BeFaster.fit Terms and conditions
PLEASE READ THE CONDITIONS FOR THE TOKEN SALE CAREFULLY. IF YOU DO NOT AGREE WITH THESE CONDITIONS, DO NOT BUY TOKENS.
The present Terms and Conditions will be extended to include the use of the App as soon as it is publicly available.
- 1 Business partner and subject
1.1. The subject of this relationship is the use and holding of the BeFasterHolderTokens (hereinafter referred to as BFHT).
1.2. The ownership of the BFHT essentially refers to the smart contract based implementation of the BeFaster.fit protocol.
1.3. The BFHT is the so-called investor token of BeFaster.fit Ltd. The BeFaster.fit protocol refers to the distribution model of the proportional revenues to the investors, as well as the referrals and users. BeFaster.fit Ltd. is a Maltese company. It is established at 25B Triq il – Qortin, Mellieha MLH 2500, Malta (hereinafter referred to as BeFaster.fit, We), represented by the directors Irina Manilitsch and Maximilian Jurtz.
1.4. These GTC refer to the mere ownership of the BFHT and the resulting obligations, duties to cooperate and claims in relation to BeFaster.fit. The acquisition of the BFHT is not covered by this and is subject to the GTC of the Exchange, the Pool and any other institution where the BFHT is acquired and traded. Any interested party is advised to consider the underlying terms and conditions before acquiring and/or disposing of the BFHT and to seek legal advice if necessary.
1.5. The number of pools and exchanges listing the BFHT is unstable and may vary. If there are any changes, all information will be provided via the social media and community Telegram channels.
1.6. With the purchase of the BFHT, the present terms and conditions, as well as the conditions incorporated by reference, become binding on the parties.
- 2 Tokenisation and BFHT allocation
2.1. The BFHT is a BEP – 20 token on the BinanceSmartChain with a total supply of 300 million tokens.
2.2. The underlying smart contract address for the BFHT can be found here
2.3. Detailed information on tokenisation and token distribution can be found in the white paper on page 3.
- 3. Cooperation Duties and Obligations
The BFHT holder is aware that he/she must always keep up to date with the latest developments. To this end, it is essential to subscribe to the social media channels and to be a member of the Telegram channels. If there is a need for changes in the interests of the company and the BFHT Holders, these will always be announced by BeFaster.fit in a timely manner and provided with a deadline. The BFHT holder agrees to provide the necessary cooperation with regard to his personal BFHT token holdings. If these obligations to cooperate are ignored and the advised measures are not taken or not taken in time, the claims resulting from the ownership may be partially or completely lost.
- 4 Investor status, distribution of the proportional revenue share
4.1. Anyone who has BFHT tokens in their wallet is considered an investor. The BFHT serves to determine the ratio of the participation right to the partial revenue share in the future company revenues.
4.2. By purchasing, receiving or owning the BFHT, the investor agrees to have his BFHT wallet volume converted to another type of token, should this be necessary based on legal provisions, regulations and licenses. The investor is thus aware that the BFHT does not represent or grant any ownership rights or shares, stocks, securities or equivalent rights in or in relation to BeFaster.fit or any of its affiliates, other than the rights expressly mentioned in these terms and conditions (participation right). The BFHT is not a security or other investment instrument. The ownership of the BFHT does not grant the holder any rights beyond those described in 4.1. In particular, it does not constitute shareholder status, does not confer voting rights on the holder and does not give rise to an obligation to make additional contributions in the event of economic difficulties. The scenarios presented here are not exhaustive and merely illustrate a legal position that does not go beyond the receipt of the shareholding.
4.3. The amount of the personal distribution is determined by the ratio of the personal token balance to the amount of the total token supply.
4.4. In most jurisdictions, the income generated by the distributions is taxable. Whether and how depends on the BFHT holder’s country of origin and falls entirely within his or her private jurisdiction.
- 5 Staking
In order for a BFHT holder to receive a revenue share, the BFHTs must be staked. The principle of proof of stake applies. It can be staked and unstaked daily.
- 6 Multi Currency Option
6.1. The distribution can be chosen in different cryptocurrencies. BeFaster.fit provides several options of the major coins.
6.2. The payout in BFHT and TERC is free of charge. The payout in all other cryptocurrencies is subject to a fee and is due via the Smart Contract in the respective Coin. The fee collected here is an operating fee and is not subject to a revenue in the sense of the BeFaster.fit protocol.
- 7. BeFaster.fit Protocol
7.1. The BeFaster.fit Protocol describes the Smart Contract based distribution of the Company’s revenues.
7.2. The revenues covered by the BeFaster.fit protocol are those from challenge fees, revenues from the sale of VIP packages, app internals, shops and merchandise. If further sources of income arise as a result of the expansion of the company, they will be incorporated in accordance with the BeFaster.fit protocol, publicly announced and included in the above list.
7.3. Revenues can be generated in fiat or cryptocurrency. In the case of fiat sales, a tax provision of 35% is to be made by BeFaster.fit Ltd. If there is a tax refund, this will be made according to the protocol.
7.4. According to the BeFaster.fit protocol, 50% of the company’s turnover will be distributed to the BFHT holders and 50% to BeFaster.fit ltd.
7.5. 20% of the 50% BeFaster.fit share will be distributed to the referrals and 10% to the ranking. 70% will be retained as a liquidity reserve.
- 8 Possible migration of the tokens
The BFHT is created as BEP – 20 token on the BinanceSmartChain. We reserve the right to migrate the BEP – 20 based tokens to another protocol in the future and to generate replacement tokens on the new protocol (the „replacement tokens“) if we, in our sole discretion, consider it necessary or appropriate.
- 9 Scope of application of these conditions
9.1. The use of the tokens in connection with the providing or receiving of services on our application is governed by other applicable terms, conditions and policies. In particular, upon release, BeFaster.fit will generate an application-internal utility token that has no direct or indirect influence on the function of the BFHT.
- 10 Recognition and assumption of risks by investors
10.1. You acknowledge that there are risks associated with the purchase and possession of the BFHT. With the acquisition of BFHT, the investor expressly acknowledges that the following risks, among others, are associated with the purchase:
10.1.1. Risk of loss of access to tokens due to loss of the private key(s), errors in portfolio management or buyer errors.
A private key or a combination of private keys is required to manage and dispose of the tokens stored in your digital wallet or vault. If you lose the required private key(s) to your digital wallet or vault, in which the tokens are stored, the tokens will be lost. In addition, a third party may acquire your tokens unlawfully by gaining access to this private key(s), including by gaining access to the login details of a hosted wallet service you are using. Any error or malfunction caused by or otherwise related to the digital wallet or vault you have selected to receive or store the tokens, including your own errors in the administration or use of such digital wallet or vault, may also result in the loss of your tokens. If you do not strictly follow the procedures prescribed for the purchase and reception of the Tokens, for example by entering an incorrect or non-BEP -20 compatible receiving address for the Tokens, this may also result in the loss of your Tokens.
10.1.2. Risks associated with the BinanceSmartChain protocol.
Since the BFHT are based on the BinanceSmartChain, a malfunction or failure or setting of the this protocol may have an adverse effect on the BFHT. In addition, advances in cryptography or technical advances, such as the development of the quantum computer, may pose risks to the BFHT and the network. This also includes the usefulness of BFHT for obtaining services if the cryptographic consensus mechanism underlying the BinanceSmartChain protocol becomes ineffective.
10.1.3. Risk of Mining Attacks.
As with other decentralized cryptographic tokens based on the BinanceSmartChain protocol, BFHT are vulnerable to Miner attacks when validating BFCH transactions on the Tron block chain. This includes, but is not limited to, double spending, 51% attacks, and selfish mining attacks. Any successful attack poses a risk to BFHT, including, but not limited to, the correct execution and recording of transactions with BFHT.
10.1.4. Hacking risk and security deficiencies.
Hackers and other malicious groups or organizations may attempt to influence the BFHT invarious ways. This includes, but is not limited to, malware, consensus-based attacks, Sybil attacks, smurfing and spoofing. Since BFHT is also based on open source software, there is a risk that a third party or a member of society may, intentionally or unintentionally, incorporate weaknesses in the core infrastructure of the token protocol, which could have a negative impact on BFHT, in particular on the usability of the tokens to obtain the services.
10.1.5. Risk of uninsured losses.
Unlike deposits on bank accounts, the tokens are not subject to deposit protection or other public safeguards. In the event of a partial or total loss of value of the tokens, there is thereforeno public institution to compensate you for this loss.
10.1.6. Risks associated with uncertain regulations and enforcement actions.
The regulatory status of the BFHT or the distributed ledger technology is unclear or open in many jurisdictions. It is unpredictable how and whether regulators will apply existing regulations to this technology and its applications, including network and BFHT. Similarly, it is not possible to predict how and whether legislators or regulators will make changes to laws and regulations that affect distributed ledger technology and its applications, including BFHT. Government action may have a negative impact on BFHT in a number of ways. Such action may include, but is not limited to, a governmental determination that the purchase, sale, or delivery of tokens constitutes an unauthorized act or that the tokens are a regulated instrument that requires registration or approval of such instruments or of all or any of the parties involved in the purchase, sale, or delivery of such instruments. The Company may cease operating in any jurisdiction where it becomes illegal as a result of regulatory action or changes in laws or regulations, or where it makes no economic sense to obtain the regulatory approval(s) necessary to operate in such jurisdiction.
10.1.7. Risks arising from taxation.
The tax characterization of the tokens is uncertain. The investor himself must seek tax advice from qualified advisors in connection with the purchase of tokens, as this can have a tax disadvantage for you, e.g. through withholding taxes, income taxes or tax reporting obligations.
10.1.8. Risks associated with the development and maintenance of the Network.
The Network is still under development and may experience significant changes over time. While we intend the tokens and the network to operate as described in the white paper and will take all commercially reasonable steps to do so, we do not intend to use the tokens or the network in any way that is not in accordance with this white paper. However, we may be forced to make changes to the token or network properties for a number of legitimate reasons. In addition, we have no control over how other participants will use the network, what third party products or services will be offered over the network, or to what extent (if any) third party products and services will use the tokens. This leads to the risk that the tokens or the network may not meet your expectations at the time of purchase as they are further developed and maintained. In addition, it is possible that disruptions or inadequacies in the development or maintenance of the network may occur, which may have negative effects on the network and tokens as well as the potential usefulness of the tokens, in particular for obtaining the services.
10.1.9. Risk of fluctuations in value.
Since cryptocurrencies as a whole can be subject to large fluctuations, it cannot be ruled out that BeFaster.fit is negatively affected by these.
10.1.10. Risk of liquidation of the company or BeFaster.fit
For a variety of reasons, including, but not limit ed to, unfavorable fluctuations in the value of BTC, ETH, BFHT, BNB (or other cryptographic currencies or fiat money), the decrease in the usability of the tokens (including usability for obtaining services), the failure of business relationships or challenges to intellectual property, the operation of BeFaster.fit may no longer be profitable or the Company may dissolve or become insolvent.
10.1.11. Risks due to lack of control rights.
As the BFHTs do not confer any rights of control over the legal entity of BeFaster.fit, all decisions concerning the Company’s products or services or the Company itself will be taken by the Company at its own discretion. This includes, but is not limited to, discontinuing decisions, products or services or selling or dissolving the Company.
10.1.12. Unforeseen risks.
Cryptographic tokens, such as the BFHT, are a new and not yet widely tested technology. In addition to the risks mentioned in this Section 10 of these Terms and Conditions, there are other risks associated with your purchase, ownership and use of the Tokens, in particular unforeseen risks. These risks may also materialize as unforeseen variations or combinations of the risks set forth in Section 9 of these Terms.
10.1.13. Total loss risk.
Each of the above-mentioned risks, individually or in combination with the realization of one or more other risks, is likely to cause the partial or total loss (total loss) of the means employed by investors to acquire BFHT. This also applies to the risks described in section 10 (a ) to (m).
IMPORTANT NOTE: As the BFHT are not intended to be or sold as securities or any other type of investment product, the information contained in this Section 9 should not be relied upon as the basis for any investment decision and does not constitute a recommendation to purchase BFHT. Any liability for any direct or indirect loss or damage of any kind whatsoever arising directly or indirectly from reliance on any information contained in this Section 9, any error, omission or inaccuracy in such information or any action taken in reliance thereon, is hereby expressly excluded.
10.2. Security of the Storage System
Investors are themselves responsible for taking reasonable measures to protect the Wallet, Vault or other storage system used by investors to receive and administer the BFHT purchased from us. This also includes any private keys or other registration data required for access to the Storage System(s). If investors‘ private keys or other access data are lost, investors may lose access to BFHT. We are not liable for any loss, cost or expense related to lost access data.
- 11 Taxes
All amounts paid by investors for BFHT are exclusive of any applicable taxes. Investors themselves are responsible for determining what taxes may be payable on their purchase of BFHT, including, for example, sales, use, value-added or similar taxes, and for complying with applicable tax regulations. It is also your responsibility to withhold, collect, report and pay the correct taxes to the appropriate tax authority. We are not liable for the withholding, collection, reporting and payment of sales, use, value-added or similar taxes arising from your purchase of BFHT.
- 12 Assurances and warranties
By sending the payment currencies to us to purchase BFHT, investors represent and warrant that:
12.1. Investors have read, understood and agree to these terms and conditions.
12.2. Investors acknowledge and agree that the purchase of BFHT involves risks, including (but not limited to) the risks described in § 10.
12.3. Investors have a sufficient understanding of the technical, financial and business issues, cryptographic tokens, storage systems (such as wallets) and blockchain technology to understand these terms and conditions and to assess the risks and implications of purchasing BFHT.
12.4. Investors are aware of the limitations and risks associated with the preparation of BFHT described herein and are aware of and assume all such risks;
12.5. Investors have sufficiently informed themselves about the BFHT to make an informed decision about the purchase of tokens;
12.6. Investors purchase BFHT solely for the purpose of supporting the development, testing, deployment and operation of BeFaster, being aware of the risks associated with BeFaster.fit.
12.7. Investors purchase BFHT in compliance with applicable laws and regulations in their jurisdiction, including, without limitation, their legal capacity and other minimum requirements under their jurisdiction for the purchase of BFHT, foreign exchange agreements or regulatory restrictions to which the purchase is subject, and any government or other approvals to be obtained;
12.8. Investors will comply with all applicable tax obligations in their jurisdiction arising out of the purchase of BFHT;
12.9. Investors, if they purchase BFHTon behalf of a legal entity, are entitled to accept these Terms on behalf of that legal entity and that legal entity is liable for any breach of these Terms by it or any other of its employees or agents (the term „it“ in these Terms referring to the investors and the legal entity together); other purpose, including but not limited to, not for investment, speculation, or economic purposes;
12.10. Investors are not citizens or permanent residents of the People’s Republic of China.
12.11. Investors are not U.S. citizens or permanent residents of the United States and do not have their primary residence or habitual abode in the United States of America, including Puerto Rico, Virgin Islands or any other property of the United States. In order to purchase BFHT and by purchasing BFHT, you agree to represent and warrant that none of the holders of the Company of which you are an authorized representative are U.S. citizens or permanent residents of the United States and you do not have your primary or habitual residence or possessions in the United States of America, including Puerto Rico, Virgin Islands or other United States possessions.
12.12 Investors are not citizens or residents of any geographical area in which access to or use of the Services or acceptance or delivery of BFHT is prohibited by law, regulation, order, agreement or administrative act, are not citizens, residents or residents of any geographical area subject to sanctions or embargoes of the United States or any other sovereign state, are not a natural person or an employee or member of any legal entity blacklisted on the U.S. Department of Commerce’s Denied Persons or Entity List of the U.S. Department of Commerce, or the Specially Designated Nationals or Blocked Persons Lists of the U.S. Treasury Department, or the Debarred Parties List of the U.S. State Department. You agree to immediately cease using the Services if your country of residence or other circumstances change such that the above representations no longer apply. If you register to use the Services on behalf of any legal entity, you further represent and warrant that such legal entity is a properly constituted and effective legal entity under the laws in force in the country in which it is established and that you are duly authorized by such legal entity to act on its behalf.
- 13 Limitation of liability
13.1. As far as permissible according to applicable law BeFaster.fit shall be liable. Or a company belonging to it is in no case liable for indirect, concrete accodental or consequental damages (including, but not limited to, damages in cpnnection with loss of revenue, income or profit, loss of data or damage due to business interruption ) arising out of or in connection with the sale or use of the website or any other way connected with these terms and conditions, and also not in the form of punitive damages, regardless oft he ac and regardless of whether the claims are based on contract or tort (including, without limitation, for simple negligence, whether active, passive or attributed negligenc), or any other legal basis ot theory of equity (even if the party has been advised oft he possibility of such damages and regardless of whether the damages were foreseeable), and the aggregate liability oft he company and ist affiliates (toghther) shall in no event exceed the amount you oay fort he tokens, regardless oft hat, wheteher the claims are made on the basis oft he contract or warranty or tort. Law (including, but not limited to, simple negligence, whether active, passive or attributed negligence) or on the basis of any other theory arising out or in connection with these terms and conditions or the use or inability tot he tokens.
13.2. The limitations set forth in these terms and conditions, in particular the limitations descibed in section 12.1. do not, however, constitute a limitation of liability or exclusion of liability in the event of gross negligence or wilful, wilful or negligent misconduct on the part oft he company or ist representatives, or in the event of injury to body, life or health caused intentionally or negligently by the company or ist representatives.
- 14 Applicable law and place of jurisdiction
14.1. These Conditions shall be governed by, construed and enforced in accordance with the laws of the Republic of Malta, excluding the United Nations Convention on Contracts for the International Sale of Goods and notwithstanding any conflict of law rules or principles which would give rise to the application of the law of that other country.
14.2. The place of jurisdiction for all disputes arising out of or in connection with the purchase of BFHT shall be Valetta to the extent permitted by law.
- 15 Severability clause
If any term, clause or provision of these Terms shall be deemed unlawful, void or unenforceable, this shall not affect the validity or enforceability of the remainder of these Terms. If any provision is invalid or unenforceable, that invalidity shall be remedied by a valid provision that the parties would have agreed upon had they known of the invalidity.
- 16 Other
These terms and conditions constitute the entire agreement between us and you with respect to your purchase of BFHT from us. BeFaster.fit is entitled to assign its rights and obligations under these terms and conditions. Should BeFaster.fit not exercise or enforce any right or provision of these terms and conditions, this shall not constitute a waiver of such right or provision. BeFaster.fit shall not be liable for default or impossibility of performance of any obligation under these terms and conditions if such default or impossibility is due to any cause beyond our control. The purchase of BFHT from BeFaster.fit does not constitute a partnership, joint venture or similar relationship between the parties. Except as otherwise provided in these Terms, these Terms are for mutual benefit only and no transfer of rights to benefit any other person or entity under these Terms is intended. Investors acknowledge and agree that all agreements, notices, announcements and other communications made available by BeFaster to investors, including these Terms, will be made available in electronic form.
Right of withdrawal
You have the right to revoke this contract within fourteen days without giving reasons.
The withdrawal period shall be fourteen days from the date on which you or a third party other
than the carrier who has taken possession of the goods, designated by you, have taken possession
To exercise your right of withdrawal, you must contact us BeFaster.fit ltd., represented by Irina Manilitsch and Maximilian Jurtz, 25B Triq il – Qortin, Mellieha 2500, Malta
Phone: +49 (0) 176 845 449 91
e-mail: [email protected] by means of a clear declaration (e.g. a lett er or e-mail sent by post)
of your decision to revoke this contract. You can use the attached sample revocation form, which is not mandatory.
In order to comply with the revocation period, it is sufficient that you send the notification of the exercise of the right of revocation before the expiry of the revocation period.
Consequences of the revocation
If you revoke this Agreement, we shall promptly refund to you all payments we have received from you, including delivery charges (other than additional charges arising from your choosing a method of delivery other than the cheapest standard delivery offered by us), within fourteen days of the date on which we receive notice of your revocation of this Agreement at the latest. We will use the same means of payment for such refund as you used for the original transaction unless expressly agreed otherwise with you and in no event will you be charged for such refund. We may refuse to refund until we have received the Goods back or until you have provided evidence that you have returned the Goods, whichever is earlier.
You must return or hand over the goods to us immediately and in any event within fourteen days of the day on which you notify us of the revocation of this contract at the latest. This period shall be deemed to have been observed if you dispatch the goods before the expiry of the period of fourteen days. We shall bear the costs of returning the goods.
You shall only be liable for any loss in value of the goods if such loss in value is due to handling of the goods that is not necessary for testing their condition, properties and functionality.
Sample withdrawal form (If you want to cancel the contract, please fill out this form and send it back.)
An BeFaster ltd., represented by Irina Manilitsch and Maximilian Jurtz, 25B Triq il – Qortin, Mellieha 2500, Malta, Phone: +49 (0) 176 845 449 91
e-mail: [email protected]
I/we (*) hereby cancel the contract concluded by me/us (*) for the purchase of the following
goods (*)/the provision of the following services (*)
Ordered on (*)/received on (*)
Name(s) of consumer(s)
Address of consumer(s)
Signature of consumer(s) (only for paper communication) date
(*) Delete as appropriate.
25B, Triq il - Qortin
Mellieha MLH 2500, Malta
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