Crowdfunding Place Website Terms & Conditions
TERMS & CONDITIONS
This page tells you the terms and conditions on which you may use this site (www.crowdfundingplace.co.uk) (the “Site“). By using the Site, you confirm that you accept the terms and conditions of use included on this page here and any page referred to within it (the “Terms“) and you agree to be bound by them. If you do not agree to the Terms, please stop using the Site. If you decide to invest via the Site, you do so on the Terms and by doing so confirm and warrant that you accept the Terms entirely. By joining the site as a member you acknowledge
1. INFORMATION ABOUT US
1.1 The Site is operated by Place4Financial Crowd Ltd, an Appointed Representative of Financial Brokers Ltd which is directly authorised and regulated by the Financial Conduct Authority (no: 547619).
1.2 The Site provides you with information on properties or companies which you may invest in by acquiring shares in a special purpose limited company incorporated to make the investment. We do not and are not giving any advice on the viability or quality of any property or investment and we do not provide specific or general investment advice. Any decision to invest in an SPV advertised on the Site is only your own and you must only do so after conducting sufficient due diligence and seeking your own independent advice. Please remember that property prices can go down as well as up and any estimated, targeted or other specified yields or returns are indicative based on our estimations of the market and the expected returns. If not otherwise specified, any yields or returns are not guaranteed by us and are subject to the performance of the property market.
2. ACCESSING OUR SITE
2.1 Access to the Site is allowed by us on a temporary basis and we reserve the right to withdraw the Site without notice. We will not be liable for any loss, damage, costs, expenses or any other thing whatsoever (including special damages) (together “Damages”) if the Site is unavailable at any time or for any period.
2.2 You are responsible for the security of your login details and you must make sure that any people who access the Site through your login or internal connection are aware of the Terms and agree to be bound by them. We shall not be liable for any Damages caused by unauthorised access to the Site using your login in the case of our own gross negligence.
2.3 We reserve the right to restrict your access to the Site from time to time for any reason without providing you with explanation.
3. OVERSEAS USERS
3.1 The Site is intended for use by people primarily resident in the UK and, subject to clause 3.2 below, any investors from other jurisdictions warrant that they agree with the terms of this clause number 3.
3.2 The Site is not to be accessed from the United States of America and may not be used by any resident of the United States of America. No offer made on the Site is intended or authorised to be made inside or to any resident of the United States of America.
3.3 Persons who are resident in, or citizens or nationals of, jurisdictions outside the United Kingdom or who are nominees of, or trustees, custodians or guardians for, nationals or citizens of such jurisdictions (“overseas shareholder”) may be prohibited or affected by the laws or regulatory requirements of the relevant overseas jurisdiction. Such overseas shareholders should inform themselves about and observe any applicable legal requirements. It is the responsibility of any overseas
shareholder wanting to subscribe for shares in an SPV advertised on the Site to satisfy himself as to the full observance of the laws and regulatory requirements of the relevant jurisdiction in connection with the subscription,and also the obtaining of any governmental, exchange control or other consents which may be required, the compliance with other mandatory formalities and the payment of any issue, transfer or other taxes or duties due in such jurisdiction.
3.4 It is the responsibility of any overseas shareholder to meet any charges, taxes, banking fees, exchange rate charges, currency exchange fees or any other costs in making a subscription through the Site.
4. USER REGISTRATION
4.1 By using and registering with the Site, you accept and warrant to us that:
4.1.1 You are eighteen years of age or older;
4.1.2 You fully understand accept and agree to be bound by the Terms;
4.1.3 You are resident in the United Kingdom and are accessing the site from the United Kingdom, or, you have read and agree to the terms of clause 3 above, and
4.1.4 You are legally capable of entering into binding contracts in your own capacity and no other authorisation or permission is required to enable you to do so;
4.2 You agree that you shall comply with such identification and other requirements of anti-money laundering that we may require. In particular, we may require identification of Investors and information about the sources of funds being provided by the Investor in investments Crowdfunding Place considers in its discretion to be substantial.
4.3 You may only invest in an Investment for yourself in your own name and shall guarantee that all orders for shares made through the Website are made exclusively on your own behalf.
5. CROWDFUNDING, SOPHISTICATED AND HIGH NET WORTH INVESTOR
If you join the Site as a Crowdfunding, Sophisticated or High Net Worth Investor you must successfully complete an appropriateness test. Without prejudice, by executing this agreement you warrant to us that you have the essential levels of expertise, lnowledge, and experience in light of the nature of the transactions or services predicted and that you are capable of making your own investment decisions and understanding the risks.
6. SITE CONTENTS
Any information, figures, commentary, indications, percentages, estimations or any other material contained on the Site are not intended to be advice to you and you are exclusively responsible for looking for your own independent advice and satisfying yourself with your own due diligence before making an investment through the Site.
7. CLIENT CATEGORISATION
According to FCA’s rules, Crowdfunding Place is required to assign and notify you of your client classification. Sophisticated and High Net Worth investors are classified as Retail Clients as defined by the FCA in its rules and handbook. Crowdfunding investors are classified as Professional investors, as defined by the FCA in their rules.
8. INVESTMENT RISK
8.1 You should be aware that investing through the Site will result in your investment in an SPV, incorporated for the purpose of investing in property. You will obtain shares in the SPV in exchange for your investment, which will be delivered subject to the articles of association of the SPV, which will be available on the specific investment subpage.
8.2 Property investment involves certain risks and it is your responsibility to satisfy yourself that this risk is tolerable to you. Crowdfunding Place and the Site offers no guarantees or assurances as to any income, capital growth or other financial gain through your investment in an SPV and property prices can go down as well as up.
8.3 It is possible for you to sell your shares in any SPV at any time provided this is done through the Crowdfunding Place. For this, we will charge you a fee of 3.4% of the total sale cost. We do not offer any assurance or guarantee that your shares will be sold and such transaction will be subject to you or Crowdfunding Place finding a willing buyer for the shares at the relevant price. We do not support in any way or guarantee the price or liquidity of any sale of shares; nevertheless, we confirm that, on your behalf, we will use all sensible endeavors to sell the shares.
9. OUR CHARGES
9.1 Every SPV that is funded through the Site is charged a funding fee of 4.2%.
9.2 You acknowledge that additional charges, costs or fees may be payable to third parties in connection with the SPV and understand that such charges or fees are not associated with those terms. You guarantee Crowdfunding Place that you shall pay any fees or charges on demand and shall indemnify and hold Crowdfunding Place harmless against any liability, loss or expense it may suffer resulting from the same. You irrevocably authorise and instruct Crowdfunding Place or its associated companies to deduct (as settlement) any amounts payable by you to Crowdfunding Place in accordance with these Terms from any amounts to which you are entitled to receive out of any distribution (including but not limited to any dividends) by the SPV or any sale proceeds generated by the sale of your interest in the SPV.
9.4 When you invest on the Crowdfunding Place platform, you agree to be bound by the Terms and Conditions of our third party payment service providers. These terms and conditions are thoroughly presented at the very end of this document.
10. INVESTMENT PROCESS
10.1. You will be entitled to place an order to subscribe for shares in an SPV advertised on the Site for a period (the “Offer Period”) ending on the earlier of:
10.1.1. the SPV reaching its amount of investment;
10.1.2. the end of a period of 30 days (beginning with the date on which the project becomes live on the Website); or
10.1.3. the date upon which the project is terminated.
10.2. If a project is successful, when you place an order to subscribe for shares in an SPV, an agreement shall then exist between you and the SPV, or a third party on behalf of the SPV, to transfer the subscription price of the relevant shares (the ”Subscription Price”) to the SPV. Shares in the SPV will be issued to you and the Subscription Price will be transferred to the account of the SPV or its legal representative following the end of the Offer Period. If the project fails to be funded, no such agreement between you and the SPV shall be made.
10.3. If the project fails to be funded or the offering is not completed for any reason, your funds will be returned and will not be transferred to another pitch or SPV.
10.4. The Investor agrees that any investment transaction will not be covered by Credit Card or Direct Debit payment protection, and will not make a chargeback claim as a result. Information provided on the platform, the sign-up and investment process, provide satisfactory opportunity for the investor to fully comprehend the investment, and the risks linked to that investment and any right to refunds under Direct Debit or Credit Card rules are put aside.
10.5. In the event that an investor breaks the terms of service resulting in a failed or void transaction, Crowdfunding Place reserves the right to extend the project funding period by a maximum of 7 days to fund the shares in the investment; or In the event that an investment reaches a minimum funding threshold of 75% of the project value, Crowdfunding Place reserves the right to extend the project-funding period by a period of 7 days to fund the shares in the investment.
11.1. You acknowledge that our affiliates may consider expressing an interest or subscribing for shares in an SPV. If you become aware of this, you agree not to rely upon the same in making a decision whether to invest in an SPV, and you approve that any decision to invest in an SPV is not based upon any representation, information, action, omission or otherwise of Crowdfunding Place’s affiliates.
11.2. Crowdfunding Place accepts no responsibility or liability for investments not being withdrawn before being converted to a firm investment through the failure of the member to put in place such an arrangement, or the failure of the next of kin to communicate a withdrawal. Therefore, all of the subscribed users of Crowdfunding Place are to confirm that preparations are put in place for their next of kin to be informed of their investment and the Crowdfunding Place process, and that instructions are given to enable the user’s investment to be withdrawn before it is transformed to a irrevocable order on the occurrence of the member’s death.
12. TRANSFER PROVISIONS
12.1. You will be entitled to transfer your interest in the SPV in the following ways
12.1.1. to your estate, upon your death; 13. SPV ARTICLES
All of the shareholders of an SPV are subject to the provisions of the SPV’s Articles of Association (which constitute an agreement between all of the SPV’s shareholders) and they are informed about it by these terms and conditions and therefore by investing they acknowledge that they understand it in its entirety. SPV’s Articles of Association will include certain restrictions, rights and obligations attached to the shares issued.
14. REGULATION AND LIABILITY
14.1. As a user of Crowdfunding Place, you entirely understand and accept that your own assessment of the viability must be made on your own, as well as prospects and accuracy of the SPV, their pitches, and any relevant investment propositions and should consult professional advisers if any assistance is needed on your part in making such an assessment or in any services whatsoever in connection with Crowdfunding Place. In particular, the risk warning on each offering should be drawn to the Investors’ attention.
14.2. Crowdfunding Place does not give any advice or recommendations when it comes to investments. By investing, you agree and acknowledge that.
15. CLIENT MONEY
15.1 Any funds for investment transferred in respect of an offering will be held in a segregated escrow client account, operated by our payment service provider, which is overseen by money protection rules. (the “Client Account”).
15.2 All payments made to you will be made to your nominated account using the faster payment service.
15.3 Once the project is fully funded, all money in the Client Account will be transferred to the particular SPV bank account and then transferred to the relevant solicitor in preparation to complete all legal documents and/or activities relating to the project.
You hereby understand and accept performance of the services by Crowdfunding Place in accordance with this agreement beginning as soon as this agreement is made between you and Crowdfunding Place and, as a result, you acknowledge and
confirm that the statutory cancellation rights contained within the Consumer Protection (Distance Selling) Regulations 2000 will be unavailable to you as a result of the services being supplied.
Taxes must be paid by you and you as a user are obliged to pay them in respect of any payments you receive from us or the Site and you warrant and protect us against any taxes, charges or claims made against us in respect of the non-payment of your individual tax and other social security liabilities.
18. OUR LIABILITY
18.1 The material that is presented on the Site is provided without any guarantees, conditions or warranties as to its accuracy. To the extent permitted by law, we, other members of our group of companies and third parties connected to us hereby expressly exclude:
18.1.1 Any liability for any direct, indirect or consequential loss or damage incurred by any user in connection with our site or in connection with the use, inability to use, or results or the use of this Site, any websites linked to it and any materials posted on it, including, without limitation any liability for 18.1.3
18.1.2 For any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.
18.1.3 All conditions, warranties and other terms that might otherwise be implied by statute, common law or the law of equity.
18.2 We will not be liable to You for any losses, whether in contract, tort (including negligence), breach of statutory duty, misrepresentation, restitution or otherwise for any loss of profits, loss of business, business interruption, depletion of goodwill
and/or similar losses or loss or corruption of data or information or pure economic loss, or for any special, indirect or consequential loss, costs, damages, charges or expenses howsoever arising under these Terms (even if foreseeable),
18.3 Where the Site links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.
18.4 Any limitations contained in this clause do not limit our liability for death or personal injury arising from our negligence, nor our liability for fraud or fraudulent misrepresentation, nor any other liability which cannot be excluded or limited under applicable English law.
19. YOUR WARRANTIES
19.1 You agree and warrant to us that:
19.1.1 We are making no warranty or representation as to the ability of the SPV to pay and their credit risk and we are not underwriting any debt or credit risk of the SPV and will not be liable in any way;
19.1.2 You are investing at your own risk and by investing you approve you have sought independent advice and conducted your due diligence;
19.1.3 You agree to confidentiality and also you agree not to use, disclose or communicate any and all content of the Site (except in the course of obtaining professional advice in respect of the same or with our written consent or as required by law). This restriction will remain applicable even after your membership will have been terminated;
19.1.4 The Site’s information placed on it does not constitute advice, recommendation or an endorsement of investment requests or investment vehicles.
This information is not planned to be relied upon as a sole basis for deciding whether or not to invest in an SPV on Crowdfunding Place;
19.1.5 Calculations or financial indications provided on the site are for guidance purposes only and are not assured;
19.1.6 We make no representation or warranty as to the accurateness of any data displayed on an investment page, nor whether it is up to date or error free; and
19.1.7 We do not guarantee that there will be enough bids to fund an investment fully in an SPV or that there will be sufficient investments for you to invest in.
20. INTELLECTUAL PROPERTY RIGHTS
20.1 We are, and you acknowledge and warrant that we are, the licensee or owner of all intellectual property rights on the Site, and everything published on it (including the Crowdfunding Place logo and branding). These rights are protected by copyright laws and/or treaties and all such rights are reserved.
20.2 You are not authorised to copy or download any extracts from the Site unless expressly authorised by us to do so.
20.3 No warranty is given by us that the contents of the Site do not infringe the rights of any third party.
21. VIRSUSES, HACKING AND OTHER OFFENCES
21.1 The misuse of the Site by knowingly introducing viruses, trojans, worms, logic bombs or other material, which is malicious or technologically harmful (together “Viruses”) is entirely prohibited. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to the Site. You must not attack this Site via a denial-of-service attack.
21.2 By breaking this provision, you may commit a criminal offence under the Computer Misuse Act 1990. We report any such breach to the relevant law enforcement authorities and we co-operate with those authorities by disclosing your identity to them. In the event of a breach, your rights to use the Site will be withdrawn.
21.3 We will not be liable for any loss or harm caused by a denial-of-service attack or Viruses that may infect your computer equipment, data, computer programs or other proprietary material due to your use of the Site or to your downloading of any material posted on it, or on any website linked to it.
22. INFORMATION ABOUT YOU AND YOUR VISITS TO OUR SITE
23. TERMINATION OF YOUR MEMBERSHIP
23.1. You may terminate this agreement on 7 days’ written notice to Crowdfunding
23.2. If you have an outstanding or unfinished investment in any SPV, you may only terminate this Agreement if you have firstly served written notice by email on Crowdfunding Place and secondly, have withdrawn your investment from the continuing SPV pitch either by contacting us, or by serving a cancellation request within the 15 working days after registering on the platform.
23.3. Once an investment is made in accordance with this agreement, you acknowledge that you have entered into a contract with the SPV direct on such terms as are agreed with the SPV, and Crowdfunding Place shall have no further involvement or obligations in the investment.
23.4. Crowdfunding Place may terminate this agreement at any time in the event that:
23.4.1. You breach these Terms; or
23.4.2. Crowdfunding Place suspects that you have been involved in any criminal or
24. WRITTEN COMMUNICATIONS
You agree and confirm to us that you accept and authorise us to serve any written communication on you electronically using the email address connected with your membership of the Site. You agree to this electronic means of communication in respect of the Site and any SPV you have invested in and you admit that all contracts, notices, information, documents and other communications that we give to you electronically comply with any legal requirement that such communications be in writing.
All notices served on us must be in writing and served on us either by email, or at our registered address.
No failure or delay by a party to exercise any right or remedy provided under this agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any other right or remedy.
27. NO PARTNERSHIP OR AGENCY
Nothing in this agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the parties, nor authorise any party to make or enter into any commitments for or on behalf of any other party.
28. ASSIGNMENT AND VARIATION
28.1. Your membership in Crowdfunding Place is non-transferable, and the provisions of this agreement shall not be assigned, transferred, mortgaged, charged or encumbranced without the written consent of Crowdfunding Place.
28.2. No variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
If any of these terms and conditions or any provisions of any other document featured on the Site are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by law.
30. ENTIRE AGREEMENT
30.1 These terms and conditions and any other documents referred to in them including the articles of association of any SPV (the “Articles”) you invest in constitute the whole agreement between us and supersede all previous discussions, negotiations, correspondance, previous arrangement, understanding or agreement between us relating to the subject of any contract.
30.2 We each acknowledge that neither of us relies on, or will have any remedies in respect of, any representation or warranty (whether made innocently or negligently) that is not set out in these terms and conditions or the documents referred to in them.
30.3 Each of us agrees that our only liability in respect of any representations and warranties that are set out in this agreement (whether made innocently or negligently) will be for breach of contract.
30.4 To the extent that there is any conflict between these terms and conditions and the Articles the contents of the Articles will prevail.
30.5 Nothing in this clause limits or excludes any liability for fraud.
31. OUR RIGHT TO VARY THESE TERMS AND CONDITIONS
31.1 You will be subject to the policies and terms and conditions in force at the time that you apply to become a member, unless any change to those policies or these terms and conditions is required to be made by law or governmental authority, or if we notify you of the change to those policies or these terms and conditions before we send you the membership acceptance (in which case we have the right to assume that you have accepted the change to the terms and conditions, unless you notify us to the contrary within 7 working days).
32. LAW AND JURISDICTION
32.1. This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.
32.2. The parties irrevocably agree that the courts of England and Wales shall have nonexclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter or formation and also non- contractual disputes or claims.
33. USER DISPUTES
You are solely responsible for your interactions with other Users. We reserve the right, but have no obligation, to monitor disputes between you and other Users.
GENERAL TERMS AND CONDITIONS OF USE OF THE ELECTRONIC MONEY PROVIDER ‘MANGOPAY’
Entered into between:
The client, natural capable adult who uses the electronic money issued by Leetchi Corp SA, through MANGOPAY, hereinafter referred to as “You” or the “User”, on the one hand; Leetchi Corp. S.A., société anonyme incorporated under Luxembourg law, with a share capital of 500.000 Euros, having its registered office at 14, rue d’Aldringen, L-1118 Luxembourg and registered in the Luxembourg Trade and Companies Register under number B173459, hereinafter referred to as “Leetchi” or the “Issuer”, on the other hand; and, Hereafter collectively called “Parties”.
Please carefully read the General Terms and Conditions of the MANGOPAY service of the Use of Electronic Money. If you wish to become a User, you must read these General Terms and Conditions of Use and accept them within the registration process. Otherwise, you must leave this website immediately.
For the purposes hereof, the words here after are defined as follows:
API: « Application Programming Interface » means the programming interface made available by the Issuer to the Partner for the proper functioning of the Site.
Bank: Crédit Mutuel Arkéa, ING Luxembourg or any credit institution that has been authorized in a member state of the European Economic Area, which the issuer could replace in the future.
Beneficiary: Person who receives the Electronic Money through a Payment Transaction. It being noted that the Beneficiary can be an online vendor who is a User’s partner accepting the Electronic Money as a means of payment, or a non- profit seeking body, or a natural person or a legal entity.
Credit Card: Debit or credit card, valid within the European Economic Area and not expired, subject to their authorisation by the Issuer (Visa, MasterCard, CB) used in order to pay a Participation.
General Conditions of Use: means this document.
General Conditions of the Website: means the general conditions of use of the Website concluded between the User and the Distributor governing in particular the access to the Website, the conclusion of Transactions generating an Account opening request at the name of the user for the needs of Payment Transactions and the purchase of Electronic Money.
Special Conditions: means the information: to be filled-in by the User for his or her registration with the Site which includes the information necessary to the entering into of this document and regarding, in particular, his or her last name, first name, date of birth, valid email address and password. Such information is provided to the Issuer for the purpose of the account opening.
Account: means the Electronic Money account opened by the Issuer in its books in the name of the User on demand of the Distributor.
Contract: means these General Conditions of Use together with the General Conditions of Sale and the associated Special Conditions.
Distributor(s): means a legal entity owning a Site that wishes to offer to its users the possibility of opening an Account, purchase Electronic Money issued by the Issuer through the Site and to use the Electronic Money in order to make a Payment Transaction to a Beneficiary. Such entity is mandated, for this purpose, by the Issuer to distribute the Electronic Money to the Users of its Site.
Issuer: means Leetchi Corp, issuer of the Electronic Money.
Login: means the data necessary to the identification of a User by the Issuer which includes a User name (valid email address) and a password.
Business day: means a calendar day excepting Saturdays, Sundays, and public holidays in mainland Luxembourg.
MANGOPAY: the API (“Application Programming Interface” or “programming interface”) provided by Leetchi to the Partner to ensure the Website’s proper functioning.
Electronic Money: means the monetary value stored under an electronic support on the Issuer’s server, and representing a receivable over the latter. The Electronic
Monetary is issued by the Issuer in exchange for the User’s delivery of the corresponding funds.
Payment Transaction: means the payment of a Beneficiary made by transfer of Electronic Money from a User account to a Beneficiary account.
Withdrawal: means a wire transfer request by the Beneficiary to his/her bank account of the amount of the reimbursement receivable of Electronic Money over the Issuer reduced of potential fees within the limit of the applicable regulation. Reimbursement: means a repayment by the Issuer of all or part of the Electronic Money held by the User.
Website: means the web site [indicate the website name] created and managed by the Distributor, which integrates the MANGOPAY solution.
Transaction: means a transaction concluded by a User regarding the General Conditions of the Website and generating a Payment Transaction.
User: Any natural person acting on his or her own behalf and using the Electronic Money issued by the Issuer in order to execute payment Transactions.
Fees: mean the fees owed to the Issuer regarding the issuance and the management of Electronic Money as detailed hereof and within the limits of applicable law.
The purpose of these General Conditions of Use is to define the conditions on which the Issuer and the Distributor supply to the User the services of issuance, use and management of the Electronic Money issued by the Issuer in return for the payment of the fees defined in the General Conditions of Sale. These General Conditions of Use, completed the Special Conditions constitute the whole Contract entered into between the Parties regarding issuance, use and management of the Electronic Money issued by the Issuer; they are incorporated by reference to the General Conditions of the Website binding the Distributor and the Issuer regarding the payment modalities. The User can, at all times and without any supplemental fees, obtain a copy of these documents on the Website. Only the Contract shall prevail in case of litigation.
3. USER REGISTRATION
3.1 Necessary and previous conditions to the registration In order to register, the User must be at least 18 years old and be legally capable throughout the duration of the Contract.
3.2 Registration procedure and creation of a User’s account At his/her registration, the User shall provide, in particular, his/her last name, first name, email address and date of birth; citizenship; country of residence. The User must indicate a login, which includes a User name (valid email address) and a password. He/she is solely responsible for maintaining the confidentiality of his/her Login. The User agrees not to use at any time the Accounts, name or User name owned by another User, neither to disclose his/her login to a third party. The User agrees to inform immediately
the Issuer, in case he/she suspects a non-authorized use of his/her login at the following email address [email@example.com]. He/she is solely responsible for any use of his/her login. By accepting these General Conditions of use, you agree that the Distributor processes your registration to the dedicated service of the Issuer, whenever it deems necessary. The creation of your User Account formalises the creation of the contract. The Issuer and the Distributor may give no effect to an application for registration without motivation or right to compensation. The Issuer, through the Distributor, is allowed to request for further information and identification data to the User, and all supporting documents it may consider useful.
The User declares at the registration and throughout the duration of the Contract that:
- (a) that he/she is at least 18 years old;
- (b) that all information provided during the registration are true, accurate and up-to- date.
3.3 Limitations of the Electronic Money account’s use
As long as the User has not provided the documents required by the Issuer allowing the latter to verify his or her identity, the following limitations will be imposed on the individual User:
- A total amount of 2.500 Euros maximum- Electronic Money owned by a User during one calendar year via the same Website, and
- A total amount of 1.000 Euros maximum of reimbursement of Electronic Money during one calendar year via the same Website.
Upon receipt of the following documents subject to such documents be deemed satisfactory by the Issuer, the latter may release the limitations applying to the User:
- The copy of an official and valid identity document: for French citizens a copy of the identity card (double-sided), and for the foreigners residing in France or abroad, the passport;
- If the Beneficiary is not the beneficial owner of the funds, the identity of the beneficial owner with a copy of his or her identity card or his or her passport if he or she is a foreigner, and eventually;
- Proof of residence that may be requested at the discretion of the Issuer.
Upon receipt of the following documents subject to such documents being deemed satisfactory by the Issuer, the latter may release the limitations applying to the legal entity User:
- A recent extract of the register of incorporation.
- The headquarter address and the legal system governing the constitution and the functioning of the company.
- Declaration form of all the beneficial owners owning more than 10% of the shared capital, signed by the managers, and the ID’s of individual beneficial owners.
- ID of the manager or of the duly empowered individual to engage the company.
- The bank details of the company.
Upon receipt of the following documents subject to such documents be deemed satisfactory by the Issuer, the latter may release the limitations applying to the organization User:
- ID of the president of the organization;
- Receipt of statement creation.
In addition, it is expressly provided that the Issuer retains the possibility to request the above documents to identify the Users and the beneficial owner of the Account in accordance with applicable regulations from the opening of the account.
4. FUNCTIONING OF THE ACCOUNT
4.1 Purchase of Electronic Money
The purchase of the Electronic Money may be made by debit or credit card in one or several times. The cash amount paid by the User is collected by the Issuer in exchange of the issuance of units of Electronic Money for a nominal value equivalent and stored on the Account net of issuance and management fees provided for in the General Conditions of sale.
4.2 Reimbursement due to purchase’s cancellation of Electronic Money The User who owns Electronic Money may request the repayment of all or part of the Electronic Money (a “Reimbursement”) at any time before any use to the benefit of a Beneficiary. To be valid, a reimbursement has to be requested to the following address: [...] [e-mail address of the client service]. The User must indicate the amount of the reimbursement requested which may be total or partial. The Issuer therefore adjusts the units of Electronic Money issued by him and owned by the User. The Issuer initiates a credit order of the Credit Card within 5 (five) business days following receipt of the request of the User.
4.3 Holding of Electronic Money
The Issuer holds the equivalent amount of Electronic Money on the Account up to: - the date of the Reimbursement, or
- the date of completion of a Payment Transaction.
4.4 Use of the Electronic Money in order to realize a payment transaction
The amount of Payment Transactions is charged against the amount of the Electronic Money listed on the account. When the amount of the Electronic Money listed on the account is lower than the price of the Payment Transaction, the User may pay the additional price required by using one of the means of payment accepted by the Website on which the payment transaction is performed. Conversely, when there is a remaining balance of Electronic Money on the Account after the Payment Transaction, it may give rise, further to the decision of the User, to a new Payment Transaction. The Issuer is not concerned the legal relation that exists between the User and the Beneficiary of the Payment Transaction. The Issuer shall not be held liable for mistakes, defaults or negligence of the User or the Beneficiary towards one
another. The Electronic Money is transferred after the execution of a Payment Transaction for the benefit of the Beneficiary.
4.5 Use of Electronic Money received for a Payment Transaction
The Beneficiary may, according to the circumstances and regarding the agreement and/or the General Conditions of Use, immediately use the received Electronic Money to do a new Payment Transaction or ask for a Withdrawal.
The Issuer shall then pay the Beneficiary the corresponding sum to a bank account opened in his/her name in the books of a bank having its registered office in the European Economic Area or in a country supported by the Distributor. For this purpose, the Beneficiary must communicate the IBAN number and the SWIFT code or any other information of his/her bank account with his/her address.
The Beneficiary who owns the Electronic Money is deemed to be the beneficial owner of the Reimbursement within the meaning of the regulation. Otherwise, the Beneficiary undertakes to communicate the email address, the date of birth, the nationality and the postal address of the person to whom the Beneficiary shall pay the funds issued of the Reimbursement. The Reimbursement and the corresponding use of funds are realized under the exclusive responsibility of the Beneficiary.
When the Beneficiary decides to proceed to a Reimbursement of Electronic Money, fees may be applicable in accordance with the General Conditions of the Website.
4.6 Transmission and execution of a Reimbursement order
When he/she wishes to execute a Reimbursement, the User of the Account proceeds to his/her identification on the Website by filling his/her user name (valid email address) and password. He/she completes the Reimbursement application form in the appropriate section and communicates, as the case may be, the appropriate supporting documents requested by the Issuer. The Reimbursement request becomes irrevocable when the User clicks on the validation tab of the form. The Issuer then sends a confirmation email to the User and then proceeds to the reimbursement transaction following the form.
5. LOGIN OBJECTION, CHALLENGE OF A PAYMENT ORDERS AND REPORTING
5.1 Login objection
The User must inform the Distributor about the loss or the theft of his/her Login, in case of misuse or unauthorized use of his/her Login or data as soon as he/she becomes aware of this fact in order to block the access to such data. Such a declaration has to be realized:
- by telephone call to the Customer Service of the Distributor at the following number: 01206 848406 Or
- directly by email at the following email address: contact@Leetchi-corp.com.
The Issuer through the Distributor will immediately execute the objection request of the Login concerned. The event will be recorded and time stamped. A time stamped objection number will be provided to the User. A written confirmation of the objection request will be sent by the Distributor to the concerned User by email, fax or registered mail. The Issuer is in charge of the file on the administrative level and retains all the data during 18 (eighteen) months. Upon written request of the User and before the expiration of such a deadline, the Issuer will communicate a copy of this objection request. Any objection request shall be confirmed without delay by the concerned User with a declaration signed by this latter, handed over or sent by registered mail, or email, to the Issuer at the post address hereby mentioned in the letterhead or at the following address:
Crowdfunding Place, Islington Wharf, 145 Great Ancoats Street, Manchester, M4 6DH UK
The Issuer and the Distributor shall not be held liable for the consequences of an objection made by fax or email by a person who is not the User. An objection request is deemed to be done at the date of the effective receipt by the Distributor. In case of theft or fraudulent use of the Login, the Issuer is entitled to request a receipt or a copy of the complaint to the User who is committed to respond as soon as possible.
5.2 Challenge of a Transaction
For any claim concerning transactions executed hereunder by the Issuer, such as a Payment Transaction or any debit taken from or credit transaction made to the User’s Account, regarding especially a purchase of Electronic Money, a Withdrawal or a Reimbursement (hereafter a “Transaction”), the User may contact the Distributor’s Customer Service or write to any address indicated for that purpose in the General
Conditions of the Website. The User who wishes to challenge an unauthorized or poorly performed transaction must transfer his/her request to the Distributor as soon as possible and within 13 months from the date of transfer of Electronic Money (a “Challenge”).
The liability of the Issuer shall not be invoked in case of any fault of the User, willful default or gross negligence to his/her obligations, late transfer of the challenge or in bad faith. After the validation of the Challenge by the Issuer, the latter will be in charge of re-instating as a temporary credit of Electronic Money units the Electronic Money Account in the condition that it was in before the realisation of the disputed transaction.
The Issuer will maintain in its books the account of Electronic Money within 13 (thirteen) months from the date of each Payment Transaction by Electronic Money in order to deal with any Challenge. The User may obtain online at any time on the Website a detailed statement of his/her Payment Transactions realized by Electronic Money.
After the execution of each Transaction, the User will receive by email from the Distributor the following information:
a). a reference to identify the relevant Transaction;
b). information concerning the parties involved in the relevant Transaction, as the case may be;
c). the amount of the relevant Transaction and the purpose of the relevant transaction, as the case may be;
d). the date of receipt of the corresponding order and/or the date on which the
corresponding amount in Electronic Money is transferred, as the case may be;
6. AMENDMENT TO THE CONTRACT
The Issuer retains the right to modify the General Conditions of Use at any time. Such amendments are made available by the Distributor to all Users at the address provided at their registrations. Any User may refuse the amendments proposed and must notify his/her refusal to the Distributor’s Customer Service by registered letter with acknowledgement of receipt before the date of effectiveness of the amendments (stamp of postal office as a proof) at the address of the Distributor.
In the event of failure to notify his/her refusal before the date of effectiveness, or failing that, before a 7 (seven) day period after they are posted on the Website, the User shall be deemed to have accepted the amendments proposed. The relationship between the Parties after the date of effectiveness shall be governed by the new version of the General Conditions of Use.
It is therefore important that the User reads his/her emails and reads regularly the General Conditions of Use available online on the Site at any time.
In case of refusal by the User of the amendments, he/she has the right to obtain the termination of the General Conditions of Use, without any fees, and the Reimbursement of the units of Electronic Money that he/she owns.
7. LIABILITY OF THE ISSUER UNDER THE ACCESS TO THE SITE
The Issuer shall not be held liable to the Users for errors, omissions, interruptions or delays of the transactions executed through the Website resulting in an unauthorized access to the Website. Moreover, the Issuer shall not be held liable for thefts, destructions or unauthorized communications of data resulting from unauthorized access to the Website.
The Issuer retains the right to temporarily suspend the online access to the Account for technical or maintenance reasons without any compensation. He undertakes to limit this type of interruption to a strictly minimum.
The Distributor undertakes to do its best to insure the safety and the confidentiality of the data exchanged under the use of the Website in accordance with the General Conditions of the Website, while the Issuer is in charge of the security and the confidentiality of data it hereby exchanges with the User regarding the creation and the management of the Account and the Transactions concerning this Account.
8. EXEMPTION CASE OF LIABILITY OF THE ISSUER
The Issuer does not exercise any control on the compliance, security, legality, characteristics and adequate character of the products or services, which are underlying to the Transactions. In this respect, the User shall collect all the useful information before purchasing the products with full knowledge of the facts. Each purchase made by the User gives rise to a contract directly created between the User
and the vendor to which the Issuer is not concerned. Therefore, the latter cannot be held liable for the non-performance or poor performance of the obligations resulting therefore, nor for potential damages caused to the User as such.
Notwithstanding any clause to the contrary in this Contract, the liability of the Issuer towards a User is limited to the repair of damages directly caused by the non- performance of a contractual obligation under this contract.
9. COMMITMENT OF THE USER
The User guarantees that nothing in his/her profile on the Site shall affect third party rights or is contrary to law, public order and good conduct.
He/she undertakes not to:
• Perform the Contract in an illegal manner or within conditions which may damage, deactivate, overload or affect the Site;
• Appropriate illegally the identity of any other person or entity, falsify or withhold
your identity, your age or create any false identity;
• Distribute personal data or information about a third party, such as postal address, phone number, email address, credit card numbers, etc.;
In case of default to these obligations, the Issuer retains the right to take every appropriated measure in order to stop the concerning behaviour. It therefore retains the right to delete or remove any content or information considered as inappropriate. It can also suspend and cancel his login and block the access to his/her Account. Without prejudice to proceedings brought by third parties, the Issuer has the right to bring legal action in its own name in order to repair the prejudice personally suffered due to breaches that are attributable to it under this Contract. If the User notes a breach of obligations above mentioned, he/she is invited to report such acts to us by contacting the Customer Service at this following email address: contact@Leetchi-corp.com.
10.DURATION OF THE GENERAL CONDITIONS OF USE AND CANCELLATION
The General Conditions of Use are entered into for an undetermined period of time from the creation of the Login or the express approval of the User by the Issuer. The
User can at any time and respecting a notice period of 30 calendar days, proceed to the Termination of the General Conditions of Use. Such termination shall constitute also the termination of the entire Contract. In order to accomplish the termination, the User must transmit his/her notice to the Customer Service by registered letter with acknowledgment of receipt at the following postal address: Crowdfunding Place, Islington Wharf, 145 Great Ancoats Street, Manchester, M4 6DH UK
The User will have to communicate the bank account details allowing the Issuer to reimburse to the User the Electronic Money which is credited to his/her Account. In the absence of such information, the Issuer shall follow the Reimbursement instructions entailing the reimbursement by credit on the Credit Card used for the purchase of the Electronic Money. The Issuer is discharged of any obligation after having confirmed to the User the transfer to the bank account indicated or the credit on the Credit Card of the amount of the Electronic Money reduced of the corresponding fees. In case of gross default, fraud or lack of payment from it, the Issuer retains the right to suspend these provisions by sending an email accompanied eventually by a registered letter with acknowledgement of receipt. The termination shall entail the removal of the Account, and, as the case maybe the reimbursement of the Users. These Reimbursements may in certain case be blocked according to the legislation of anti-money laundering and financing of terrorism.
The termination of the General Conditions of Use on the initiative of the Issuer cannot entail any right to compensation to the benefit of the User, the Distributor or the Beneficiary.
11. RIGHT TO WITHDRAW
The User has a deadline of 14 (fourteen) calendar days to pursue his/her right of withdrawal, without having to neither justify any motive nor sustain any penalty. This deadline for withdrawal shall be computed from the day of its registration as a User. The User must notify his/her request of withdrawal within the deadline prescribed to the Customer Service of the Distributor by telephone or by email and submit a confirmation letter at the postal address of the Customer Service of the Distributor.
12. RULES REGARDING ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM
The Issuer is subject to the entire French and Luxembourg legislation regarding anti- money laundering and combating the financing of terrorism. In application of the provisions of French and Luxembourg law, relating to the participation of financial institutions in the anti-money laundering and combating the financing of terrorism, the Issuer must obtain information from any User for any transaction or business relationship of the origin, purpose and destination of the transaction or the opening of an account. In addition, it must make the entire audit necessary to the identification of the User and, as the case maybe the effective Beneficiary. The latter undertakes to make all audits to allow the Issuer to realize a close examination of the transaction, to inform him/her about any exceptional transaction compared to the usual transactions registered under these rules and to provide him/her with any document or information required. The User recognizes that the Issuer can stop or delay at any time the use of a login, the access to an Account or the execution of a transaction or a Reimbursement in the absence of sufficient element about its purpose or nature. He/She is informed that a transaction executed under these rules may be subject to the exercise of the right to communicate to the national financial intelligence unit.
The User can, in accordance with the legislation, access all this information communicated subject to such right of access does not challenge the purpose of anti- money laundering and combating the financing of terrorism, where this data concerns the claimant.
No pursuit and no action of tort can be brought or professional sanction taken against the Issuer, its managers or agents who have reported their suspicions in good faith to the national authority.
12. PERSONAL DATA AND OBLIGATION OF CONFIDENTIALITY
The User agrees that contact details and personal information about him/her be communicated to the companies of the group to which the Issuer belongs as well as operational service with whom it is in a contractual relationship for the purpose of the execution of transactions and services offered subject to the third parties recipients of personal data be subject to rules ensuring adequate level of protection as defined in the French and Luxembourg Law. The list of the third parties recipients of information protected by the obligation of confidentiality is available by simple request from the
conformity manager of the Issuer. This information is stored by the latter or by any company authorized to do so, in accordance with legal and regulatory rules.
13. INACTIVE ACCOUNT
The Issuer and the Distributor have the right to close Accounts that have been inactive for more than 24 months. Please refer to the Distributor’s terms and conditions.
14. FORCE MAJEURE
The Parties shall not be held liable or considered to have failed under these rules in case of late or non-performance when their cause is related to a force majeure situation as defined by the case law of the French courts.
15. INDEPENDENCE OF CONTRACTUAL RULES
If any provision of these rules is considered null or without object, it will be deemed to be unwritten and will not entail the nullity of the other provisions. If one or several provisions of these rules become lapsed or are considered lapsed further to the
application of a law, a regulation or following a final decision granted by a competent jurisdiction, the other provisions will keep their binding force and scope. The provisions declared null and void will be replaced by provisions, which will approximate the most with respect to their meaning and scope from the originally agreed provisions.
16. PROTECTION OF DEPOSITS
The funds of the Users are deposited at the end of each business day in an account
opened with a Bank and are ring fenced by it.
The Contract shall not be subject to a total or partial transfer by the User, for valuable consideration or for free. It is further prohibited to transfer to a third party any rights or obligations that it owns under these rules. In case of breach of this prohibition, in addition to the termination of these rules, its liability may be triggered by the Issuer or the Distributor.
The fees related to the creation and management services of the account are invoiced by the Issuer and are included in the fees indicated in the General Conditions of the Website.
19. AGREEMENT OF PROOF
All data included in a permanent, reliable and secure manner in the computer database of the Issuer relating, in particular, to the payment orders and confirmations received by the User, to the notices sent, access, Withdrawal, Reimbursement will prevail between the parties until proven otherwise.
20. APPLICATION LAW AND COMPETENT JURISDICTION
Save for the case of application of a public policy law (which will apply within the strict limits of its purpose), it is expressly stipulated that the Contract is subject to French law and that any litigation between the Parties under this latter shall be subject to the jurisdiction of the competent French courts.