TERMS OF SERVICE
Last Updated: March 25, 2022
PLEASE READ THESE TERMS OF TOKEN SALE AND USAGE CAREFULLY. IF YOU DO NOT AGREE TO THESE TERMS (AS DEFINED HEREIN), DO NOT PURCHASE (WHETHER THROUGH AN INTERMEDIARY OR OTHERWISE) OR CONTINUE TO HOLD OR USE OKLP (AS DEFINED BELOW). THESE TERMS DO NOT CONSTITUTE A PROSPECTUS OR OFFERING DOCUMENT, AND ARE NOT AN OFFER TO SELL, NOR THE SOLICITATION OF AN OFFER TO BUY ANY INVESTMENT OR FINANCIAL INSTRUMENT IN ANY JURISDICTION.
BY MAKING A CONTRIBUTION TO THE SELLER (AS DEFINED BELOW) OR ANY INTERMEDIARY FOR THE PURCHASE OF OKLP, OR BY CONTINUING TO HOLD OR USE OKLP WHICH YOU MAY HAVE OBTAINED BY ANY OTHER MEANS, YOU WILL BE BOUND BY THESE TERMS AND ALL TERMS INCORPORATED HEREIN BY REFERENCE. BY ACCEPTING THESE TERMS, YOU WILL BE ENTERING INTO A BINDING AGREEMENT WITH THE SELLER, WHICH TERMS CONTAIN PROVISIONS WHICH AFFECT YOUR LEGAL RIGHTS. THE PURCHASE, HOLDING AND USAGE OF DIGITAL TOKENS IS SUBJECT TO A NUMBER OF RISKS (INCLUDING FINANCIAL RISK), SOME OF WHICH THE SELLER HAS SET OUT IN THESE TERMS. IF YOU ARE IN ANY DOUBT AS TO THE SUITABILITY OR OTHERWISE OF PURCHASING, HOLDING OR USAGE OF THE DIGITAL TOKENS REFERRED TO IN THESE TERMS, YOU SHOULD SEEK APPROPRIATE PROFESSIONAL ADVICE.
NOTHING IN THESE TERMS CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISER BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH.
Your purchase, whether through an intermediary or otherwise, of OKLP tokens (OKLP) from OkLetsPlay., (the Seller, or us), as well as continued holding and/or usage of OKLP is subject to these Terms and Conditions (the Terms). Each of you and the Seller is a “Party,” and together the “Parties.” Please read the below terms and conditions carefully before registering, accessing, browsing, downloading and/or using the website at https://okletsplay.com/ (the Website). By accessing or using the Website, purchasing OKLP (whether through an intermediary or otherwise), or continuing to hold or use OKLP, you agree to be bound by these Terms (and all terms incorporated by reference).
Before agreeing to the Terms, you must read this document in full. If at any time you do not agree to these terms and conditions or do not wish to be bound by these terms and conditions, you may not access or use the Website, and shall not be entitled to purchase OKLP (whether through an intermediary or otherwise) or continue to hold or use OKLP. The Seller shall be under no obligation to maintain a copy of these Terms on the Website after the sale of OKLP, and you are advised to print or download and keep a copy of these Terms for your future reference (if required).
OKLP is a cryptographic utility token. The purpose of OKLP is to facilitate participation in the “OkLetsPlay” platform ecosystem (OkLetsPlay) which is a patented, built and battle-tested eSports tournament platform for casual and competitive traditional and blockchain PC and mobile video games.
The patented OkLetsPlay IP facilitates fast, no-cost, no-risk, ultra-lite game integrations (linking), making it easy for developers to quickly add real money PvP matches and tournaments to their game.
Utilizing dual wallets, players may use their OKLP tokens to play in PvP matches and tournaments, and receive platform bonuses such as win multipliers, lower service fees, discounted entries and other benefits.
To support crypto gaming and token market adoption, player accounts may receive an OKLP token wallet which can receive a P2E token drip for playing on the OkLetsPlay platform.
Token utilities and benefits:
The OKLP utility token is the platform currency that powers players to participate in PvP matches and tournaments, and receive platform bonuses such as win multipliers, lower service fees, discounted entries and other benefits! OKLP is designed to be the only mechanism by which a user may obtain access to certain products and services on OkLetsPlay (when the same is completed and deployed). It is not intended to be a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt. For each exchange of services or products on OkLetsPlay, the costs are to be quantified in OKLP and paid to OkLetsPlay and/or the other party providing the service. The goal of introducing OKLP is to provide a convenient and secure mode of payment and settlement between participants who interact within OkLetsPlay. Further, OKLP is to be provided to users as incentives for engagement to and/or maintenance of OkLetsPlay. Given that additional OKLP will be awarded to a user based only on its actual usage, activity and contribution on OkLetsPlay, users and/or holders of OKLP which did not actively participate in OkLetsPlay will not receive any OKLP incentives.
The ownership of OKLP carries no rights, express or implied, in the Seller, its related entities or its affiliates (each, a Group Entity) other than the right to use OKLP as a means to enable usage of and interaction with OkLetsPlay, upon the successful development and deployment of OkLetsPlay. OKLP is sold as a usable virtual good, and does not have any functionality or utility outside the ecosystem on OkLetsPlay — accordingly it is not necessarily merchantable and does not necessarily have any other use or value. The ecosystem on OkLetsPlay is structured as a “closed system” insofar as the usage of OKLP is concerned. Further, OKLP is not a consumer product and to the maximum extent permitted by law, its holders accept explicitly and agree that they are not covered by the consumer protection regulation of any jurisdiction.
OKLP is an integral and indispensable part of OkLetsPlay. The ownership of OKLP carries no rights, express or implied, in the Seller, its related entitles or its affiliates (each, a Group Entity) other than the right to use OKLP as a means to enable usage of and interaction with OkLetsPlay, upon the successful development and deployment of OkLetsPlay. OKLP is provided as a usable virtual token, and does not have any functionality or utility outside the ecosystem on OkLetsPlay — accordingly it is not necessarily merchantable and does not necessarily have any other use or value. The ecosystem on OkLetsPlay is structured as a “closed system” insofar as the usage of OKLP is concerned. Further, OKLP is not a consumer product and to the maximum extent permitted by law, its holders accept explicitly and agree that they are not covered by the consumer protection regulation of any jurisdiction.
You understand and accept that OKLP:
OKLP does not have any tangible or physical manifestation, and does not have any intrinsic value (nor does any Group Entity or any other person make any representation or give any commitment as to its value).
You acknowledge and agree that no Group Entity is under any obligation to issue replacement OKLP in the event any OKLP or private key is lost, stolen, malfunctioning, destroyed or otherwise inaccessible or unusable for any reason.
IN PARTICULAR, PLEASE NOTE THAT THE SELLER IS IN THE PROCESS OF UNDERTAKING LEGAL AND REGULATORY ANALYSIS OF THE FUNCTIONALITY OF OKLP. FOLLOWING THE CONCLUSION OF THIS ANALYSIS, THERE MAY BE CHANGES TO THE INTENDED FUNCTIONALITY OF OKLP IN ORDER TO ENSURE COMPLIANCE WITH ANY LEGAL OR REGULATORY REQUIREMENTS TO WHICH THE SELLER OR OKLP IS SUBJECT. IN THE EVENT OF ANY CHANGES TO THE INTENDED FUNCTIONALITY OF OKLP, THE DETAILS OF THE CHANGES SHALL BE PUBLISHED ON THE WEBSITE. IT IS YOUR RESPONSIBILITY TO REGULARLY CHECK THE WEBSITE FOR ANY SUCH NOTICES.
Unless otherwise stated herein, your purchase of OKLP (whether through an intermediary or otherwise), and continued holding and/or usage of OKLP is governed solely by these Terms. New terms or policies may be published from time to time on OkLetsPlay at our sole discretion.
The sale of OKLP does not constitute the provision of any goods and/or services as at the date that these Terms form a binding agreement between the Parties.
The Seller shall procure the development of OkLetsPlay in accordance with the roadmap as described in the Whitepaper.
Any potential future usage of OKLP in connection with providing or receiving services or the usage of OkLetsPlay (when the same is completed and deployed) will be governed primarily by other applicable terms and policies (collectively, the Service Terms and Policies), which will be made available on OkLetsPlay and/or Website, if the services and OkLetsPlay is successfully completed and deployed. The Seller may update these Terms or the Service Terms and Policies in our sole and absolute discretion. It shall be your responsibility to regularly check OkLetsPlay / Website for any such notices.
To the extent of any conflict with these Terms, the updated Terms and the Service Terms and Policies which may be published from time to time on OkLetsPlay shall prevail with respect to any issues relating to the usage of OKLP in connection with OkLetsPlay.
The Seller reserves the right to require you to provide us with your personal details (including without limitation full legal name, address and details of the digital wallet from which you have sent the payment), and it is your responsibility to provide correct details. Failure to provide this information will prevent us from transferring OKLP to your digital wallet.
Your purchase of OKLP (whether through an intermediary or otherwise) from the Seller is final; there are no refunds or cancellations except as may be required by applicable law or regulation and you waive any rights to be refunded any amounts which you have paid to the Seller in exchange for OKLP or to cancel any purchase.
Notwithstanding the foregoing, the Seller reserves the right to refuse or cancel any request(s) to purchase or purchases of OKLP (as the case may be), at any time in its sole discretion without giving reasons, including without limitation the following:
For the avoidance of doubt, the Seller shall not be required to notify you of the outcome of any of our customer identification, due diligence and/or anti-money laundering due diligence checks, or in any case provide reasons for unsatisfactory results of checks. In the event that the Seller refuses or cancels any request(s) to purchase OKLP, the price paid by you shall be rejected or refunded (as applicable) in accordance with the Seller’s internal policies and procedures, less (i) amounts required to be confiscated by applicable laws, (ii) fees and expenses incurred in connection with the marketing and/or development of OkLetsPlay, (iii) blockchain network fees and the Seller’s administrative fees for processing such transfer (not exceeding 5% of the refund amount), and (iv) the same proportion of purchased OKLP already delivered to the Buyer. The Seller reserves the right to require you to provide the Seller with your personal details (including without limitation correct name, address and details of the digital wallet from which you have sent the payment), and it is your responsibility to provide correct details. Failure to provide this information will prevent the Seller from allocating the token to your digital wallet. No interest will accrue on the value of any refund.
At any time during the sale of OKLP, the Seller may either temporarily suspend or permanently abort the token sale (whether relating to the private sale or public sale phase, or both) at its sole discretion without providing any reasons whatsoever. During any period of suspension or in the event that the token sale is aborted (whether relating to the private sale or public sale phase, or both), OKLP will not be available for purchase.
You acknowledge and agree that there are numerous risks associated with purchasing OKLP, holding OKLP, and using OKLP for participation in OkLetsPlay. If you have any queries or require any clarification regarding these risks, please contact us at [email protected]
YOU CLEARLY UNDERSTAND THAT BLOCKCHAIN AND VIRTUAL CURRENCIES / TOKENS, INCLUDING WITHOUT LIMITATION BTC, ETH, USDT OR USDC ARE NEW AND UNVERIFIED TECHNOLOGIES THAT ARE BEYOND CONTROL OF ANY GROUP ENTITY. IN PARTICULAR, AND IN ADDITION TO TERMS OF THIS DOCUMENT, YOU BEAR FULL RESPONSIBILITY FOR ANY RISKS DESIGNATED IN THE PROPOSED DOCUMENTATION. BY PURCHASING (WHETHER THROUGH AN INTERMEDIARY OR OTHERWISE), HOLDING AND/OR USING OKLP, YOU EXPRESSLY ACKNOWLEDGE AND ASSUME THE FOLLOWING RISKS:
OKLP does not have any rights, uses, purpose, attributes, functionalities or features, express or implied, except for those which are specifically described in the White Paper and which may change from time to time.
The Seller is not obliged to provide OKLP holders with a refund related to OKLP for any reason, and OKLP holders acknowledge and agree that they will not receive money or other compensation in lieu of a refund. No promises of future performance or price are or will be made in respect to OKLP, including no promise of inherent value, no promise of continuing payments, and no guarantee that OKLP will hold any particular value. Therefore, the recovery of spent resources may be impossible or may be subject to foreign laws or regulations, which may not be the same as the laws in the jurisdiction of OKLP.
The regulatory status of OKLP and distributed ledger technology is unclear or unsettled in many jurisdictions, but numerous regulatory authorities across jurisdictions have been outspoken about considering the implementation of regulatory regimes which govern virtual currencies or virtual currency markets. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including OKLP and/or OkLetsPlay. Regulatory actions could negatively impact OKLP and/or OkLetsPlay in various ways. The Seller or any Group Entity may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
Given that the OKLP token is based on blockchain protocol and architecture, any malfunction, breakdown or abandonment of the relevant blockchain protocol or architecture may have a material adverse effect on OKLP and/or OkLetsPlay. Moreover, advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to OKLP and/or OkLetsPlay by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol. The future of cryptography and security innovations are highly unpredictable.
You are responsible for implementing reasonable measures for securing the digital wallet, vault or other storage mechanism you use to receive and hold OKLP which you have purchased, including any requisite passwords, tokens, private key(s) or other credentials necessary to access such storage mechanism(s). If your passwords, tokens, private key(s) or other access credentials are lost, you may lose access to your OKLP. The Seller cannot be responsible for, and is technologically unable to recover, any such losses.
OkLetsPlay is at the stage of development as of the date of these Terms and its algorithm, code, consensus mechanism and/or various other technical specifications and parameters could be updated and changed frequently and constantly. While the marketing materials and Whitepaper released relating to the development of OkLetsPlay has been prepared with the then up-to-date key information of OkLetsPlay, it is not absolutely complete and is subject to adjustments and updates from time to time for optimal development and growth of OkLetsPlay and/or ecosystem on OkLetsPlay. The Seller is neither able, nor obliged, to keep you closely posted on every detail of the development of OkLetsPlay (including its progress and expected milestones no matter whether rescheduled or not) and therefore will not necessarily provide you with timely and full access to all the information relating to OkLetsPlay that may emerge from time to time. Due to the nature of the project to develop OkLetsPlay, you accept that such insufficiency of information disclosure is inevitable and reasonable.
Hackers or other malicious groups or organizations may attempt to interfere with OKLP and/or OkLetsPlay 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, there is a risk that a third party or a member of any Group Entity may intentionally or unintentionally introduce weaknesses into the core infrastructure of OKLP and/or OkLetsPlay, which could negatively affect OKLP and/or OkLetsPlay.
There is no prior market for OKLP and the OKLP sale may not result in an active or liquid market for OKLP. OKLP is intended to be used solely within the network for OkLetsPlay, hence there may be illiquidity risk with respect to any OKLP you hold.
OKLP is not a currency issued by any central bank or national, supra-national or quasi-national organization, nor is it backed by any hard assets or other credit nor is it a “commodity” in the usual and traditional sense of that word. The Seller cannot be responsible for, nor does the Seller pursue, the circulation and trading of OKLP on any market. Trading of OKLP will merely depend on the consensus on its value between the relevant market participants. No one is obliged to purchase any OKLP from any holder of OKLP, including the purchasers, nor does anyone guarantee the liquidity or market price of OKLP to any extent at any time. Furthermore, OKLP may not be resold to a purchaser who is a citizen, national, resident (tax or otherwise), domiciliary or green card holder of a Restricted Country or to purchasers where the purchase of OKLP may be in violation of applicable laws. Accordingly, the Seller cannot ensure that there will be any demand or market for OKLP, or that the price you pay for OKLP is indicative of any market valuation or market price for OKLP. Any secondary market or exchange for trading OKLP would be run and operated wholly independently of the Group Entities, the sale of OKLP and OkLetsPlay. No Group Entity will create such secondary markets nor will it act as an exchange for OKLP. Even if secondary trading of OKLP is facilitated by third party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to fraud or manipulation. Furthermore, to the extent that third parties do ascribe an external exchange value to OKLP (e.g., as denominated in a virtual or fiat currency), such value may be extremely volatile, decline below the price which you have paid for OKLP, and/or diminish to zero.
OKLP is uninsured unless you specifically obtain private insurance to insure them. In the event of loss or loss of utility value, there is no public insurer or private insurance arranged by us, to offer recourse to you.
The tax characterisation of OKLP is uncertain. The tax characterisation of OKLP and these Terms is uncertain. The Seller intends to treat OKLP and these Terms neither as an equity interest nor as a debt interest in the Seller for tax purposes. It is possible that the Seller’s intended treatment of OKLP and these Terms may be challenged, so that the tax consequences to a purchaser and the Seller relating to OKLP and these Terms could differ from those described above. You must seek your own tax advice in connection with the purchase, holding and/or usage of OKLP, which may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.
It is possible that alternative networks could be established that utilize the same or similar code and protocol underlying OKLP and/or OkLetsPlay and attempt to re-create similar facilities. OkLetsPlay may be required to compete with these alternative networks, which could negatively impact OKLP and/or OkLetsPlay.
It is possible that OkLetsPlay will not be used by a large number of individuals, companies and other entities or that there will be limited public interest in the creation and development of distributed ecosystems (such as OkLetsPlay). Such a lack of use or interest could negatively impact the development of OkLetsPlay and therefore the potential utility of OKLP.
Start-up companies such as the Seller involve a high degree of risk. Financial and operating risks confronting start-up companies are significant, and the Seller is not immune to these. Start-up companies often experience unexpected problems in the areas of product development, marketing, financing, and general management, among others, which frequently cannot be solved. It is possible that, due to any number of reasons, including, but not limited to, an unfavorable fluctuation in the value of virtual and/or fiat currencies, decrease in the utility of OKLP due to negative adoption of OkLetsPlay, the failure of commercial relationships, or intellectual property ownership challenges, OkLetsPlay may no longer be viable to operate and the Seller or any Group Entity may be dissolved.
Because OKLP confers no governance rights of any kind with respect to OkLetsPlay or any Group Entity, all decisions involving OkLetsPlay or any Group Entity will be made by the relevant Group Entity at its sole and absolute discretion, including, but not limited to, decisions to discontinue the services and/or ecosystem on OkLetsPlay, to create and sell more OKLP for use in the ecosystem on OkLetsPlay, or to sell or liquidate any Group Entity. These decisions could adversely affect OkLetsPlay and OKLP you hold.
The development of OkLetsPlay depends on the continued cooperation of the existing technical team and expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect OkLetsPlay or its future development. Further, stability and cohesion within the team is critical to the overall development of OkLetsPlay. There is the possibility that conflict within the team and/or departure of core personnel may occur, resulting in negative influence on the project in the future.
There is the risk that the development of OkLetsPlay will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or OKLP, unforeseen technical difficulties, and shortage of development funds for activities.
As OkLetsPlay may provide a decentralized cloud storage service to individual and institutional clients, including users and applications, OkLetsPlay (and services thereon) are susceptible to a number of risks related to the storage of data in the cloud. OkLetsPlay (and services thereon) may involve the storage of large amounts of sensitive and/or proprietary information, which may be compromised in the event of a cyberattack or other malicious activity. Similarly, OkLetsPlay and/or services thereon may be interrupted and files may become temporarily unavailable in the event of such an attack or malicious activity. Because users can use a variety of hardware and software that may interface with OkLetsPlay, there is the risk that OkLetsPlay and/or services thereon may become unavailable or interrupted based on a failure of interoperability or an inability to integrate these third-party systems and devices that the Group Entities do not control. The risk that OkLetsPlay and/or services thereon may face increasing interruptions and the ecosystem on OkLetsPlay may face additional security vulnerabilities could adversely affect OkLetsPlay and ecosystem thereon, and therefore the future utility of any OKLP that you hold.
In addition to the aforementioned risks, there are other risks associated with your purchase, holding and usage of OKLP, including those that the Seller cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the aforementioned risks.
Know your client regulations
You hereby acknowledge and accept that:
a. The Seller may be required to conduct customer identification, due diligence and anti-money laundering due diligence on all purchasers of OKLP in compliance with all applicable laws and legislations. The Seller may determine, in its sole discretion, that it is necessary to obtain certain information about you in order to comply with these laws and legislations. You agree to provide such information to the Seller promptly upon request, and you acknowledge that the Seller may refuse to sell OKLP to you until you provide such requested information and the Seller has determined that it is permissible to sell you OKLP under applicable law or regulation.
b. The Seller may at any point in time request information and/or documentation to establish that its identification records, as well as the information that form your profile, remain completely updated. In this respect, the Seller reserves the right to examine and check on a regular basis the validity and adequacy of your identification data and information maintained. For the avoidance of doubt, the Seller shall not be required to notify you of the outcome of any of its customer identification, due diligence and/or anti-money laundering due diligence checks, or in any case provide reasons for unsatisfactory results of checks.
c. If at any time the Seller becomes aware that reliable or adequate data and information are missing from your identity, the Seller reserves the right to take all necessary actions to collect the missing data and information (whether from you or from third parties) so as to update and complete your profile as necessary.
d. If you fail or refuse to submit, within a reasonable timeframe, the required data and identification information for the updating of your identity and, as a consequence, the Seller is unable to comply with any laws, legislations regulations or directives relating to customer identification requirements, the Seller will not be able to sell OKLP and/or continue its relationship with you, and the Seller may be required to submit a report of suspicious transactions/activities to the relevant authorities.
i. The Seller (and its affiliates) will collect, use, process and disclose your information and personal data for providing its services and discharging of its legal duties and responsibilities, administration, customer services, crime (including tax evasion) prevention and detection, anti-money laundering, due diligence and verification of identity purposes (collectively, the Purposes). The Seller may disclose your information to its service providers, agents, relevant custodians or similar third parties for these Purposes. The Seller may keep your information for such a period as it may determine (which shall be no shorter than any mandatory period prescribed by law) to contact you about OkLetsPlay. You hereby consent to the Seller transferring your personal data to its affiliates or service providers for processing, and to recipients in countries which do not provide the same level of data protection as your jurisdiction if necessary for the Purposes.
ii. If you withdraw your consent to any or all use of your personal data, depending on the nature of your request, this may limit the scope of our services which the Seller is able to provide to you. Please contact us at [email protected] (marking your email for the attention of “Data Protection Officer”). The Seller will endeavor to respond to your query / request within 30 days, and if that is not possible, the Seller will inform you of the time by which it will respond to you.
iii. You hereby warrant, represent and confirm to us and shall procure that with respect to any personal data of any individual (including, where applicable, your directors, partners, office holders, officers, employees, agents, shareholders and beneficial owners) (each, an Individual) disclosed to us in connection with these Terms, the Service Terms and Policies and/or the OKLP sale or otherwise collected by us in the course of your relationship with us or any of our affiliates: (1) each Individual to whom the personal data relates has, prior to such disclosure or collection, agreed and consented to, and permitted you on its behalf to consent to, such disclosure as well as the collection, processing, use and disclosure of the Individual’s personal data by us for all purposes required by us in connection with these Terms and/or the OKLP sale; (2) that each Individual has read and consented to the collection, processing, use and disclosure of the Individual’s personal data by us in accordance with the Purpose; and (3) any consent given pursuant to these Terms in relation to each Individual’s personal data shall survive death, incapacity, bankruptcy or insolvency of that Individual and the termination or expiration of these Terms and the Service Terms and Policies.
iv. If any Individual should withdraw his/her consent to any or all use of his/her personal data, then depending on the nature of the withdrawal request, the Seller may not be in a position to continue its relationship with you and/or sell OKLP, and the Seller shall be entitled to its rights under these Terms and the Service Terms and Policies (without prejudice to our other rights and remedies at law against you).
The price that you pay for OKLP is exclusive of all applicable taxes (including without limitation obligations to pay value added, sales, use, offerings, withholding taxes, income or similar taxes) (Taxes). The onus for determining the Taxes applicable to your purchase, holding and/or usage of OKLP lies solely with you. It is also your sole responsibility to comply with all relevant tax reporting requirements arising out of or in connection with your purchase, holding and/or usage of OKLP. The Seller is not responsible for withholding, collecting, reporting, or remitting any Taxes arising from your purchase, holding and/or usage of OKLP. The Seller cannot and does not provide any tax advice and it recommends that you seek appropriate professional advice in this area if required.
By purchasing (whether through an intermediary or otherwise), holding and/or using OKLP, you represent and warrant that:
a. You have read and understand these Terms and the Whitepaper, and you have all requisite power and authority to execute and deliver these Terms, to participate in the OKLP sale, to purchase, hold and/or use OKLP, and to carry out and perform your obligations under these terms.
b. If you are an individual, you are at least 18 years old and in any case of sufficient legal age and capacity to purchase, hold and/or use OKLP. If you are a legal person, you are duly organized, validly existing and in good standing under the laws of your domicile and each jurisdiction where you conduct business or where your assets are located. You are not purchasing, holding and/or using OKLP on behalf of any other entity or person.
c. The execution, delivery and performance of these Terms will not result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice: (i) any provision of your constitutional documents (if applicable), (ii) any provision of any judgment, decree or order, or any agreement, obligation, duty or commitment to which you are a party, or by which you are bound, or to which any of its material assets are subject, (iii) any laws, regulations or rules applicable to you, (iv) any foreign exchange or regulatory restrictions applicable to such purchase, holding and/or usage of OKLP, or (v) any governmental or other consents that may need to be obtained.
d. The execution and delivery of, and performance under, these Terms require no approval or other action from any governmental authority or person. You will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be).
e. Your purchase of OKLP shall be made in full compliance with any applicable tax obligations to which you may be subject in any relevant jurisdiction. You understand that you bear the sole responsibility to determine if your use of OkLetsPlay, the transfer of any virtual currency to the Seller, the creation, ownership or use of OKLP, the potential appreciation or depreciation in the value of OKLP over time, the sale and purchase of OKLP and/or any other action or transaction related to the Seller or OkLetsPlay have tax implications (including determining what taxes may apply to the acquisition, possession, storage, sale or other use of OKLP including, for example, sales, use, value-added and similar taxes and for complying with any obligations to withhold, collect, report and remit the correct taxes to the appropriate tax authorities in relation to its acquisition, possession, storage, sale or other use of OKLP); by creating, holding or using OKLP, and to the extent permitted by law, you agree not to hold any third party (including developers, auditors, contractors or founders) liable for any tax liability associated with or arising from the creation, ownership or use of OKLP or any other action or transaction related to the Seller (or any Group Entity) or OkLetsPlay.
f. You have good and sufficient understanding in business and financial matters, including a good and sufficient understanding of the functionality, usage, storage, transmission mechanisms and other material characteristics of blockchain technology, blockchain-like technology, blockchain-based software systems as well as other similar technologies and systems, cryptographic tokens, and token storage mechanisms (such as digital token wallets) to understand these Terms and to appreciate the risks and implications of purchasing, holding and/or usage of OKLP.
g. You have obtained sufficient information about OKLP to make an informed decision to purchase, hold and/or use OKLP. Additionally, you are aware of the Seller’s business affairs and financial condition and have obtained sufficient information about the Seller to reach an informed decision to purchase OKLP.
h. The currency (including any fiat, digital currency, virtual currency or cryptocurrency) used to purchase OKLP are obtained through “mining” activities or other lawful means, and are not derived from or related to any unlawful activities, including but not limited to money laundering or terrorist financing and all applicable statutes of all jurisdictions in which you are located, resident, organised or operating, and/or to which it may otherwise be subject and the rules and regulations thereunder (collectively, the Compliance Regulations), and you will not use OKLP to finance, engage in, or otherwise support any unlawful activities or in a manner which aids or facilitates another party in the same. To the extent required by applicable laws and regulations, you shall fully comply with all Compliance Regulations and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving it or any of your affiliates with respect to the Compliance Regulations is pending or, to the best of your knowledge (after due and careful enquiry), threatened.
i. Neither you (nor any of your subsidiaries, any director or officer, or any employee, agent, or your affiliate) nor any person having a direct or indirect beneficial interest in you or OKLP being acquired by you, or any person for whom you are acting as agent or nominee in connection with OKLP: (i) is the subject of any sanctions administered or enforced by any country or government or international authority, including the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority or the Monetary Authority of Singapore (collectively, “Sanctions”); (ii) is located, organized, citizen or resident in a country or territory that is, or whose government is, the subject of Sanctions; (iii) is listed in any list of sanctioned persons including those maintained under the Sanctions including the List of Specially Designated Nationals and Blocked Persons or the Foreign Sanctions Evaders List maintained by OFAC; or (iv) is directly or indirectly owned or controlled by any person subject to sub-clauses (i), (ii) and (iii) above.
j. Neither you (nor any of your subsidiaries, any director or officer, or any employee, agent, or your affiliate) nor any person having a direct or indirect beneficial interest in you or OKLP being acquired by you, or any person for whom you are acting as agent or nominee in connection with OKLP is: (i) a citizen or resident of, or located in, a geographic area or country designated as “High-risk and other monitored jurisdictions” (or such other similar classification) by the Financial Action Task Force; or (ii) a Politically Exposed Person (defined as a current or former senior official in the executive, legislative, administrative, military, or judicial branch of a government (elected or not), a senior official of a major political party, a senior executive of a government owned commercial enterprise, and/or being a corporation, business or other entity formed by or for the benefit of any such individual, any individual publicly known (or actually known) to be a close personal or professional associate, or an immediate family member of such individual, meaning spouse, parents, siblings, children, and spouse’s parents or siblings).
k. You are not (i) a citizen, national, resident (tax or otherwise), domiciliary or green card holder of a geographic area or country (A) where participation in token sales is prohibited, restricted or unauthorized by applicable law, decree, regulation, treaty, or administrative act or (B) where it is likely that the sale of OKLP would be construed as the sale of a security (howsoever named), financial service or investment product (including without limitation the United States of America and the People’s Republic of China (the Restricted Countries).
l. You acknowledge and agree that: (i) you are familiar with all related regulations in the specific jurisdiction in which you are based and that acquiring OKLP (through purchase or otherwise) in that jurisdiction is not prohibited, restricted or subject to additional conditions of any kind, (ii) no regulatory authority has examined or approved of the information set out in the Whitepaper or any other material in connection with OKLP, (iii) you will not use OKLP if such use would constitute a public offering of OKLP in any country or jurisdiction where action for that purpose is required, (iv) the distribution or dissemination of the Whitepaper, any part thereof or any copy thereof, or any use of OKLP by you, is not prohibited or restricted by the applicable laws, regulations, or rules in your jurisdiction, and where any restrictions in relation to possession are applicable, you will observe and comply with all such restrictions at your own expense and risk without liability to the Seller, (v) you shall ensure that no obligations are imposed on the Seller in any such jurisdiction as a result of any of the actions taken by you in the preceding sub-clause, and (vi) the Seller will have no responsibility for and it will not obtain any consent, approval or permission required by you for, the acquisition, offer, sale or delivery by it of OKLP under the laws and regulations in force in any jurisdiction to which you may be subject or in or from which you use OKLP.
m. The currency (whether fiat or virtual) used in the purchase of OKLP will be made only in your name, from a digital wallet not located in a country or territory that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force or any similar legislation.
n. You are purchasing, holding and/or using OKLP to participate in OkLetsPlay, as well as to support the advancement, promotion, research, design and development of, and advocacy for OkLetsPlay, as well as potentially receiving services on OkLetsPlay (when the same is completed and deployed). You are not purchasing, holding or using OKLP for any other uses or purposes, including, but not limited to, any investment, speculative or other financial purposes.
o. You acknowledge that: (i) OKLP does not have any intrinsic value and that it may never recover any cash, cryptocurrency or other assets which are used directly or indirectly to acquire OKLP; (ii) there is no market-standard valuation process to determine the value of OKLP at any given time; and (iii) the Seller gives no guarantees whatsoever on the value of OKLP which may be highly volatile and could reduce to zero.
p. You acknowledge and agree that the Seller may impose eligibility criteria to access certain functionality in respect of OKLP which may require it to incur additional time and money costs.
q. You shall not sell or transfer or agree to sell to transfer (whether pursuant to any public pool or private agreement with a subsequent purchaser or otherwise) any OKLP prior to the completion of the public sale of OKLP.
r. You shall not sell or transfer any OKLP prior to procuring the purchaser’s or transferee’s agreement to these Terms.
s. You acknowledge that the currency (whether fiat or virtual) paid to us for the purchase of OKLP will be held by us (or our affiliate) after the token sale, and you will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale.
t. You acknowledge and undertake that you shall provide the Seller with such information as the Seller may deem necessary or appropriate in order to maintain compliance with applicable law including: (i) compliance with the representations set out in this Clause 7, and (ii) to address any actual inquiries or inquiries that the Seller may (at its sole discretion) expect from regulatory authorities, courts or arbitral authorities in any jurisdiction.
u. You hereby acknowledge and agree that the Seller may have to procure an amendment to the functionality of OKLP at any time in order to facilitate compliance with any legal or regulatory issues which may arise or shall be anticipated, including: (i) any actual action taken, or potential action that the Seller (in its sole discretion) expects to be taken, by a court or regulatory authority in any jurisdiction in relation to the use of OKLP and all related matters, and (ii) any additional legal or regulatory risk mitigation in respect of the functionality of OKLP that the Seller decides to undertake at any time.
You hereby acknowledge that the Seller has entered into these Terms in reliance upon your representations and warranties being true, accurate, complete and non-misleading. The Seller does not and does not purport to make, and hereby disclaims, all representations, warranties or undertaking to you in relation to the sale of OKLP or otherwise. Prospective purchasers of OKLP should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the OKLP sale, the Seller, and any relevant Group Entity.
The Seller (or the relevant Group Entity, as the case may be) retains all right, title and interest in all of that entity’s intellectual property, including, without limitation, ideas, concepts, discoveries, processes, code, compositions, formulae, methods, techniques, information, data, patents, models, rights to inventions, copyright and neighboring and related rights, moral rights, trademarks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how and trade secrets), and all other intellectual property rights, in each case whether patentable, copyrightable or protectable in trademark, registered or unregistered, and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world. You may not use any of the Seller’s (or the relevant Group Entity’s) intellectual property for any reason whatsoever.
To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless the Seller, each Group Entity, and their respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, related companies, affiliates, agents, representatives, predecessors, successors and assigns (the Indemnified Parties) from and against all claims, demands, actions, damages, losses, costs and expenses (including legal fees on an indemnity basis) arising from or relating to:
a. your purchase (whether through an intermediary or otherwise), holding or usage of OKLP;
b. your responsibilities or obligations under these Terms;
c. your violation of these Terms;
d. your violation of any rights oany other person or entity; or
e. your subsequent transfer of OKLP to any individuals or entities.
To the fullest extent permitted by applicable law, you release the Seller and the other Indemnified Parties 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 users and the acts or omissions of third parties. You expressly waive any rights you may have under any statute or common law principles that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favor at the time of agreeing to this release.
These Terms will be governed by and construed and enforced in accordance with the laws of the United States of America, without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction. Any dispute arising out of or in connection with these Terms or any of the transactions contemplated in connection with the same (including without limitation the enforceability of this arbitration Clause, any question regarding existence, validity or termination) shall be referred to and finally resolved by arbitration administered by an arbitrator of OkLetsPlay’s choosing. The Tribunal shall consist of 1 arbitrator. The language of the arbitration shall be English.
Each Party agrees to keep all matters relating to this arbitration, including the arbitral awards, confidential, except as is otherwise required by court order or as is necessary to confirm, set aside or enforce the arbitral award and for disclosure in confidence to each Party’s respective legal, financial or other professional advisors.
If, at any time, any provision of these Terms is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.
The agreement set out in these Terms will terminate upon the completion of all sales of OKLP. The Seller reserves the right to terminate the agreement set out in these Terms, in its sole discretion, in the event of a breach by you of these Terms. Upon termination of these Terms:
a. all of your rights under these Terms immediately terminate;
b. you are not entitled to any refund of any amount paid whatsoever, save in the case where these Terms are terminated by the Seller without any breach by you of these Terms; and
c. Clauses 3, 4, 6, 9, 10, 17, 18 and 19 will survive and continue to apply in accordance with their terms to you in respect of any OKLP held, together with any of your obligation(s), or required performance under these Terms which, by its express terms or nature and context is intended to survive expiration or termination of these Terms.
These Terms, including the documents and material incorporated by reference, constitute the entire agreement between you and the Seller and supersedes all prior or contemporaneous agreements and understandings (including without limitation the Whitepaper, the Website or any other marketing material), both written and oral, between you and the Seller. The Seller may make changes to these Terms from time to time as reasonably required to comply with applicable law or regulation. If the Seller makes changes, it will as soon as practicable post the amended Terms at the Website. The amended Terms will be effective immediately. It is your responsibility to regularly check the Website for any such amendments.
You shall under no circumstances be entitled to assign or novate your rights and obligations under these Terms (including without limitation the right to claim any OKLP purchased). The Seller may assign or novate its rights and obligations under these Terms without your consent, and you agree to, at your own expense, take whatever action or execute any document which the Seller may require for the purpose of effecting any such assignment or novation by the Seller.
No failure to exercise, nor any delay in exercising, on our part, any right or remedy under these Terms Documents shall operate as a waiver, of any such right or remedy or constitute an election to affirm these Terms. No election to affirm these Terms on our part shall be effective unless it is in writing. No single or partial exercise of any right or remedy prevents any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in these Terms are cumulative and not exclusive of any rights or remedies provided by law.
a. You expressly acknowledge, understand and agree that you are purchasing (whether through an intermediary or otherwise), holding and/or using OKLP at your sole risk and discretion, and that OKLP is provided, used and purchased on an “AS IS” and on an “AS AVAILABLE” basis without any representations, warranties, promises or guarantees whatsoever of any kind by the Seller or any Group Entity. Prior to making any decision to purchase (whether through an intermediary or otherwise), hold and/or use OKLP, you shall conduct your own due diligence and rely only on your own examination and investigation thereof.
b. Changes in relevant laws and regulations in any jurisdictions which the Seller is operating shall constitute a force majeure and the Seller will not be responsible for any result arising out of such changes in relevant laws and regulations.
c. The Seller does not make and expressly disclaims all representations and warranties, express, implied or statutory; and with respect to OKLP, the Seller specifically does not represent and warrant and expressly disclaims any representation or warranty, express, implied or statutory, including without limitation, any representations or warranties of title, non-infringement, merchantability, usage, suitability or fitness for any particular purpose, or as to the workmanship or technical coding thereof, or the absence of any defects therein, whether latent or patent. In addition, the Seller cannot and does not represent or warrant that OKLP or the delivery mechanism for OKLP are free of security vulnerabilities, viruses, errors, failures, bugs or loopholes which may be exploited by third parties, or other harmful components.
d. The Seller assumes that you have already read these Terms, especially the risks and disclaimer stated herein and hereunder, and you shall automatically be regarded agree to take all risks (including but not limited to the risks stated herein) in relation to purchasing (whether through an intermediary or otherwise), holding and/or using OKLP.
OKLP is not being structured or sold as securities or any other form of investment product. Accordingly, none of the information presented in these Terms is intended to form the basis for any investment decision, and no specific recommendations are intended. Save in the case of fraud or gross negligence, the Seller expressly disclaims any and all responsibility for any direct, indirect, special, incidental, consequential or exemplary loss or damage of any kind whatsoever arising directly or indirectly (including without limitation, those relating to loss of revenue, income or profits, loss of use or data, or damages for business interruption) in connection with:
a. reliance on any information contained in these terms;
b. any error, omission or inaccuracy in any such information;
c. any action resulting from such information; or
d. the sale or usage of OKLP.
In no event will the aggregate liability of the Seller and the Indemnified Parties (jointly), whether in contract, warranty, tort, or other theory, arising out of or relating to these terms or the usage of or inability to use OKLP, exceed the amount you pay to us for OKLP.
The Seller shall not be liable in any way or in any event in respect of any claim under these Terms if such claim was not made within the 6-month period commencing from the date that you receive OKLP (the Claim Period). Any claim which has been made before the expiration of the Claim Period shall, if it has not been previously satisfied in full, settled or withdrawn, be deemed to have been withdrawn and shall become fully barred and unenforceable on the expiry of the period of six (6) months commencing from the date on which such claim was made, unless proceedings in respect thereof shall have been commenced against the Seller and for this purpose proceedings shall not be deemed to have been commenced unless they shall have been issued and served upon the Seller.
For the avoidance of doubt, nothing in these Terms shall limit your obligation (at law or otherwise) to mitigate your loss in respect of any claim under these Terms, and you shall not be entitled to recover damages in respect of any claim (as the case may be) if, and to the extent that, you have already recovered damages in respect of the same fact or subject matter.
Purchasing (whether through an intermediary or otherwise), holding and/or using OKLP does not create any form of partnership, joint venture or any other similar relationship between you and us, nor cause the Parties to be deemed acting in concert in any respect.
You shall hold, and shall cause your affiliates, officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence all documents, information and correspondence concerning OKLP or any Group Entity furnished to you or your affiliates in connection with the transactions contemplated by these Terms or any pre-contractual or post-contractual negotiations in connection therewith (including without limitation all commercial information such as sale price, number of tokens sold, discount (if any), as well as schedule for delivery of tokens), except to the extent that such information can be shown to have been (a) previously known on a non-confidential basis by you, (b) in the public domain disclosed without any fault on your part or © later lawfully acquired by you from sources other than any Group Entity. If these Terms are terminated, you shall, and shall cause your affiliates, officers, directors, employees, accountants, counsel, consultants, advisors and agents to, destroy or deliver to the Seller, upon request, all documents and other materials, and all copies thereof, obtained by you or your affiliates in connection with these Terms that are subject to such confidence.
Except as otherwise provided in herein, these Terms are intended solely for the benefit of you and us and are not intended to confer third-party beneficiary rights upon any other person or entity. Save for any Group Entity who shall be entitled to enforce or enjoy the benefit of the terms of these Terms, a person who is not a party under these Terms has no right to enforce or to enjoy the benefit of any term of these Terms.
You acknowledge that, solely for convenience, these Terms may be translated into a language other than English, and that a copy of the English language version of these Terms has been provided to you (which you have read and understood). In the event of conflict or ambiguity between the English language version and translated versions of these Terms, the English language version shall prevail.
Whenever possible, each provision of these Terms will be interpreted in such manner as to be effective and valid under applicable law, but if any provision or part-provision of these Terms is or becomes invalid, illegal or unenforceable in any respect under any law of any jurisdiction, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision pursuant to this Clause 24 shall not affect or impair the validity and enforceability of the rest of these Terms, nor the validity and enforceability of such provision or part-provision under the law of any other jurisdiction.
The language in these Terms will be interpreted as to its fair meaning, and not strictly for or against any party.
You agree and acknowledge that all agreements, notices, disclosures, and other communications that the Seller provides to you, including these Terms, will be provided in electronic form. These Terms have been entered into for and on behalf of the Seller. If you have any questions regarding these Terms, please contact us at [email protected]