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Terms & Conditions

Updated on 12.09.2021 

Welcome to the CoolBitX Innovation Lab (hereinafter, the “Site”)! CoolBitX Ltd. (hereinafter referred to as “CoolBitX”, “we”, “our”, or “us”) establishes this platform for the purpose of experimenting creative ideas and redefining user interaction in the field of cryptocurrency. The following terms and conditions apply between CoolBitX and any user who accesses or uses the Site (referred to herein as “users”, “you”, or “your”). 

By accessing or using the Site, you acknowledge that (a) you have fully understood the terms and conditions and (b) you agree to be bound by the same. CoolBitX reserves the right to change, edit, add, or remove any part of the terms and conditions at any time if necessary. Changes shall take immediate effect as soon as they are uploaded to the Site. 

When you continue using the Site after the updated terms and conditions have been posted, you are deemed to have accepted and agreed to be bound by those changes. If you do not agree to any of the terms and conditions, you shall cease using the Site and not to purchase any products or services from the Site. You are responsible for checking the updates of our terms and conditions. We recommend that you check every time when accessing or using the Site.

1. Instructions for Using the Site

  1. Age of Using. When accessing the Site, you must ensure that you are above 18 years old or a major with full legal capacity under the laws applicable to you. If you are a minor or a person with limited legal capacity, you must access the Site under the supervision of parents or legal guardians. If you continue using the Site despite the fact that you are a minor or a person with limited legal capacity, and without the supervision of parents or legal guardians, you shall be responsible for all legal and financial responsibilities and liabilities resulting therefrom; and CoolBitX shall have the right to claim against you and your legal guardian for damages caused to CoolBitX as a result of such access or use. In addition, CoolBitX has the right to deactivate, suspend, or terminate your user account.
  2. Registering An Account. Users who intend to participate in auctions must register an account through the Site. You are required to provide authentic information about yourself and update the information if there are any changes in a timely manner. You shall be responsible for your account information, password, and activities on the Site. Users acknowledge that we are entitled to rely on the actions through your account activities prior to any written notification informing otherwise. If you have identified any unauthorized access to your account, you must notify us immediately so that we can take appropriate action to suspend or deactivate your account in time.
  3. Restrictions & Liabilities. It is strictly forbidden to register or use an account on behalf of a third party without such third party’s written permission or to share an account with others. You shall not create additional accounts to circumvent buying limits, bidding rules, suspension, or to manipulate any Site features or our policies. It is also forbidden to sell an account or to scrape or gather information from the Site to use for your own good. You must not interfere or disrupt networks connected to the Site or transmit through the Site any unlawful, harassing, libelous, threatening, harmful, vulgar, obscene, or otherwise objectionable material or communication of any kind of any nature. Users acknowledge that CoolBitX does not have any responsibilities for damages or loss caused by your non-compliance and that you are responsible for any damages or loss of CoolBitX, directly or indirectly, arising out of or in relation to your non-compliance. 
  4. Advertisement. By providing your email address, you agree to receive promotional emails and/or newsletters from us. If you do not wish to continue receiving these emails, you may choose to unsubscribe.  
  5. Customer’s Feedback. All of your comments and communication through the Site are our assets. If we detect or suspect any false information, we have the right to suspend or terminate your account immediately.

2. General Rules for Making Purchases on the Site

  1. Payment Terms. If you are the winning bidder or purchase a fixed-price item, you agree to pay the full amount of your winning bid or the listed price, plus any applicable tax and shipping charges in relation to your purchase. 
  2. Refund Policy. You acknowledge that all sales are final. All payments made or payable in relation to the listings or your account are not refundable nor otherwise be credited to your account. It is your sole responsibility to read through the content and details in relation to your purchase or bid prior to making a decision.
  3. Government Regulations & Taxes. You shall be solely responsible for the compliance of any applicable tax or custom clearance procedures in connection with your purchase.  
  4. CoolWallet-Related Products. Users should refer to the Terms and Conditions on our CoolWallet Official Website (available at https://www.coolwallet.io/termsandconditions/) for terms and conditions relating to our CoolWallet-related products (“CoolWallet T&C”). The CoolWallet T&C shall be used to supplement the terms and conditions of this Site. In the event of any inconsistency between CoolWallet T&C and terms and conditions of this Site, the latter shall govern. 
  5. Expected Delivery Time. The delivery time of your purchase might be subject to changes depending on factors that are not within our controls, such as weather conditions, custom clearance policy, shortages, and/or other difficulties or unexpected situations. Your understanding and support would be greatly appreciated. 
  6. Right to Monitor and Editorial Control. CoolBitX reserves the right, but does not have an obligation, to monitor, review and edit information and materials posted on the Site.

3. Auction Procedures and Bidding Rules 

  1. Auction Procedure. All biddable items offered on the Site are timed auctions and online only. The beginning, end and course of the auctions are controlled by CoolBitX. You may be able to place a bid with USD 10 increments at any time during the bidding period. You may be able to see the reserve price (if any), the current bid, and the end date and time. Bids already submitted may not be retracted or canceled, and are considered binding until invalidated by a higher bid. You will be the winning bidder if your bid is the highest bid at the end of the bidding period. In such case, we will send out a confirmation email to notify you that you have won the auction. You are required to make the full payment of the item you bid within three (3) days from the date of confirmation email sent. Failure to pay within the specified time will result in the forfeiture of your winning status, and we have the right to cancel your bid and move forward to the second highest bidder, and so forth. Once you are in default up to three times, CoolBitX is entitled to terminate or suspend your account, and forbid you from participating in further auctions from our Site.
  2. Extension. In order to prevent auction sniping, if a bid is placed within the last minute of the specified bidding period, an “lot extension” will kick in and keep the lot open for a further one (1) minute. 
  3. Tied Bids. In the event that two bidders place the same maximum bid by the end of the bidding period, the bid first received by CoolBitX will be deemed the winning bid.  
  4. Auction Changes. From time to time, CoolBitX may list items for auction for approved and registered participants to bid on. Auction dates and times, as well as the number, character, order, and schedule of the items to be auctioned are set by CoolBitX and are subject to changes without notice. Individual lots and items may be modified or canceled at any time without notice.

4. Intellectual Property Rights. All information and content, including but not limited to, any design, text, graphics, software, images, logos, videos, sounds, music, translation, and source code on this Site are the property of CoolBitX. All rights reserved. 

5. Personal Data & Privacy Regulations. You acknowledge and agree that CoolBitX may collect, store, and process your personal data for reasonable business purposes such as setting up your account and handling of a purchase agreement. You acknowledge and agree that CoolBitX may pass on your personal data to applicable subcontractors or vendors in order to fulfill certain business needs such as processing your credit card payment. CoolBitX reserves the right to process, use, or transfer your personal data in the event of the request or order from the government authorities, financial institutions, or auditors, even after the end of a user relationship for overriding interests. Any information you provide to us is governed by our Privacy Policy. 

6. Disclaimer. WITHOUT LIMITING THE DISCLAIMER OR WARRANTIES CONTAINED IN THE COOLWALLET T&C, WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR FREE, OR THAT BIDS WILL BE RECEIVED BY US OR INFORMATION REGARDING CURRENT PRICE WILL BE TRANSMITTED IN A TIMELY FASHION, NOR DO WE GUARANTEE THE PERFORMANCE OF ANY OBLIGATIONS OF WHICH THE OBLIGOR IS NOT IN THE FULL CONTROL OF COOLBITX. TO THE EXTENT PERMITTED BY APPLICABLE LAW, WE SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. 

7. Limitations of Liabilities. IN ADDITION TO THE EXCLUSION OF DAMAGES SET OUT IN THE COOLWALLET T&C AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL COOLBITX BE LIABLE, AND YOU AGREE NOT TO HOLD US RESPONSIBLE, FOR ANY DAMAGES OR LOSS (INCLUDING, BUT NOT LIMITED TO, LOSS OF MONEY, GOODWILL OR REPUTATION, PROFITS OR OTHER INTANGIBLE LOSS, OR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES) RESULTING DIRECTLY OR INDIRECTLY FROM OUR SITE, OUR SERVICES, THE FAILURE OF ANY BID OR PRICING INFORMATION TO BE TRANSMITTED OR RECEIVED BY YOU OR US IN A TIMELY MANNER, THE INTERRUPTION OF ANY DATA TRANSMISSION, AUDIO OR VIDEO BROADCAST, OR THESE TERMS AND CONDITIONS (HOWEVER ARISING, INCLUDING NEGLIGENCE). NONETHELESS, IN THE EVENT THAT WE ARE FOUND TO BE LIABLE, OUR TOTAL AGGREGATE LIABILITY TO YOU OR ANY THIRD PARTY IS LIMITED TO THE TOTAL FEES YOU HAVE PAID TO US FOR THE PURCHASE ON THE SITE THAT GIVES RISE TO THE LIABILITY.   

8. Indemnity & Compensation. You acknowledge and agree to indemnify and hold harmless CoolBitX against any loss, liability claim, damage and expense arising out of or in connection with your action or inaction. In the event that CoolBitX suffers loss or damages, including consequential damages, loss of profit, goodwill impairment or reputational damages, as a result of, in connection with, or arising out of an action or inaction by you, CoolBitX is entitled to hold you accountable for such loss or damages suffered.   

9. Miscellaneous

  1. Force Majeure. Nonperformance of CoolBitX shall be excused to the extent that the performance is rendered infeasible due to factors out of the control of CoolBitX, including, but not limited to, strike, flood, fire, transmitted disease, governmental acts or orders or restrictions, failure of supplier, weather conditions, custom clearance policy changes, shortages, and other difficulties or unexpected situations.
  2. Notice. All notices required or permitted shall be in writing and are deemed delivered upon the date the email sent or upon received by mailing to the address you have provided.
  3. Assignment. You may not assign or transfer any or all part of your rights or obligations under the underlying terms and conditions without the prior written consent of CoolBitX. CoolBitX may assign or transfer any part of the terms and conditions at its sole discretion when it deems necessary. Subject to the foregoing, the terms and conditions will bind and inure to the benefit of the parties, their successors, and permitted assigns.  
  4. Waiver. Failure to perform shall not deem to be a waiver of any rights of CoolBitX.
  5. Severability. If any provisions or any portions of the terms and conditions are held to be void or unenforceable, the remaining provisions or portions of the terms and conditions shall continue in full force and effect. 
  6. Choice of Law & Forum. Any disputes or controversies arising out of or relating to the underlying terms and conditions shall be governed by and construed according to the laws of Taiwan (R.O.C.) without reference to its conflict of laws rules; and shall be subject to the exclusive jurisdiction of the Taiwan Taipei District Court.

10. Contact Information. If you have any questions regarding your transaction, the information or content from the Site, or the underlying terms and conditions, please contact CoolBitX via email at [email protected]

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