TERMS AND CONDITIONS FOR LIT.FUND PRESALE AND NFTs
UPDATED: 02/MARCH/2022 21:10PM GMT
1.1 This agreement is between you, the person participating in the LIT.FUND PRESALE or purchasing LIT.FUND NFT (you, your) and Frontier Legal Ltd (Frontier Legal, us, we, our).
1.2 Please read these Terms and Conditions (Terms) carefully before placing an order. By participating in the LIT.FUND PRESALE on this site or purchasing LIT.FUND NFT, you agree to be bound by these Terms. If you are not willing to be bound by these Terms please do not place an order.
2. CHANGES TO TERMS
2.1 We reserve the right, at our discretion, to modify, add, or remove any or all of these Terms at any time and each such change shall be effective immediately upon posting.
2.2 Your continued use of this site and participation in the LIT.FUND PRESALE or purchase of LIT.FUND NFT following the posting of changes to these Terms will mean you accept those changes. Please check the Terms before placing each and every order.
3. ENTIRE AGREEMENT
3.3 You shall not have any claim for innocent or negligent misrepresentation against us based on any statement in these Terms.
3.4 Except as expressly stated in these Terms, we do not give any representation or undertakings in relation to your participation in the LIT.FUND PRESALE or purchase of LIT.FUND NFT. Any representation which might be implied or incorporated into these Terms by statute, common law or otherwise is excluded to the fullest extent permitted by law. In particular, we cannot guarantee the success or performance of Frontier Legal Ltd against published Milestones and we cannot guarantee performance in relation to the value of LIT.FUND TOKENS once launched.
4. OUR FUND RAISING STRATEGY
4.1 The LIT.FUND PRESALE and subsequent LIT.FUND TOKEN LAUNCH form one part of the overall funding strategy for Frontier Legal. This method of funding is sometime referred to as an Initial Coin Offering or ICO. The term ICO refers to a digital way of raising funds from the public using a virtual currency, also known as cryptocurrency. An ICO can also be known as ‘token sale’ or ‘coin sale’.
4.2 LIT.FUND NFTs can be purchased as digital art from Opensea.io see paragraph 5.
4.3 By participating in the LIT.FUND PRESALE or by purchasing a LIT.FUND NFT you are supporting the tokenisation of transformation projects in Frontier Legal’s ESG focused Ecosystem. Frontier Legal’s current Roadmap can be found on our website ‘LIT.FUND’.
4.4 When you participate in the LIT.FUND PRESALE you have an opportunity to redeem the number of LIT.FUND TOKENS that is stated at the LIT.FUND PRESALE checkout when you place your order. These will be provided to you once LIT.FUND TOKENS have launched. This is strictly subject to you passing our Due Diligence Procedures which you will evidence by obtaining and presenting a valid LIT.FUND verification NFT.
4.5 For the avoidance of doubt you will not receive shares in Frontier Legal when you purchase LIT.FUND PRESALE or LIT.FUND NFTs.
4.6 You must be at least 18 years old to purchase LIT.FUND PRESALE. Purchases can be redeemed against LIT.FUND TOKENS for the benefit of other individuals including those below the age of 18 years old upon evidencing a valid LIT.FUND verification NFT.
4.7 We reserve the right to charge an administration fee of £25 for each and every purchase of LIT.FUND PRESALE. This fee represents the compliance costs relating to our Due Diligence Procedures. Where charged, this fee is not refundable.
5. LIT.FUND NFTs
5.1 LIT.FUND NFTs can be purchased from Opensea.io as digital art.
5.2 Certain LIT.FUND NFTs come with additional bonus features or rewards that can be redeemed subject to the purchaser evidencing a valid LIT.FUND verification NFT which signifies that our Due Diligence Procedures have been passed.
5.3 Some bonus features and rewards can be transferred or sold on from the original purchaser to a new buyer subject to the original purchaser evidencing a valid LIT.FUND verification NFT.
5.4 LIT.FUND NFTs sold at more than 10,000 USD are only available for private sale to buyers that can evidence a valid LIT.FUND verification NFT.
5.5 It is a breach of these Terms to make a purchase of more than 10,000 USD without obtaining a valid LIT.FUND verification NFT and we reserve the right to restrict or withdraw bonus feature and rewards should this clause be breached.
6. CONSUMER WARNING ABOUT THE RISKS OF INITIAL COIN OFFERINGS (‘ICOS’)
6.1 The Financial Conduct Authority has published guidance to consumers about ICOs. Before participating in any ICO, including ours you should make yourself familiar with this guidance which can be found here Initial Coin Offerings | FCA.
6.2 Before participating in our LIT.FUND PRESALE you should conduct your own due diligence in relation to our project and our founding team and assess each of the following risks highlighted by the FCA in their guidance:
a) Unregulated space: Most ICOs are not regulated by the FCA and many are based overseas.
b) No investor protection: You are extremely unlikely to have access to UK regulatory protections like the Financial Services Compensation Scheme or the Financial Ombudsman Service.
c) Price volatility: Like cryptocurrencies in general, the value of a token may be extremely volatile – vulnerable to dramatic changes.
d) Potential for fraud: Some issuers might not have the intention to use the funds raised in the way set out when the project was marketed.
e) Inadequate documentation: Instead of a regulated prospectus, ICOs usually only provide a ‘white paper’. An ICO white paper might be unbalanced, incomplete or misleading. A sophisticated technical understanding is needed to fully understand the tokens’ characteristics and risks.
f) Early stage projects: Typically ICO projects are in a very early stage of development and their business models are experimental. There is a good chance of losing your whole stake.
7. OUR COMMITMENT TO YOU
7.1 We commit to a high standard of effort and dedication to achieve Frontier Legal’s published Milestones in a transparent way. Notwithstanding this, you acknowledge that despite considerable research and development that has already gone into our project, we are creating something new and there may be changes or delays including changes to the date scheduled for the launch of LIT.FUND TOKENS.
8. LIT.FUND PRESALE BENEFITS AND RISKS
By participating in the LIT.FUND PRESALE:
a) You are supporting the tokenisation of transformation projects in Frontier Legal’s ESG focused Ecosystem which aims to revolutionise the legal services market and increase access to justice.
b) You have an opportunity to receive LIT.FUND TOKENS to the number stated at the checkout when you place your LIT.FUND PRESALE order, this is strictly subject to our Anti Money Laundering Due Diligence Procedures and these Terms.
c) You have the opportunity to unlock participation in projects, events and features of the LIT.FUND platform subject to corresponding participation rules.
d) By accepting these Terms you are confirming that you understand that your purchase of LIT.FUND PRESALE is primarily to support us achieving our published Milestones.
a) LIT.FUND PRESALE orders do not guarantee any return other than the efforts of Frontier Legal to achieve their Milestones.
b) There is a risk that Frontier Legal’s Milestones will be delayed, changed or cancelled and in extreme circumstances, despite best endeavours, Frontier Legal may fail as a business. In these scenarios no refunds of LIT.FUND PRESALE orders, LIT.FUND TOKENS or administration fee are available.
c) In order to redeem LIT.FUND TOKENS following your LIT.FUND PRESALE order you are required to cooperate with us in order for us to complete any further AML due diligence beyond that already carried out when you placed your initial order. The level of due diligence that we undertake at any stage is at our complete discretion to ensure that we do not breach Anti Money Laundering Regulations.
d) You may be required to pay a reasonable fee for any further due diligence that is required depending upon your specific circumstances beyond that which you paid when you placed your LIT.FUND PRESALE ORDER. For example, in addition to the verification of your identity we may ask for an explanation and evidence of the source of the funds with which you purchased LIT.FUND PRESALE and in some circumstances you may be asked to explain and evidence the source of your overall wealth.
e) If we are unable to contact you or if you are unable to satisfy any further Due Diligence that may be required you may be unable to redeem LIT.FUND TOKENS. In this scenario you are not entitled to a refund but we may consider refund requests on a case by case basis.
f) Should you have any concerns that you may not be able to prove your identity or evidence legitimate source of funds do not participate in the LIT.FUND PRESALE.
g) Once launched, the value of LIT.FUND TOKENS will by their nature fluctuate and increasing value over time cannot be guaranteed. In extreme cases the value of LIT.FUND TOKENS may fall to zero. In this scenario no refunds of any LIT.FUND PRESALE order, LIT.FUND TOKEN or administration fee.
9. ANTI MONEY LAUNDERING
9.1 We consider the risk of Money Laundering or Terrorist Financing to be low when LIT.FUND PRESALE orders are made. We have assessed this on the basis that proceeds from the LIT.FUND PRESALE are used towards the tokenisation of transformation projects in the Frontier Legal’s Ecosystem directly in accordance with our published Milestones.
9.2 We recognise that there is a higher risk of Money Laundering when refunds are made and when LIT.FUND PRESALE is redeemed against LIT.FUND TOKENS and then traded. For this reason we apply Due Diligence Procedures to our LIT.FUND PRESALE processes and when issuing LIT.FUND TOKENS or associated bonuses and rewards. You may be required to evidence a valid LIT.FUND verification NFT before these items and features can be redeemed.
9.3 In order to obtain a valid LIT.FUND verification NFT you will be required to evidence and verify identity and for certain purchases we may require you to evidence the source of your funds and in some circumstances we may ask you to evidence how you have accumulated your overall wealth.
10. CANCELLATION AND REFUNDS
10.1 In participating in the LIT.FUND PRESALE you acknowledge that you are not purchasing goods or services as defined by The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 and as such you have no right to a cancellation period.
10.2 For the avoidance of doubt your purchase represents a crowd-funded type donation and any other reward or benefit such as redemption against LIT.FUND TOKENS is secondary and not guaranteed.
10.3 You are responsible for ensuring your ability to receive LIT.FUND for example through a suitable custodial wallet and any associated platform applications and websites. You bear all risk of loss after participating in the LIT.FUND PRESALE to follow instructions to receive LIT.FUND TOKENS. You bear all risk of any loss due to a computer or hardware malfunction or internet connectivity issues. If you have any concerns or if you are unable to redeem LIT.FUND PRESALE order against LIT.FUND TOKENS when they have launched and you have been unable to answer your query through review of the LIT.FUND website, please e-mail us at Hello@LIT.FUND.
11. LIMITATION OF LIABILITY
11.1 Whilst we commit to making every reasonable effort, we cannot be held liable for and we expressly disclaim any liability or responsibility for our performance against published Milestones. You acknowledge that you must make the final determination as to the appropriateness of your contribution made by participation in the LIT.FUND PRESALE.
11.2 We cannot be held liable for the performance of LIT.FUND TOKENS once launched and we cannot be held liable for any change in the schedule of the Public Sale. For the avoidance of doubt there is no longstop date by which the Public Sale must commence.
11.3 Should we be unable to launch LIT.FUND TOKEN for reasons outside our control, such as a change in regulation for example, we are not liable and you will not be eligible for a refund of your LIT.FUND PRESALE order, LIT.FUND NFT or any administration fee.
11.4 In any event and without prejudice to the above, any liability of Frontier Legal is limited and does not exceed the total amount you paid in your participation of the LIT.FUND PRESALE in the transaction related to any claim for compensation.
12.1 Payment for LIT.FUND PRESALE order, LIT.FUND NFT and administration fee is restricted to certain payment methods as allowed at the checkout when placing your order.
12.2 You may be asked to pay for and complete ID verification before you place your order. You may be subject to further administrative fees if there is more detailed due diligence required or where a discretionary refund is provided. The level of fee applied will be determined on a case by case basis at our discretion.
14.1 We may assign our rights and obligations under these Terms to any another person. If there is any such assignment of rights and obligation, we will inform you in writing or by e-mail at Hello@LIT.FUND
14.2 You cannot transfer your rights and obligations under these Terms to any another person without our written approval.
14.3 This contract is only between you and us. No other third person shall have any rights to enforce any terms.
14.4 Each paragraph of these Terms are separate and distinct form other. If any court or relevant authority determines any of paragraphs of these Terms is unlawful, then such determination will not affect other paragraphs and all other remaining paragraphs will remain in effect and full force.
14.5 English law governs these Terms and contract between you and us. English courts will have jurisdiction on any dispute that may arise out of this Terms or contract between you and us. However, you may bring proceedings in Northern Ireland if you are a resident of Northern Ireland, and you may bring proceedings in Scotland if you are a resident of Scotland.
15. COMPLIANCE WITH THE LAW
15.1 You will only participate in the LIT.FUND PRESALE, TOKEN LAUNCH and purchase of LIT.FUND NFT in compliance with all applicable national and international laws.
16. CONTACT US
16.1 For any questions or queries you can contact us by e-mail at Hello@LIT.FUND