (except that you own your user submissions and physical hardware devices you have purchased, but not software or other materials we may license to you under these terms even if such materials reside on your devices). You will not modify, publish, transmit, participate in the transfer or sale of, reproduce, create derivative works based on, or otherwise exploit any of the services. We reserve the right to delete or deactivate presumably law infringing content.
15.1. You may not assign, delegate or transfer these terms, your rights, obligations, or your services account, in any way (by operation of law or otherwise) without Savact´s prior written consent. We may transfer, assign, or delegate these terms and our rights and obligations without consent.
16.1. You agree to hold SavAct, its affiliates, officers, agents, employees, and partners harmless from and against any and all claims, liabilities, damages (actual and consequential), losses and expenses (including attorneys’ fees) arising from or in any way related to any third-party claims relating to (a) your use of the services (including any actions taken by a third party using your account), and (b) your violation of these terms.
PLEASE READ THE FOLLOWING SECTION CAREFULLY AS IT REQUIRES YOU TO ARBITRATE CERTAIN DISPUTES AND CLAIMS WITH SAVACT AND THERE ARE CERTAIN LIMITATIONS ON THE REMEDIES THAT YOU MAY APPLY AGAINST US.
17.1 Any dispute arising out of or relating to the subject matter of these terms shall be finally settled by a binding arbitration in Singapore. The arbitration will proceed in the English language, in accordance with the Streamlined Arbitration Rules by one commercial arbitrator with substantial experience in resolving intellectual property and commercial contract disputes, who shall be selected from the appropriate list of arbitrators in accordance with such rules. Judgment upon the arbitral award rendered by such arbitrator may be entered in any court of competent jurisdiction. Notwithstanding the foregoing obligation to arbitrate disputes, each party shall have the right to pursue injunctive or other equitable relief at any time, from any court of competent jurisdiction. Furthermore, either you or SavAct may assert claims, if they qualify, in small claims court in Singapore.
ANY ARBITRATION UNDER THESE TERMS WILL TAKE PLACE ON AN INDIVIDUAL BASIS: CLASS ARBITRATIONS AND CLASS ACTIONS ARE NOT PERMITTED. YOU ACKNOWLEDGE AND AGREE THAT BY ENTERING INTO THESE TERMS, THAT YOU AND SAVACT ARE EACH WAIVING THE RIGHT TO TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION TO THE FULLEST EXTENT ALLOWED BY APPLICABLE LAW.
17.2 Both you and Savact acknowledge and agree that for the purposes of any dispute arising out of or relating to the subject matter of these terms, SavAct’s officers, directors, employees and independent contractors (“Personnel”) are third party beneficiaries of these terms, and that upon your acceptance of these terms,the Personnel will have the right (while it will be deemed to have accepted the right) to enforce these terms against you as the third party beneficiary hereof.
7.3 Arbitration Opt Out
You have the right to opt out of the foregoing arbitration provision by sending written notice of your decision to opt out to SavAct, Ptd. Ltd. postmarked within 30 days of first accepting these terms. You must include (1) your name and residence address; (2) the e-mail address and/or telephone number associated with your account; and (3) a clear statement that you want to opt out of this section’s arbitration agreement. If you send this notice, and/or in any circumstances where the foregoing arbitration provision permits either you or SavAct to litigate any dispute arising out of or relating to the subject matter of these terms in court, then the foregoing arbitration provision will not apply to either party and both you and SavAct agree that any judicial proceeding (other than small claims actions) will be filed in the responsible state or federal courts located in Singapore.
18. Choice of Law
18.1. These terms are governed by and will be construed under the Federal Arbitration Act (Singapore) and the current federal law.
20.1. The failure of either you or us to exercise, in any way, any right herein shall not be deemed a waiver of any further rights hereunder. If any provision of these terms is found to be unenforceable or invalid, that provision will be limited or eliminated, to the minimum extent necessary, so that these terms shall otherwise remain in full force and effect and enforceable. You and SavAct agree that these terms are the complete and exclusive statement of the mutual understanding between you and SavAct and that it supersedes and cancels all previous written and oral agreements, communications and other understandings relating to the subject matter of these terms. You hereby acknowledge and agree that you are not an employee, agent, partner, or joint venture of SavAct, and you do not have any authority of any kind to bind SavAct in any respect whatsoever.