Token Sale Participation Terms and Conditions

Posted: 19th July, 2018
Last updated: 18th July, 2018


These Token Sale Participation Terms and Conditions (the “Agreement”) contain the terms and conditions that govern the distribution of the PRIVUM Token (the “PRV”) to contributors to the Token Sale and are available on the following website

The Agreement governs the relationship between you or the entity that you represent (the “Participant”, “you” and ”your”) and Privum Ltd, a company registered under the laws of Malta, with company registration number C 86895 and having its registered address situated at Level G, Quantum House, Abate Rigord street, Ta’ Xbiex XBX 1120, Malta, together with its parent company, subsidiaries and affiliates, (the “Company”, “us”, and “our”).

You and the Company are hereinafter referred to, individually as a “Party”, and collectively as the “Parties”.


  1. Definitions:
    1. Account – online account created by the Participant on the Website;
    2. Blockchain –type of distributed ledger, comprised of unchangeable, digitally recorded, data in packages called blocks;
    3. Cryptocurrency – a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency;
    4. Ethereum – an open blockchain platform;
    5. ETH – the name of the cryptocurrency ‘ether’ used within the Ethereum blockchain platform at;
    6. EOS – the name of the cryptocurrency used within the EOSIO blockchain platform at;
    7. EOSIO – a decentralized blockchain platform;
    8. Privum Network – an open, global, peer-to-peer network, built on blockchain, employing the most advanced cryptographic and stealth technologies to ensure the security and privacy of its users. Its use and development are incentivised by a token economy and by its open source nature;
    9. PRIVUM Token (PRV) – a cryptocurrency created by the Company;
    10. Services – any services provided by the Company and/or its affiliates, including the services available to registered Participants on the Website;
    11. Participant – Subscriber of the PRVs;
    12. Valid KYC Documentation – KYC documentation that has been verified by the Company according to good practice and the Company’s procedures;
    13. Wallet – any type of wallet used for storage of cryptocurrencies;
    14. Website;
    15. White Paper – the document located on the Website containing the Token Sale conditions and describing the Company’s project and business model;
  2. About the Company and the Privum Network
    1. The Company is a fully owned subsidiary of Bit Armor AG (“Privus”), which has been established to develop and operate the planned Privum Network.
    2. It is the Company’s intended objective through the development of the Privum Network to create a new marketplace for bandwidth-as-a-service which will be powered by PRV. The sharing of unused bandwidth in a peer-to-peer global network creates an open, global market and drives demand for PRV (since clients will be able to monetise their existing bandwidth in exchange for the utility token) and, just as important, by incentivising the peer-to-peer model, the marketplace will help its users to reclaim their online privacy and freedom, without fear of disruption, mass surveillance or discrimination.
    3. PRV will allow the Participants to access the Privum Network once this has been designed, developed and deployed by the Company.
    4. PRV may be used as payment for existing Privus products and services.
    5. The Participant understands and accepts that any contribution to the Token Sale is made to support the development of the Privum Network, as well as business development, marketing & communication activities, security audits, and legal and research activities related to such development.
    6. The acquisition of PRV does not confer automatic access to the Privum Network, which may only be used once it has been effectively developed and deployed by the Company.
  3. Acceptance of the Agreement
    1. This Agreement comes into effect at the moment you register on the Website.
    2. These terms and conditions constitute a legally binding agreement between you and the Company and govern your use of the Company’s Website. Please read these terms carefully.
    3. The Company reserves the right to make changes to these terms at any time without notice. Any such changes will become effective upon the posting of the revised Agreement on the Website and you are solely responsible for reviewing any such notice and the corresponding changes to the Agreement. Your continued use of the Website and/or the Services following any such revisions to the Agreement will constitute your acceptance of such changes.
    4. The Company shall have the right to change or remove the Website (temporarily or permanently) at any time without indicating the reasons to such changes or removal and you confirm that the Company shall not be liable to you for any such change or removal.
    5. Use of the Website and/or the Services is limited to parties that are 18 years of age or older and can lawfully enter into and form contracts under applicable law.
  4. Your Account
    1. In order for you to register with the Company for the Token Sale you must open an account on the Website (“Account”). The Company will provide you with a unique login ID and password. The Company is entitled to refuse to register you without indicating any reasons.
    2. You agree that all information that you give us, such as, but not limited to, valid identification, address and email, during the term of validity of this Agreement is complete, true, correct and that you will immediately notify the Company of changes to such information or change such details by yourself on the Website.
    3. The Company reserves the right to suspend the usage of the Account until your identity is completely verified.
    4. It is your sole and exclusive responsibility to ensure that your login details are kept secure. You must not disclose your login details to anyone. This constitutes a breach of this Agreement. We recommend that you never share or disclose your Account information with anyone. You should create a complex and secure password, change your password from time to time and always log out when you are finished from using the Account. We shall not be responsible for any abuse or misuse of your Account by third parties due to your disclosure, whether intentional or accidental, active or passive, of your login details to any third party.
    5. You shall not use the Website for any purpose that is unlawful or prohibited by this Agreement and by other legal requirements. Your registration implies your confirmation and a guarantee that by using the Website, you will act honestly and in such a way as to meet the interests of both you and the Company. The Company reserves the right to refuse or close an Account without prior notice if the use of the Website is unlawful or unacceptable.
  5. Your Obligations
    1. A number of participation requirements set forth on the Website have to be met in order to be able to participate in the Token Sale. You can only participate in the Token Sale within the stipulated period and in such a manner as set forth in the Website.
    2. The Company has the right to refuse to sell PRV to anyone who does not meet the above-mentioned criteria for their acquisition, as set out in this Agreement, on the Website and by the applicable law.
    3. You understand and acknowledge that the purchase and sale of cryptocurrencies and tokens of any kind involve risk. Due to the constant price fluctuations of cryptocurrencies, the value of your assets may increase or decrease at any time.
  6. The Token Sale
    1. The Company has created a fixed, non-mineable supply of one billion one hundred forty three million (1,143,000,000) utility tokens based on the Ethereum blockchain.
    2. A total of a maximum of six hundred and fifty one million five hundred ten thousand (651,510,000) PRV will be put up for distribution, against contributions.
    3. The Token Sale will be conducted over two stages:
      • Private Sale;
      • Crowdsale.
    4. The Private Sale
      1. The Private Sale is reserved for existing investors in Privus and strategic partners, both institutional and individual. Up to two hundred and twenty eight million (228,600,000) PRV will be offered in the Private Sale.
      2. PRV offered under the Private Sale will be distributed once the Token Sale has been concluded but will not be transferable and will be locked by smart contract for a further six months.
    5. The Crowdsale
      1. During the Crowdsale four hundred and twenty two million nine hundred and ten thousand (422,910,000) PRV will be offered to the general public in three distinct phases: two Pre-Sale phases and one Public Sale.
      2. A maximum allotment per contributor has been set at 15 million PRV. This maximum is set exclusively for the Crowdsale and contributors are free to acquire more PRV once the tokens are available on approved exchanges.
      3. All Crowdsale tokens will be offered during the first phase on beneficial terms, but only available for the first week of the Crowdsale starting on the [●] at 11:00 GMT.
      4. Any PRV not sold in the first Pre-Sale phase will be offered over a period of three weeks in a second Pre-Sale phase, which will also include a bonus. The second phase shall start on the [●] at 11:00 GMT.
      5. The third and final phase of the Crowdsale, the Public Sale, will include all unsold tokens from the Pre-Sale. The Public Sale will start on the [●] at 11:00 GMT.
    6. The Company will launch the Crowdsale only in exchange for ETH. Any other cryptocurrency or other method of payment used to send funds to the address of the Company once the Crowdsale has started will not be refunded. The Company may decide, at its own discretion, to accept other cryptocurrencies and other methods of payment, as may be communicated by the Company on its website before or during the Token Sale.
    7. Every contributor to the Token Sale must undergo account verification (KYC) as may be indicated by the Company on the Website.
    8. The Private Sale shall start on the [●] at 11:00 GMT.
    9. The Crowdsale shall start on the [●] at 11:00 GMT and end on the [●] at 20:00 GMT.
  7. PRV Rights and Attributes
    1. PRVs may be used by you as follows:
      1. As a method of payment by buyers to sellers, for the use of geolocated accesspoints and internet bandwidth provided by the latter;
      2. As a basis for the pricing and valuation of services offered by sellers;
      3. As a method of payment for existing services and products developed by Privus;
      4. As a means of exchange for other crypto-tokens and fiat currencies via listings on leading exchanges.
    2. PRV is a fully-compliant ERC20 token implemented on the Ethereum blockchain. It is the Company’s intention, however, to develop the project on the basis of the EOSIO platform that offers a number of distinguishing characteristics, including interblockchain communication, notably with Ethereum and Bitcoin, ensuring an optimal equilibrium between security, reliability and usability. Consequently, PRV will be migrated to the EOSIO platform on a one-to-one basis at a later stage.
    3. Your use of PRV shall be subject to the Terms and Conditions of the Privum Network made available on the Website.
    4. There are no guarantees of the future use or value of PRV, which can be zero.
    5. Although the Company shall endeavour to provide or offer you with the products or Services described in this Section, the Company shall not be bound to do so.
    6. You cannot expect to make a profit from PRV and shall have no expectation of profit from the future success of the Company’s business and/or the efforts of the Company or other persons. The Company’s value depends on your active involvement in using and promoting it.
    7. PRVs are not shares of the Company. They do not represent ownership interests or grant ownership, control and voting rights in the Company, nor do they grant any rights to receive a share of the Company’s profit.
    8. It is within the Company’s discretion to unilaterally make decisions on spending, investing and otherwise using the funds received during the Token Sale.
    9. PRV may be used for transactions and payments associated with cryptocurrencies.
    10. The Company is not obliged to redeem PRV in any case.
    11. The sale of PRV and PRVs themselves are not securities, commodities, swaps on either securities or commodities or a financial instrument of any kind. Purchases and sales of PRVs are not subject to the protections of any laws governing those types of financial instruments. This Agreement and all other documents referred to in this Agreement including the White Paper do not constitute a prospectus or offering document, and are not an offer to sell, nor the solicitation of an offer to buy an investment, a security, commodity, or a swap on either a security or commodity.
    12. You should not purchase PRVs for investment purposes. Such tokens are not designed for investment purposes and should not be considered as a type of investment. You acknowledge, understand and agree that holding PRVs does not constitute a guarantee, representation or warranty that the holder will be able to use the Company, or receive any tokens utilised by the Company.
    13. You acknowledge and agree that you are not purchasing PRVs for purposes of investment, speculation, as some type of arbitrage strategy, for immediate resale or other financial purposes.
    14. You acknowledge that all purchases of PRVs are final and non-refundable, and the Company is not required to provide a refund for any reason and that you will not receive money or other compensation in lieu of a refund, and you consent to no right of withdrawal from the Token Sale.
    15. If there are any regulations imposed that may affect PRV’s rights and attributes, the terms and conditions of this Agreement and other terms regulating the usage of PRVs may be changed significantly by the Company to ensure compliance with such regulatory requirements.
  8. Security and Data; Taxes
    1. You will implement reasonable and appropriate measures designed to secure access to:
      1. any device associated and utilised in connection with your purchase of PRVs;
      2. private keys to your wallet or Account; and any other username, passwords or other login or identifying credentials.
    2. In the event that you are no longer in possession of your private keys or any device associated with your Account, you may lose all of your PRVs and/or access to your Account.
    3. The Company is under no obligation to recover any PRVs that have been lost, stolen or destroyed due to your failure or negligence in maintaining appropriate level of security in accordance with this sub-clause.
    4. Upon the Company’s request, you will immediately provide to the Company, information and documents that the Company, in its sole discretion, deems necessary or appropriate to comply with any laws, regulations, rules or agreements, including without limitation, judicial process. Such documents include, but are not limited to, copies of a passport, driver’s licence, utility bills, photographs of associated individuals, government identification cards, or sworn statements. You consent to the Company disclosing such information and documents in order to comply with applicable laws, regulations, rules or agreements. You acknowledge that the Company may refuse to distribute PRVs to you until such requested information is provided.
    5. You acknowledge, understand and agree that:
      1. the purchase and receipt of PRVs may have tax implications for you;
      2. you are solely responsible for your compliance with tax obligations; and
      3. the Company bears no liability or responsibility with respect to any of your tax obligations.
  9. Risks
    2. PRVs do not represent or confer any ownership right or stake, share or security or equivalent rights, intellectual property rights or any other form of participation relating to the Company.
    3. Ethereum Blockchain is prone to periodic congestion during which transactions can be delayed or lost. Individuals may also intentionally spam the Ethereum network in an attempt to gain an advantage in purchasing cryptographic tokens. You acknowledge and understand that Ethereum block producers may not include your transaction when you want and your transaction may not be included at all.
    4. You acknowledge, understand and agree that PRVs may have no value, there is no guarantee or representation of liquidity for the PRVs; and that the Company is not and shall not be responsible or liable for the market value of PRVs, the transferability and/or liquidity of PRVs and/or the availability of any market for PRVs through third parties or otherwise.
    5. As tokens, PRVs may be subject to expropriation and/or theft. Hackers or other malicious groups or organisations may attempt to interfere with the tokens in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, because the Ethereum platform rests on open source software and tokens are based on open source software, there is the risk that smart contracts may contain intentional or unintentional bugs or weaknesses which may negatively affect the tokens or result in the loss of your tokens, the loss of your ability to access or control your tokens or the loss of PRVs in your Account. In the event of such a software bug or weakness, there may be no remedy and holders of tokens are not guaranteed any remedy, refund or compensation.
    6. PRVs purchased by you may be held in your digital wallet or vault, which requires a private key, or a combination of private keys, for access. Accordingly, loss of requisite private key(s) associated with your digital wallet or vault will result in loss of such PRVs, access to your PRV’s balance and/or any initial balances in blockchains created by third parties. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet or vault service you use, may be able to misappropriate your tokens. The Company is not responsible for any such losses.
    7. The Company’s software and platform and all of the matters set forth in the White Paper are new and untested. The software might not be capable of completion, implementation or adoption. It is possible that no blockchain utilising the software will be ever launched and there may never be an operational platform. You should not rely on the software or the ability to receive tokens associated with the platform in the future. Even if the software is completed, implemented and adopted, it might not function as intended, and any tokens associated with a blockchain adopting the software may not have the functionality that is desirable or valuable. Also, technology is changing rapidly, so the PRVs and any tokens transferable on the platform may become outdated.
    8. Even if completed, the software will rely, in whole or partly, on third parties to adopt and implement it and to continue to develop, supply, and otherwise support it. There is no assurance or guarantee that such third parties will complete their work, properly carry out their obligations, or otherwise meet anyone’s needs, all of which might have a material adverse effect on the software and platform.
    9. If you fail to map a public key to your Account, this may result in third parties being unable to recognise your token balance on the Ethereum blockchain when and if they configure the initial balances of a new blockchain based upon the software of which the Company makes no representation or guarantee.
    10. The software is still under development and may undergo significant changes over time. Although the Company intends for the software to have the features and specifications set forth in the White Paper, the Company may make changes to such features and specifications for any number of reasons, and any party that adopts the software and launches the Platform may also make changes, any of which may imply that the platform does not meet your expectations.
    11. The development of the software may be abandoned for a number of reasons, including, but not limited to, lack of interest from the public, lack of funding, lack of commercial success or prospects, or departure of key personnel.
    12. Even if the software is finished and adopted and the Platform is launched, the ongoing success of the platform relies on the interest and participation of third parties. There can be no assurance or guarantee that there will be sufficient interest or participation in the platform.
    13. The regulatory status of cryptographic tokens, digital assets and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether governmental authorities will regulate such technologies. It is likewise difficult to predict how or whether any governmental authority may make changes to existing laws, regulations and/or rules that will affect cryptographic tokens, digital assets, blockchain technology and its applications. Such changes could negatively impact tokens in various ways, including, for example, through a determination that tokens are regulated financial instruments that require registration. The Company may cease the distribution of tokens, the development of the software or cease operations in a particular jurisdiction in the event that governmental actions make it unlawful or commercially undesirable to continue to do so.
    15. As noted above, the industry in which the Company operates is new, and may be subject to heightened oversight and scrutiny, including investigations or enforcement actions. There can be no assurance that governmental authorities will not examine the operations of the Company and/or pursue enforcement actions against the Company. Such governmental activities may or may not be the result of targeting the Company in particular. All of this may subject the Company to judgments, settlements, fines or penalties, or cause the Company to restructure its operations and activities or to cease offering certain products or services, all of which could harm the Company’s reputation or lead to higher operational costs, which may in turn have a material adverse effect on the PRVs and/or the development of the software.
  10. Liability and indemnification
    1. To the fullest extent permitted by applicable law, you hereby waive and disclaim any right or cause of action against the Company in any jurisdiction that would give rise to any damages. The Company shall not be liable to you for any type of damages, even if and notwithstanding the extent that the Company has been advised of the possibility of such damages. You agree not to seek any refund, compensation or reimbursement from the Company, regardless of the reason and regardless of whether the reason is identified in this Agreement.
    2. In no circumstances will the aggregate liability of the Company, whether in contract, warrant, tort or otherwise, for damages to you under this Agreement, exceed the amount received by the Company from you.
    3. You understand and agree that the Company shall not be liable and you shall be responsible for all liability in connection with any force majeur event, including acts of God, labour disputes or other industrial disturbances, electrical, telecommunications, hardware, software or other utility failures, software or smart contract bugs or weaknesses, earthquakes, storms or other nature-related events, blockages, embargoes, riots, acts or orders of government, acts of terrorism or war, technological change, changes in interests rates or other monetary conditions, and, for the avoidance of doubt, changes to any blockchain-related protocol.
    4. To the fullest extent permitted by applicable law, you release the Company from responsibility, liability, claims, demands and/or damages (actual and consequential) of every kind and nature, known and unknown (including, but not limited to, claims of negligence), arising out of or related to disputes between you and the acts of omissions of third parties.
    5. To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless and reimburse the Company from and against any and all actions, proceedings, claims, damages, demands and actions (including without limitation fees and expenses of counsel), incurred by the Company arising from or relating to:
      1. your purchase or use of PRVs;
      2. your responsibilities or obligations under this Agreement;
      3. your breach of or violation of this Agreement;
      4. any inaccuracy in any representation or warranty by you;
      5. your violation of any rights of any other person or entity; and/or;
      6. any act or omission committed by you, that is negligent, unlawful or constitutes wilful misconduct.
    6. The Company reserves the right to exercise sole control over the defence, at your expense, of any claim subject to indemnification under this Section. This indemnity is in addition to, and not in lieu of, any other indemnities set forth in a written agreement between you and the Company.
  11. Disclaimers and waivers
    1. You expressly acknowledge, understand and agree that the purchasing and using of PRVs is done at your own sole risk and that PRVs are provided, used and acquired on an “AS IS” and on an “AS AVAILABLE” basis without representations, warranties, promises or guarantees whatsoever of any kind by the Company and you shall rely on its own examination and investigation thereof.
  12. Security
    1. You are responsible for maintaining the confidentiality and security of your Account ID and password and accept responsibility for all activities that occur under your Account or password. You must notify the Company immediately in the event that the security of your login or password has been breached or compromised.
    2. You are also responsible for maintaining adequate security and control of any and all identification numbers, private keys, or any other codes that you use to access the Website and/or use of the PRVs.
    3. You agree not to hold the Company liable for any loss arising out of, or in any way connected to, your failure to properly secure and keep private your Account information, email address, any password, private keys and any other identification numbers/codes used in connection with participation in the Token Sale and usage of the PRVs.
    4. The Company shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other  malware that may affect your computer or other equipment, or any phishing, spoofing or other attack.
    5. The Company does not guarantee the confidentiality or privacy of any communication or information transmitted on the Website or any site linked to the Website. The Company will not be liable for the privacy or security of information, email addresses, registration and identification information, disk space, communications, confidential or proprietary information, or any other content transmitted over networks accessed by the site, or otherwise connected with your use of the Website.
  13. Privacy policy
    1. In order to participate in the Token Sale and to receive PRVs, you understand and acknowledge that you must provide your personal data in order to be able to register and make use of our Website.
    2. We integrate third-party tools to carry out KYC/AML checks on our contributors and early adopters. You acknowledge that in collecting your personal details as stated in Section 13.1, the third-party provider will protect your personal data and respect your privacy in accordance with best business practices and all applicable laws.
    3. You permit the transfer of your personal data between the Company and the thirdparty provider, which may be done at the discretion of the Company. When gaining access to your personal data the Company will protect your personal data and respect your privacy in accordance with best business practices and all applicable laws.
    4. Your personal data that you provide will be used to identify you as the token holder and to execute this Agreement.
    5. You confirm that you have entered correct data about yourself in every required form and that going forward, when changing or adding any data on the Website, you will enter only correct data. You shall bear any losses that occur regarding the submission of invalid/incorrect data.
    6. The Company may use your personal data for direct marketing purposes if you give your consent in the registration form. You can withdraw such consent at any time.
    7. The Company may, at any time and in its own discretion, adopt a separate Privacy Policy and you must consent to that Privacy Policy. Our Privacy Policy sets out all the necessary information on how we collect and process your personal data through the use of our Website. You can read our Privacy Policy here:
  14. No other rights created
    1. This is not a loan to the Company and this does not provide you with any ownership
      or other interest in the Company.
    2. The Company retains all rights to, titles and interests in, all of its intellectual property, including, without limitation, inventions, ideas, concepts, code, discoveries, processes, marks, methods, software, compositions, formulae, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyright or patents based thereon. You may not use any of the Company’s intellectual property for any reason without the Company’s prior written
  15. Your representations and warranties
    1. By purchasing the PRVs you covenant, represent and warrant to the Company that you have all the requisite power and authority to execute and deliver this Agreement, to use and purchase the PRVs and to carry out and perform the obligations under this Agreement. Accordingly, if you are an individual, you shall represent and warrant that you are at least 18 years old and of sufficient legal age and capacity to purchase the PRVs. If you are a legal person, you are duly organised, validly existing and in good standing under the laws of your domiciliary jurisdiction, and every other jurisdiction where you conduct your business.
    2. The execution, delivery and performance of this Agreement will not result in any violation of, be in conflict with, or constitute a material default under, with or without the passage of time or the giving of notice:
      1. any provision of your organisational documents, if applicable;
      2. any provision of any judgement, decree or order, by which you are bound of or by which any of your assets are subject to;
      3. any material agreement, obligation, duty or commitment to which you are a party of and by which you are bound to; or
      4. any laws, regulations or rules applicable to you.
    3. The execution and delivery of, and performance under this Agreement requires no approval or other action from any governmental authority or person other than you.
    4. You are legally permitted to participate in the Token Sale and you are legally permitted to receive and hold cryptocurrencies and tokens.
    5. You have sufficient knowledge and experience in business and financial matters, including a sufficient understanding of blockchain or cryptographic tokens and other digital assets, smart contracts, storage mechanisms (such as digital or token wallets), blockchain based software systems and blockchain technology, to be able to evaluate the risks and merits of your token purchase and are able to bear the risks thereof, including loss of all the amounts paid, loss of tokens and liability towards the Company for its acts and omissions, including with limitation those constituting breach of this Agreement, negligence, fraud or wilful misconduct. You have obtained sufficient information in order to make an informed decision to purchase PRVs.
    6. You attest that you are not a criminal, are not associated with any criminal activity, and that all funds that are used by you in connection with the Token Sale and the purchase or PRVs are free from any criminal association, are not the proceeds of crime, and are not derived from any criminal activity. You shall not use PRVs to finance, engage in, or otherwise support any unlawful activities.
    7. To the extent required by applicable law, you have to comply with all anti-money laundering and counter-terrorism financing requirements.
    8. You hereby certify to us that any funds used by you in connection with participation in the Token Sale are either owned by you or that you are validly authorised to carry out transactions using such funds.
  16. Termination of agreement
    1. The term of this Agreement is for a period of time when you successfully register for the Account until this Agreement is terminated for whatever reason. Account cancellation shall mean the Agreement termination.
    2. At any time and for any reason in its sole discretion, the Company may terminate this Agreement, your access to the Token Sale and/or the Website, your Account and may halt any pending transactions and/or funds and/or tokens without giving notice to you. The Company shall have no liability or obligation for the termination of this Agreement.
    3. In case of termination of this Agreement for any reason you will not be refunded with any amount of PRVs.
  17. Dispute Resolution, Applicable law and Jurisdiction
    1. You and the Company shall cooperate in good faith to resolve any dispute, controversy or claim (including non-contractual disputes or claims) arising out of, relating to or in connection with this Agreement, including with respect to the formation, applicability, breach, termination, validity or enforceability thereof. If the Parties are unable to resolve a dispute within ninety (90) days of notice of such dispute being received by all Parties, such dispute shall be finally settled by Binding Arbitration as defined in Section 17.2.
    2. Each Party irrevocably agrees that any dispute not resolved within ninety (90) days as set forth in Section 17.1 shall be finally settled by arbitration in accordance with Part V (International Arbitration) of the Malta Arbitration Act and the Arbitration Rules of the Malta Arbitration Centre as at present in force, which shall be deemed to be incorporated by reference into this Agreement. The number of arbitrators shall be one. The place of arbitration shall be Malta. The language to be used in the arbitral proceedings shall be English. The governing law of the Agreement shall be as set forth in Section 17.4 herein. The arbitration award shall be final and binding on the Parties.
      The Parties undertake to carry out any award without delay and waive their right to any form of recourse insofar as such waiver can validly be made. Judgement upon the award may be entered by any court having jurisdiction thereof and having jurisdiction over the relevant Party or its assets. The Company and you will each pay the respective attorneys’ fees and expenses.
    3. Any dispute arising out of or related to this Agreement is personal to you and the Company and shall not be brought as a class arbitration, class action or any other type of representative proceeding. There will be no class arbitration or arbitration in which an individual attempts to resolve a dispute as a representative of another individual
      or group of individuals. Furthermore, a dispute cannot be brought as a class or other type of representative action, whether within or outside of arbitration, or on behalf of any other individual or group of individuals.
    4. This Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the Laws of Malta, without giving effect to its principles or rules of conflict of laws, to the extent such principles or rules are not mandatorily applicable by statute and would permit or require the application of the laws of another jurisdiction.
  18. Miscellaneous provisions
    1. You shall not assign this Agreement without the prior written consent of the Company. Any assignment or transfer in violation of this Section will be void. The Company may assign this Agreement to an affiliate. Subject to the foregoing, this Agreement, and the rights and obligations of the Parties, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives.
    2. This Agreement and the materials incorporated herein by reference, constitutes the entire agreement between the Parties and supersedes all prior or contemporaneous agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof, including, without limitation, any public or other statements or presentations made by the Company about the PRVs, the Company software and platform and other blockchain tokens.
    3. If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, inoperative or unenforceable for any reason, the provision shall be modified to make it valid and, to the extent possible, effectuate the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.
    4. The digital token market is still in its relative infancy and there is not yet a uniform marked understanding or agreement on the nature of digital tokens. Given that the legislative and regulatory framework for Token Sales and cryptocurrencies in Malta is currently being discussed, the Company will endeavour to comply with any law or obtain any licence which may become applicable to its Token Sale and/or cryptocurrency-related activities at a future date.
    5. The Company may change, amend, delete or add to this Agreement or any of the terms and conditions contained in any policies or rules governing the Website at any time and in its sole discretion. Any such modified terms will become effective upon the posting of the revised terms or such policies and rules to the Agreement. It is your responsibility to check the Website regularly for modifications to this Agreement. Your continued use of the PRVs, the Website and of any other service provided by the Company will constitute acceptance of such changes.