Entrepreneurs - Terms of use

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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 

At 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 for free in the Platform, 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 as a result. 

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 supplier. 

ELIGIBILITY
No Entrepreneur 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 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's registration process. 

THE ENTREPRENEURIAL PROJECTS IN EKITER 

At EKITER, entrepreneurs, also known as co-founders, once registered as users, can publish their projects free of charge and manage them on the Platform by 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 that they do not violate current legislation or breach ethical behaviour. 

Each project will have the level of access and confidentiality that the Entrepreneurial Team wishes 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, search 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 Participants' Agreement, the Membership Document, spreadsheets to manage shares, treasury, training, etc. 

Each project starts with an allocation of 100,000 project-specific reward units which we call project tokens 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 signed by the co-founders. 

FUNDING AND EXTERNAL PARTNERS 

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 to the total number of 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. In order 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 case that the collaborators receive tokens, they become participants as it happens with the sponsors. 

All the conditions determining the participation of the entrepreneurs and 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 which can be digitally signed. 

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. 

FINANCING CAMPAIGNS 

As a general rule, an Entrepreneur can not have more than one open project in EKITER, an entrepreneurial project can not launch campaigns for 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% (including VAT) of the amount requested to cover the costs of the Stripe payment institution. If the campaign is successful and collects the requested amount, EKITER charges the Entrepreneurial Team 5% + VAT of the amount collected, for the operation and maintenance of EKITER's Platform. If 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 fee will be applied to the Entrepreneurial Team. 

OFFERS FROM PARTNERS 

The Entrepreneurial Team can launch free offers in EKITER 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. 

Entrepreneurs and their families can participate in the funding campaign without being affected by the maximum contribution limits imposed on sponsors. In this way, they are expressing their commitment to the project, which gives confidence to the other sponsors. 

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 any conflicts that may arise between the parties due to disagreements between them. 

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

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 in person. 

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 their participation is preserved. 

EKITER'S RESPONSIBILITIES

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

  • The viability of existing projects in the Platform. 
  • The technical or economic evolution of the projects published, 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 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. 
  • Services provided by collaborators or third parties advertised on the Platform, such as legal services, notaries, commercial registrars or other professionals; 
  • Any damage derived 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 by EKITER to carry out contributions. Each Business Team and each sponsor 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. 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, nor for any action arising 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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