Terms of Service for Sellback

  • 1. General Provisions
  1. The purpose of the Terms of Service is to present the parties to the contracts with the rules for implementing the Sellback service.
  2. The entity providing the service is Imperial Pay Sp. z o.o., Poland, Hajnówka, Kwiatowa 9. Contact with the service provider is available at the following email address: office@imperial-holding.xyz. For the purposes of these Terms of Service, the service provider will be referred to as the „Administrator”.
  3. The Imperial Deals Terms of Service apply supplementarily to these Terms of Service.
  4. In relation to the use of the service, an electronic Contract between the parties for confirmation is generated, to which these Terms of Service apply supplementarily.
  • 2. Subject of the Service
  1. Within the Sellback service, it is possible to sell cryptocurrencies with the assurance of the right to repurchase them, as well as securing this right technically.
  2. The Administrator indicated in § 1 clause 2 only provides the service technically, as a result of which the parties to the transaction are the entities conducting the transaction between each other (sale and repurchase of cryptocurrencies).
  3. The Administrator indicates that:
  4. Upon the conclusion of the Contract, cryptocurrencies are transferred to the technical OTC account, and the Seller receives funds in fiduciary currency;
  5. The Seller has the option to repurchase their cryptocurrencies, which results in a reverse transaction, and usually the repurchase amount is higher than the original sales amount (unless otherwise agreed by the parties);
  6. In case of a lack of repurchase of cryptocurrencies, the Buyer proceeds with automatic further resale of cryptocurrencies on the Cryptocurrency Exchange run by the Administrator according to the current list of offers and the settlement of the Parties according to their established Contract.
  7. The implementation of the Contract is done with the application of appropriate fees.
  • 3. Contract Terms
  1. The parties determine the terms of the Contract before its conclusion. When generating the Contract for acceptance, the following information will be provided:
  2. AMOUNT for which the Sale of Cryptocurrencies will take place;
  3. REPURCHASE AMOUNT for which the Seller may repurchase them;
  4. COLLATERAL, i.e., in what kind of cryptocurrency it will be taken (the system will determine the amount of necessary collateral);
  5. NETWORK FEE, which will be taken when concluding the Contract over the amount of Collateral and will not be refunded;
  6. LIQUIDATION EXCHANGE RATE, i.e., the exchange rate on the Administrator’s cryptocurrency exchange, according to which automatic sale of cryptocurrencies will occur in accordance with current orders;
  7. CURRENT EXCHANGE RATE, i.e., the current exchange rate on the Administrator’s cryptocurrency exchange;
  8. REPURCHASE DATE, i.e., the date by which the Seller can realize their right of repurchase.
  9. The parties indicate that the Amount and the Repurchase Amount are expressed in cryptocurrencies (omegacoin stablecoin), while they refer to traditional means of payment.
  10. To conclude a Contract, the parties must approve it after orally agreeing to its terms according to the following steps:
  11. The Buyer (disbursing cash) in the OTC system enters the agreed amount (for which he is purchasing cryptocurrencies) along with the type of currency, which cryptocurrency is being bought and secured, and the Repurchase Date;
  12. Then the Seller generates their code in the cryptocurrency exchange’s Sellback tab on their user account, which the Buyer uses to retrieve security data;
  13. The Seller then receives the agreed Contract terms for approval in their account window. Approval is given by pressing the Accept button, and from that moment, the agreement is concluded;
  14. The Buyer now disburses cash to the Seller as payment for the purchased cryptocurrencies.
  15. The parties stipulate that the Seller, believing in the cryptocurrency market and interested in their value increase, must temporarily sell them for personal reasons but wants to protect himself from their drastic change in value. If the Seller sells X amount of cryptocurrency now, then due to their value change in the future, he will not be able to repurchase X amount of cryptocurrency at the same price, but possibly significantly less. For this reason, the parties agree that the Seller can repurchase his cryptocurrencies at a previously agreed price (repurchase amount).
  16. The Buyer indicates that they will want to sell the cryptocurrencies purchased in connection with using Sellback on the Administrator’s cryptocurrency exchange in the future.
  17. Due to fluctuations in the cryptocurrency market, the parties establish the so-called liquidation exchange rate. The Buyer, in return for the transferred funds in fiduciary currencies until the repayment term or the liquidation exchange rate is reached, cannot sell them. This results from the need to secure the Seller so that they can actually recover their cryptocurrencies under the possibility of their repurchase. However, due to the changes in value, at the threshold (or expiry of the repayment term) liquidation, they are sold on the cryptocurrency exchange. The cryptocurrencies are then sold in such a way that the Buyer receives the Repurchase Amount, and the remaining amount after the sale is transferred to the original Seller as an additional payment for them. It is stipulated that whether the additional payment will actually occur depends on market conditions.
  18. 7. In order to repurchase their cryptocurrencies (closing the Contract and thereby closing the security), in a situation where neither the Liquidation Exchange Rate nor the Repurchase Date has been reached, the Seller selects a specific Contract on their user account and clicks „Repurchase”. Then, they generate a code which they give to the original Buyer. The Buyer then enters this code into the OTC system under the tab that allows for closing of security, thereby conducting a secondary sale of cryptocurrencies. The Contract parameters are displayed to them for reminder purposes, along with the Repurchase Amount as the amount to be collected. After receiving the cash funds, they approve the closure, and the Contract is thus completed.
  • 4. Reservations The parties agree that:
  1. Actions will be carried out automatically by setting the Contract conditions, whereby the Seller may transfer more cryptocurrencies as collateral to prevent reaching the forfeiture threshold;
  2. No one guarantees the future price of cryptocurrencies, as this depends on market rules, thus there is a possibility of a significant change in their value;
  3. Although the liquidation rate is set relatively low from the current rate, the parties accept that, due to market fluctuations, it (the liquidation rate) can be reached at any time;
  4. They are obligated to use funds from legal sources to execute the Contract and will make tax settlements related to this;
  5. The liquidation rate does not give any guarantee that only after such will the sale of Cryptocurrencies occur, as the sale is carried out according to the current offers on the Administrator’s Cryptocurrency exchange, so these may be transactions at a lower rate, and the network fee charged at the start of the Contract is non-refundable;
  6. The right of withdrawal is excluded for consumers, due to the delivery of digital content, as well as the full performance of the service;
  7. Since the transfer of funds takes place directly between the Contract Parties, to avoid conflict, the Parties can use their own written documents confirming the agreement, in particular requiring the signing of a receipt for the received funds. The Parties agree that they will only settle disputes related to the Contracts between them. In particular, a situation is not acceptable when the Seller, after concluding the Contract, states after an unnaturally long time that he did not receive all or part of the amount. All these issues should be resolved by the parties on the spot, at the time of concluding the Contract;
  8. Each of the Contract Parties should approach the execution of the Contract cautiously, while the Parties authorize the Administrator and entities cooperating with him to pass on the information and data they have to the other Party of the Contract.
  • 5. Final Provisions
  1. Due to the specificity of this service, each of the Parties should test it individually, and if they have any questions about its operation, they should ask questions on this topic first.
  2. This Regulation replaces all marketing communications on the basis of which the parties became interested in the possibility of concluding a Contract and using the service.
  3. The decision to use the service by each of the Parties is his/her individual initiative after familiarizing themselves with the Reservations, which they confirm by accepting these regulations.
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