Terms of Service

Last Updated: December 8, 2019

Terms of Service

1Krowd provides an online platform and related services (“Services”) that connects sellers and buyers seeking to buy and sell assets, relevant products and merchandise or other related goods and/or services for investments (“Assets”) which are available globally via our websites, our mobile applications and/or other associated services (collectively, the “Site”). By accessing or using our Site, You agree to be bound by this Terms of Service (“Terms of Service”). We may periodically make changes to this Terms of Service and shall notify you by posting a revised version on our Site.

Physical asset marketplace

1Krowd is a physical asset marketplace that allows registered users to buy (in this capacity, “Buyer”) and sell (in this capacity, “Seller”) Assets. The Seller (and not 1Krowd) sets the prices for the Assets. As a marketplace, 1Krowd does not own the Assets sold on the Site. Asset prices may exceed the face value of the Assets.

Your account

In order to list, sell or purchase Assets you must register an account (“Account”) with 1Krowd. You must be at least 18 years old and must be able to enter into legally binding contracts. If you are registering with 1Krowd for a business entity, you represent that you have the authority to legally bind that entity.

When opening an Account you must provide complete and accurate information and provide us with a valid credit card, debit card or PayPal account (“Payment Method”). If your registration or payment information changes at any time, you must promptly update your details in your Account. You acknowledge that 1Krowd may charge any one of your payment methods on file for amounts you owe us, costs we incur or other losses arising out of your violation of this Agreement.

1Krowd reserves the right to temporarily or permanently suspend Accounts with incomplete or inaccurate information.

You are solely responsible for maintaining the confidentiality of your Account information and password. You are solely responsible for any activity relating to your Account. Your Account is not transferable to another party.

Privacy and Communications

All communications between you and 1Krowd are subject to our Privacy Policy.

Fees and other charges

1Krowd may charge fees for selling and/or buying Assets through our Site and/or otherwise using our Services, as well as delivery or fulfillment fees (collectively referred to as “Service Fees”). Service Fees may vary depending on asset type and location. 1Krowd may in its sole and absolute discretion change its Service Fees at any time, including after you list your Assets. Any applicable Service Fees including any taxes if applicable will be disclosed to you prior to listing or buying an Asset. 1Krowd may charge and/or retain Service Fees if you do not fulfil your contractual obligations under this Terms of Service.

If you as a Seller do not fulfill your contractual obligations under this Terms of Service, 1Krowd may charge you certain fees and/or costs.

If you as a Buyer change your postal address after you have purchased your Asset(s) and require 1Krowd to deliver your Asset(s) to this new postal address, or if you have specified an incorrect postal address, 1Krowd may charge you for any additional delivery costs which arise out of re-arranging the delivery of your Asset(s) to the new or correct postal address. Such additional delivery costs may be charged to your Payment Method.

We may collect amounts owed using a collection agency or other collection mechanism and you may be charged fees associated with collecting the delinquent payments. 1Krowd, or the collection agency it retains, may also report information about your account to credit bureaus, and as a result, defaults in your account may be reflected in your credit report. If you wish to dispute the information 1Krowd reported to a credit bureau, please contact 1Krowd. If you wish to dispute the information a collection agency reported, contact the collection agency directly.

Selling assets

You must comply with all applicable laws and regulations and the terms of this Terms of Service when listing, selling and delivering your Assets.

When listing an Asset you must set a price for which you are willing to sell your Asset (“Sales Price”). You may modify (e.g. raise or lower the Sales Price) or delete your listing at any time until the Assets have sold.

By listing an Asset for sale, you are making a binding offer to sell that Asset to a Buyer who purchases the Asset at the Sales Price. When a Buyer accepts your offer by purchasing your Asset through our Site, you are contractually bound to deliver that exact Asset for Sales Price and within the required delivery timeframe. You are obligated to monitor your inventory and ensure all listings are accurate. Under no circumstances may Sellers cancel orders at one price and repost the same Assets for a higher price.

1Krowd does not guarantee that your Assets will sell or that your listing will appear on the Site within a certain time after it is posted or in a particular order on the Asset page or through search results. 1Krowd will not, for any reason, provide compensation for Assets that do not sell, even if it is due to Site unavailability from an outage or maintenance or listing delays.

Taxes

You as a Seller are responsible for determining whether any taxes are due on your sale of an Asset, and for collecting and remitting such taxes. Any applicable taxes must be included in the Sales Price of your Asset. You agree to provide 1Krowd with your Social Security Number or other tax identification number if necessary for 1Krowd to provide (without notice to You) information to the relevant tax authorities related to payments you receive from us and further authorize 1Krowd to release that information to the relevant tax authorities. The Service Fees include any applicable sales, use, excise, value-added, service and other indirect taxes.

Buying assets

You are responsible for reading the complete listing before making a commitment to buy Assets. When placing an order, you are entering into a binding contract with the Seller to purchase those Assets. Additional terms communicated to you by the Seller may apply. Payment is remitted to 1Krowd and disbursed to the seller in accordance to the Terms of Service. All Sales are final. Except for canceled sales, you will not receive a refund for completed purchases. You cannot change or cancel any orders after the sale is complete.

Payments

Payments received from Buyers for Assets purchased via the Site are processed by 1Krowd or 1Krowd Services (as applicable) on behalf of the Seller and credited to the Seller. Without prejudice, Seller appoints the relevant 1Krowd entity as its limited payment collection agent solely for the purpose of accepting funds from Buyers on behalf of Seller. Seller agrees that any payment made by Buyer to 1Krowd shall be considered the same as a payment made directly to Seller, and Seller will make the Assets available to Buyer in the agreed-upon manner as if Seller had received the payment directly from Buyer.

Payments from Buyers are due and payable immediately. A Buyer can pay the full order amount which includes any applicable Service Fees and taxes using one of the accepted payment methods.

A Buyer’s obligation to pay for an Asset is satisfied when 1Krowd or 1Krowd Services (as applicable) has received the Payment in full.

Term and termination

This Terms of Service shall commence on the date that you register an Account with 1Krowd and will continue for an indefinite period unless terminated in accordance with these provisions.

You may terminate this Terms of Service at any time by contacting us. In the event that you request that we close your Account, we will treat your request as a termination of this Terms of Service.

Termination of this Terms of Service shall not affect the rights or liabilities of either party accrued prior to and including the date of termination or expiry and/or any terms intended expressly or by implication to survive termination or expiry.

Site changes and availability

1Krowd reserves the right at any time to modify or discontinue, temporarily or permanently, the Site, the Services or any part of the Site or Services with or without notice for any reason. 1Krowd performs regularly-scheduled maintenance. While we do our best to avoid customer impact, the Site or our Services may be temporarily unavailable during maintenance periods.

Abusing 1Krowd

When using our Site and Services, you agree that you will not do any of the following:
contact or invite contact with other 1Krowd users for any reason other than the purpose for which you received the 1Krowd user’s contact information or solicit sales outside of 1Krowd;

  • use the Buyer’s personal data for any reason other than the delivery of Assets unless otherwise agreed to by the Buyer;
  • behave in an abusive manner to any 1Krowd employee or other users;
  • breach or circumvent any laws (including, where Assets are sold internationally, the laws of the destination country), third party rights or our Additional Policies;
  • post false, inaccurate, misleading, defamatory or libelous content;
  • fail to fulfill your contractual obligations regarding the sale or purchase of an Asset;
  • use 1Krowd’s trademarks without our prior written permission;
  • copy, reproduce, reverse engineer, modify, create derivative works from, distribute or publicly display any content (except for your information) or software from our Site or Services without the prior express written permission of 1Krowd and the appropriate third party, as applicable;
  • use any robot, spider, scraper or other automated means to access our Site or Services for any purpose without our express written permission;
  • take any action that imposes or may impose (to be determined in our sole discretion) an unreasonable or disproportionately large load on our infrastructure;
  • interfere or attempt to interfere with the proper working of our Site or Services or any activities conducted on or with our Site or Services;
  • bypass our robot exclusion headers, robots.txt rules or any other measures we may use to prevent or restrict access to our Site or Services;
  • commercialize any 1Krowd application or any information or software associated with such application;
  • export or re-export any 1Krowd application or tool except in compliance with the export control laws of any relevant jurisdiction and in accordance with posted rules and restrictions; or
  • do anything else that 1Krowd determines, in its sole reasonable discretion, misuses the Site or Services or otherwise negatively impacts our marketplace.

In our effort to protect our Buyers and Sellers we may screen Assets sales or listings for signs of fraud using algorithms or automated systems, which may result in automatic cancellation of listings or sales and temporary or permanent suspension of accounts. If your transaction is canceled in error, or your account suspended in error, please contact us and we may reinstate your Account or listing, in our sole discretion.

Content

You own and are solely responsible for any content including images, text, audio or other materials that you submit (“User Content”). By submitting User Content, you grant us a non-exclusive, worldwide, perpetual (or for the duration of any copyright or other rights in such content), irrevocable, royalty-free, transferable, sublicensable (through multiple tiers) right to use, reproduce, distribute, create derivative works from, publicly perform, display, store, or publish in any way, in any media known now or in the future. You grant 1Krowd the right to use your name or image in association with your User Content, if we so choose. Further, to the fullest extent permitted under applicable law, you waive your moral rights in the content and promise not to assert such rights against us, our sublicensees or assignees.

You represent and warrant that the User Content: (a) is owned by you or you control all necessary rights to it; (b) does not violate, misappropriate or infringe on the rights of any third party including intellectual property rights, privacy rights or publicity rights; (c) is accurate, not obscene, false, libelous or defamatory; and (d) will not cause injury to any person, entity or system. You will indemnify 1Krowd for any and all claims resulting from your User Content. 1Krowd has the right but not the obligation to monitor, edit or remove your User Content. The User Content is non-confidential and 1Krowd will not be liable for its use or disclosure.

Protecting intellectual property rights

1Krowd respects intellectual property rights and we respond to notices of the alleged infringement. If you find material on our Site or Services that you believe infringes your copyright or other intellectual property rights, please notify us and we will investigate.

Violating the agreement

We may investigate any potential or suspected violations of the Terms of Service, security protocols or best practices, third-party rights or applicable law; any actions or any other misconduct or potential abuse on or through the Services or attempts. When assessing whether and which measure(s) to take against a user, we will take the legitimate interests of the user into account, and shall, in particular, consider if the user is responsible for the misconduct.

We may take any actions we deem appropriate in our reasonable discretion for the conduct described above

Disclaimer of Warranties; Limitation of Liability

YOU UNDERSTAND AND AGREE THAT YOU ARE MAKING USE OF THE SITE AND SERVICES ON AN ‘AS IS’ AND ‘AS AVAILABLE’ BASIS. 1KROWD MAKES NO WARRANTY WITH RESPECT TO ITS SOFTWARE, SERVICES, SITE, ANY ASSETS, ANY USER CONTENT, OR THAT SELLERS OR BUYERS WILL PERFORM AS PROMISED. ACCORDINGLY, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT.

IN ADDITION, TO THE MAXIMUM EXTENT PERMITTED BY LAW, 1KROWD (INCLUSIVE OF ANY OF ITS SERVICE PROVIDERS AND LICENSORS) IS NOT LIABLE FOR: (A) ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES; (B) LOSS OF: PROFITS, GOODWILL OR REPUTATION, OR OTHER INTANGIBLE LOSSES; (C) DAMAGES RELATING TO: (I) YOUR ACCESS TO, USE OF, OR INABILITY TO ACCESS OR USE THE SITE OR SERVICES; (II) VIRUSES OR OTHER MALICIOUS SOFTWARE OBTAINED BY ACCESSING OUR SITE OR SERVICES OR THOSE OF ANY SITE, SERVICES, OR TOOLS LINKED TO OUR SITE OR SERVICES; (III) ANY USER CONTENT OR CONTENT OF THIRD PARTIES, OR (IV) THE DURATION OR MANNER IN WHICH ASSETS YOU LIST APPEAR ON THE SITE OR SERVICES.

SOME JURISDICTIONS DO NOT ALLOW THE DISCLAIMER OF WARRANTIES OR EXCLUSION OF DAMAGES, SO SUCH DISCLAIMERS AND EXCLUSIONS MAY NOT APPLY TO YOU AND YOU MAY HAVE RIGHTS IN ADDITION TO THOSE CONTAINED IN THIS TERMS OF SERVICE. THIS IS ESPECIALLY SO IF YOU ARE A CONSUMER.

REGARDLESS OF THE PREVIOUS CLAUSES, OUR LIABILITY TO YOU OR TO ANY THIRD PARTY IS LIMITED TO THE GREATER OF (A) THE AMOUNT OF FEES IN DISPUTE NOT TO EXCEED THE TOTAL FEES WHICH YOU PAID TO US IN THE 12 MONTHS PRIOR TO THE ACTION GIVING RISE TO THE LIABILITY, OR (B) USD100.

Applicable laws and jurisdiction

Any claim, dispute or matter arising under or in connection with this Terms of Service shall be governed and construed according to the laws of France. For consumers resident in the EU, please note that the mandatory consumer protection provisions of the law of the member state in which you reside will also apply.

General provisions

This Terms of Service (and all documents incorporated by reference) constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings between the parties hereto with respect to the subject matter hereof, whether written or oral. No amendment, modification or supplement of any provision of this Terms of Service will be valid or effective unless made in accordance with the express terms of this Terms of Service.

If any provision of this Terms of Service is held to be invalid or unenforceable under any circumstances, its application in any other circumstances and the remaining provisions of this Terms of Service shall not be affected.

We may assign or transfer our rights and obligations under this Terms of Service at any time, provided that we assign the Terms of Service on the same terms or terms that are no less advantageous to you. You may not assign or transfer this Terms of Service, or any of its rights or obligations, without our prior written consent, which we can refuse in our sole discretion.