Sponsors/Backers - Terms of use

Version 1.00

By using EKITER's services as a Sponsor/Backer, you expressly acknowledge that you have read, understood, accepted and taken steps to consider the consequences of this agreement, that you agree to comply with it and that you have the legal capacity to accept it. 

INTRODUCTION 

At EKITER we understand as Sponsor/Backer those individuals, of legal age, who can participate in an entrepreneurial project in the design and validation phase of the Business Model, contributing funds and receiving rewards that can become shares in the company as a result of the project. 

To become a Sponsor in EKITER you must register for free in the Platform and fill in the data requested in the corresponding form. 

When a user registers as a Patron in EKITER he accepts the General Terms and Conditions of the Platform and these Terms and Conditions for Sponsors, otherwise, he cannot use the Platform as a Sponsor. EKITER may modify and update both the General Terms and Conditions of the Platform and these Terms and Conditions for Sponsors/Backers without prior notice and will not be liable if errors occur as a result. 

EKITER, through the Platform, offers information and a method to make contributions to help finance entrepreneurial projects, but it does not act as a Sponsor nor is it affiliated, endorsed or sponsored by any external supplier.

ELIGIBILITY
No Sponsor may use EKITER's services as such, if: 

  1. It cannot be part of legally binding contracts; 
  2. He is under 18 years of age; 
  3. You are a person who is legally incapable of providing services under the laws of Spain or any other applicable jurisdiction; 
  4. You are suspended as a Sponsor to operate the EKITER website; or 
  5. It does not provide verifiable and valid personal data, such as an address, email address, etc. 

A Sponsor/Backer as a user of the Platform is responsible for the veracity of the data entered in the Platform's registration process. 

PROCESS FOR MAKING CONTRIBUTIONS BY A SPONSOR 

Each entrepreneurial project starts with an endowment of 100,000 specific reward units for each project which we call project tokens indistinctly and which once distributed among the co-founders reflect the initial participation of each of them in the project. This distribution is reflected in the Participants' Agreement. 

If the project needs external funding, the Entrepreneurial Team can publish in EKITER a funding campaign asking for an amount of money to be exchanged for a number of tokens as a reward. The proportion of tokens of a Sponsor in relation to the total number of tokens reflects the participation to which each Sponsor will be entitled in the future company when it is constituted as agreed in the Participants Agreement and in the Adhesion Document signed by the Sponsor when its contribution is executed. 

The funding requests proposed by the Entrepreneurial Team will appear on the Platform as a file card with a brief description of the project, the amount requested, the number of tokens offered (as an extension of the existing ones), the remaining period in days to participate and the amount committed by the sponsors updated for each contribution. 

Sponsors interested in a project will be able to access the information available in an open format and expand this information by communicating directly with the Entrepreneurial Team through the project's public or private forums on the Platform. The information available in the open form will not be subject to conditions of confidentiality, but the information communicated through the forums will remain subject to the confidentiality required by the members of the Entrepreneurial Team. 

To finance one or several projects, the Sponsor can directly commit with his credit card a contribution to a project of a minimum of 10 euros, a maximum of 300 euros per campaign and a maximum of 4,000 euros per year. The contributions will be paid, conditionally to the achievement of the objective of the campaign, in a temporary deposit of the project. This deposit is backed, insured and guaranteed by the international payment entity Stripe (https://stripe.com/es) which supports a large number of international crowdfunding platforms. 

When the Sponsor wishes to commit a contribution (with a minimum of 10 euros) to the campaign of a given project, it is only necessary to select the project and follow the indications on the Platform. The amount committed will be made available to the Entrepreneurial Team if the campaign is successfully closed, that is if the campaign manages to collect the amount requested within the maximum period of 40 days that it remains open. 

In the event that the campaign is not successful because the amount requested is not reached within 40 days, the campaign is considered to have failed and the amount committed by each Sponsor/Baker is released and returned to the current account attached to the credit card from which the commitment was made. EKITER does not make any charges to the sponsors for the contributions made in the different entrepreneurial projects. 

Once a campaign has been successfully completed, the commitment to participate will be firm and the sponsors will digitally sign an Accession Document to the Participants Agreement, which will govern the relationship between the project participants, i.e. the sponsors and co-founders. 

The contribution process to entrepreneurial projects at EKITER has no cost for the Sponsor. However, if a Sponsor wishes to withdraw their commitment to contribute during the period that the campaign is open, they may do so, but they will be penalised by a 10% penalty of the committed contribution. 

The sponsors will be able to follow the operations of their contributions in a control panel of EKITER (Dashboard) where the evolution of their participation in the different projects will appear. 

PROJECT AND RESOURCE MANAGEMENT 

The entrepreneurial project is managed by the Entrepreneurial Team. The sponsors can follow the evolution of the project based on the information provided by the Entrepreneurial Team, according to the commitment in the Participants Agreement. 

RISKS 

Sponsors must be aware that EKITER publishes entrepreneurial projects in the initial phase that normally seek funding or collaborators. EKITER does not evaluate the technical or economic viability of these projects, so sponsors must take into account that entrepreneurial projects in this phase have a high risk of failure. It is not advisable to commit personal resources that you are not prepared to lose, as nobody will reimburse a contribution made to a project if it is not successful. 

EKITER does not intervene with any special measures to eliminate the risk of project failure or fraud on the part of the members of the Entrepreneurial Team. It is the users of the Platform themselves who assess the Entrepreneurial Teams through their comments and evaluations. A system of reputation is enabled to evaluate the performance of each Entrepreneurial Team when managing their project. 

DILUTION OF SHAREHOLDING 

Sponsors should note that any contributions made through the Platform may be subject to possible future dilution. Dilution of the sponsors' participation may occur when a project opens a new funding campaign, hires partners or works on the project without being paid according to the commitments in the Participants' Agreement. Thus, in the case of a funding campaign where existing participants do not come forward with contributions, their percentage share will be reduced because, although they keep the same number of tokens as they had, the total number of tokens in the project will be higher after the campaign. 

ACQUISITION OF TOKENS 

EKITER has designed channels (currently under development) so that Maecenas and Entrepreneurs can acquire tokens that collaborators wish to offer. However, neither Maecenas nor Entrepreneurs will be able to sell tokens given their commitment to the project. 

OPERATIONAL AND SECURITY 

All the Platform's operations are subject to the highest standards of online security, by means of a digital certificate issued by DigiCert Inc, which has the security algorithm: SHA-256 with RSA encryption (1.2.840.113549.1.1.11) and a key size of 2,048 bits. 

INCORPORATION OF THE COMPANY 

This process is external to EKITER and the information provided in this section is for guidance only, so it is advisable to hire an expert lawyer to carry out the incorporation operation. 

When the entrepreneurial project reaches such a point of maturity that it is decided to create the company, if the participants are very numerous, a problem may arise in managing the legal constitution of the company. 

Spanish law requires that when a company is incorporated, all shareholders or their representatives sign in person before a notary. However, this same legislation allows that if the company is already incorporated, new and old partners can participate in an extension without having to go to the notary. 

Therefore, in the event of a large number of participants, as happens in any crowdfunding process, the Entrepreneurial Team can constitute the company and immediately afterwards carry out the expansion with the rest of the partners without any issue premium so that the initial participation is maintained. 

EKITER'S RESPONSIBILITIES 

The users of the Platform state that they know and accept that EKITER does not guarantee and excludes any responsibility in relation to: 

  • The viability of existing projects in the Platform. 
  • The evolution of the published projects, nor on the capacity to achieve the objectives proposed by the entrepreneurial teams; 
  • The truthfulness, accuracy and precision of the information given by the Entrepreneurial Team of an entrepreneurial project; 
  • The destination that the Entrepreneurial Team gives to the Patrons' money. 
  • The existence of technical errors in the use of the Platform in any of its functionalities or applications, funding commitments, or the execution of contributions, provided that EKITER makes its best efforts to correct the problems due to the error as soon as this information comes to its knowledge; 
  • The duty of information of the Entrepreneurial Team with the Participants. 
  • The services provided by mentors or third parties advertised on the Platform, such as legal services, notaries, trade registrars or other professionals; 
  • Any damage derived from the use of the Platform. 

Likewise, the Sponsor states that it is aware of 

  • That there is a high degree of risk that a significant percentage of the entrepreneurial projects may fail or not reach the proposed objectives and lose their contributions. 
  • That it is your exclusive responsibility to carry out any act aimed at receiving advice that you consider appropriate in order to make decisions to contribute to entrepreneurial projects through the Platform. 
  • That the information, suggestions and tools offered on EKITER's website do not constitute financial advice or financing service activities, nor should they be understood as recommendations by EKITER to carry out contributions. Each Sponsor must make its own decisions independently. 
  • That EKITER will not be responsible for any action or decision taken by the Sponsor based on the information published on the Platform. 
  • That data and information owned by EKITER can not be retransmitted, redistributed, published, displayed or disclosed to third parties without the permission of EKITER. The case of the existence of legal obligation is excluded. 

COMMUNICATIONS AND PRIVACY 

The information or communications made by users in the forums only reflect the opinions of their authors. EKITER will not be responsible for the content or form of these communications, statements and opinions expressed by users on the Platform or any action resulting from participation in any of them. 

Users acknowledge that personal information communicated by the user in the media provided for this purpose may be seen and used by others and may result in unsolicited communications. EKITER reserves the right to disclose any content published on the Platform in order to comply with any laws, regulations, legal processes or government requests that may be applicable.

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