Entrepreneurs - Terms of use

Version 1.00

By using EKITER's services as an Entrepreneur, 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

In EKITER, entrepreneurs are understood to be those individuals of legal age who promote an entrepreneurial project in the design and validation phase of the Business Model.

To be an Entrepreneur in EKITER it is necessary to register in the Platform for free, filling in the data requested in the corresponding form.

When a user registers as an Entrepreneur in EKITER, he accepts the General Terms and Conditions of the Platform and these Terms and Conditions for Entrepreneurs, otherwise, he cannot use the Platform as an Entrepreneur.

EKITER may modify and update both the General Terms and Conditions of the Platform as well as these Terms and Conditions for Entrepreneurs without prior notice and will not have any responsibility if errors occur because of it.

EKITER, through the Platform, offers information and a methodology to carry out the process of managing, financing and finding collaborators (mentors, co-founders, programmers, designers, etc.) to promote their projects. EKITER, however, does not act as a Sponsor or Collaborator, nor is it affiliated, supported or sponsored by any external provider.

ELIGIBILITY

No Entrepreneur may use the services of EKITER as such, if:

  1. It cannot be part of legally binding contracts;
  2. He's under 18;
  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 an Entrepreneur to operate on EKITER's website;
  5. It does not provide verifiable and valid personal data, such as address, email address, etc;
  6. If the entrepreneurial project has already been set up as a company

An Entrepreneur as a user of the Platform is responsible for the veracity of the data entered in the Platform registration process.

ENTREPRENEURIAL PROJECTS IN EKITER

In EKITER the entrepreneurs, also called co-founders, once registered as users, can publish their projects for free and manage them in the Platform incubating them until they become a company.

In order to publish their projects, entrepreneurs must propose them through the Platform, which will be accepted and published in less than a week provided they do not violate the law or infringe ethical behavior.

Each project will have the level of access and confidentiality that the entrepreneurial team wants for its project. The information that is freely visible on the platform is not confidential.

The Platform allows the entrepreneurial team to make requests for funds from sponsors, to look for collaborators and other external services that are advertised on the Platform, such as legal, fiscal and administrative support services, etc.

In the Platform, the entrepreneurial team can find free resources to manage their projects such as the model of the Participants' Agreement, the Membership Document, spreadsheets to manage the participations, treasury, training, etc.

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

FUNDING AND EXTERNAL PARTNERS

If the project needs external financing, the entrepreneurial team can publish in EKITER a financing campaign where a quantity of money is requested and exchanged for a number of points/tokens as a reward. The proportion of tokens of a Sponsor in relation to the total tokens reflects the participation to which each Sponsor is entitled in the future company when it is constituted as agreed in the Participants Agreement and the Accession Document.

It should be noted that when the entrepreneurial team obtains an amount of external funding for a number of tokens, the initial 100,000 tokens of the team are maintained, but the total amount of tokens increases with those received by the sponsors, so the participation of the entrepreneurial team is diluted.

If a funding campaign is successfully completed, the contributions committed by the sponsors will be transferred to the current account of the entrepreneurial team. To carry out these operations, EKITER relies on Stripe (https://stripe.com/), an international means of payment entity that uses the most prestigious Crowdfunding platforms which has the technical and legal capacity to execute these processes in an agile and secure way.

The entrepreneurial team can search and make offers by asking for collaborators on the Platform. These collaborations can be rewarded in tokens, in money or in a mixed form. In the event that collaborators receive tokens, they become participants as is the case with sponsors.

All the conditions determining the participation of the entrepreneurs and the sponsors are set out in a Participants' Agreement originally signed by the co-founders and to which the sponsors will adhere by means of an Accession Document that can be digitally signed.

The entire operation of the Platform has the highest standards of online security, through 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.

FUNDING CAMPAIGNS

As a general rule, an entrepreneur cannot have more than one open project in EKITER, an entrepreneurial project can not launch campaigns worth more than 50,000 euros per year and each campaign can not be more than 10,000 euros or less than 500 euros.

From a temporary point of view, a campaign can be open for a maximum period of 40 days and if it is successful, the next campaign cannot be launched before one month after the previous one.

If a campaign has not been successful, another one can be launched with the same or other conditions without having to wait any time.

The cost of publishing a campaign for the entrepreneurial team is 3% + VAT of the amount requested to cover the costs of the Stripe payment institution. If the campaign is successful and collects the amount requested, EKITER charges the entrepreneurial team 5% + VAT of the amount collected, for the operation and maintenance of the EKITER Platform. In the event that the campaign is not successful and does not obtain the required amount, the amounts committed by the sponsors will be returned automatically to the current account from which the commitment was made and no success charge will be applied to the entrepreneurial team.

The entrepreneurs and their families can participate in the financing campaign without being affected by the maximum contribution limits imposed on the sponsors. In this way they are showing their commitment to the project, which gives confidence to the rest of the sponsors.

OFFERS OF COOPERATION

The entrepreneurial team can launch in EKITER free offers to request collaborators. The offers are open for 20 days. Collaborators can be rewarded in euros, in tokens or in a mixed form, as agreed between the Entrepreneurial Team and the Collaborator.

EKITER does not make any charge to the project or the Collaborator, the Platform only performs the function of freely contacting the parties. EKITER is not responsible for conflicts that may arise between the parties due to disagreements between them.

COMPANY FORMATION

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 constitution operation. Services of this type can be found advertised on the Platform.

When the entrepreneurial project reaches a point of maturity such that it is decided to create the company, if the participants are very numerous, a problem can be generated to manage 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 in person.

Therefore, in the event that there are many participants, as happens in any crowdfunding process, the entrepreneurial team can set up the company and immediately afterwards carry out the expansion with the rest of the partners without any issue premium so that their participation is preserved.

EKITER'S RESPONSIBILITIES

The users of the Platform declare to know that EKITER excludes any responsibility in relation to:

  • The technical or economic 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 users of the Platform;
  • 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 such information comes to its knowledge;
  • Services provided by collaborators or third parties advertised on the Platform, such as legal services, notaries, trade registrars or other professionals;
  • Any damage resulting from the use of 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 from EKITER to carry out contributions. Each Entrepreneurial Team and each patron, should make their own decisions independently.
  • That EKITER will not be responsible for any action or decision taken by the entrepreneurs 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. Exception is made in the case of legal obligation.

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 such 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 that is 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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