TERMS OF USE

Last modified: November 12, 2019

Welcome to Digital Rand! Please read these Terms of Use, Disclaimer and our Privacy Policy (collectively the “Terms”) carefully, as you agree that you consent to these Terms by your use of this website and Digital Rand’s services, as described further below.

Acceptance of the Terms of Use

These terms of use are entered into by and between you and Digital Rand (Pty) Ltd (“Company,” “Digital Rand,” “ we,” “our,” or “us”), and they govern your access to and use of Digital Rand’s online interface (the “Interface”), including any content, functionality, and services offered on or through the Interface as a user.

Please read the Terms carefully before you use the interface. By using the interface, or by clicking to accept or agree to the Terms of Use when this option is made available to you, you accept and agree to be bound and abide by these Terms of Use and our Privacy Policy, incorporated herein by reference. You also accept and agree that you are solely responsible for complying with all laws, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of Digital Rand services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. If you do not agree to these Terms of Use or the Privacy Policy, do not access or use the website or any Digital Rand services.

Changes to the Terms of Use and Interface

We will likely change and update these Terms from time to time, and these changes are effective as soon as we post them on the interface. You should regularly visit the website to review when the Terms, as displayed at the top of this page, were last modified and to review the current Terms. Any material amendments that are likely to significantly impact your rights and obligations will be sent to your email address associated with the Interface. If you continue to use the interface following the posting of any revised Terms, you are accepting and agreeing to the changes.

We may also update the content on the interface as we see fit, but do not guarantee that any content is necessarily complete or up-to-date.

Electronic communications

Digital Rand understands that most companies spam your inbox. Our approach is to effectively communicate with you and minimise unnecessary information.

You consent to receiving all communications electronically. Furthermore, you accept that any communications, agreements, notices and/or any other documents relating to your Digital Rand services will be provided to you electronically by posting them on the Digital Rand site or emailing them to your email address associated with the Interface. You are responsible for providing us with a valid and accessible email address to which communications may be sent to you.

You may at any time withdraw your consent to receiving communications electronically by contacting support@digitalrand.co.za .

Digital Rand Services

The interface is an online environment to purchase DZAR, a decentralised stable cryptocurrency token for South Africa’s fiat currency (“Rand”). You may also redeem DZAR tokens for Rand on the Interface. DZAR tokens are not money, legal tender, and are not monetary instruments. They are also not stored value or currency. Once you have DZAR tokens, you can trade them, keep them, or use them to pay persons that will accept your DZAR tokens, or redeem them for Rand on the Interface. The Company itself does not guarantee any right of redemption or exchange of DZAR tokens for Rand on local exchanges.

DZAR tokens are fully collateralised by Ethereum, Dollar stablecoins and fiat Rands. The underlying assets of all DZAR tokens in circulation are audited by our external auditors. DZAR token holders can purchase or redeem tokens for their Rand, held in cold storage wallets through the Interface. The Interface is only intended to facilitate such purchases and redemptions. The Company utilizes Digital Rand’s asset tokenisation smart contracts and an Ethereum-based protocol that is designed to facilitate automatic digital asset exchange between ETH and ERC20 tokens. Our exchange contract holds a reserve of ETH and DZAR tokens. Trades that are executed on our exchange contract also allow for direct ERC20 to DZAR trades using ETH as an intermediary.

The Company reserves the right to refuse to issue or redeem DZAR tokens, without limiting the generality of the foregoing, if any act, conduct, transaction, omission, or misrepresentation, or the party requesting the issuance or redemption, violates, attempts to violate, causes, aids, or abets the violation of any applicable laws, statutes, ordinances, or regulations; is suspected or believed to be blocked property, frozen assets, or economic resources, or the proceeds of any crime, terrorist financing, or corruption related to any person or government official under any applicable laws; or exposes the Company to sanctions, restrictions, or penalties.

Eligibility

The interface is limited to users who meet the Anti-Money Laundering and Counter Terrorism Financing customer due diligence requirements outlined below.

Anti-Money Laundering and Counter-Terrorist Financing

We are committed to providing you with safe, compliant, and reputable services through the Interface. Accordingly, we insist on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators.

We reserve the right to refuse registration to, or to bar transactions from or to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the FATF; to anyone that is a Politically Exposed Person within the meaning of the FATF’s 40 Recommendations; or, that fails to meet any of our customer due diligence standards, requests, or requirements. In lieu of refusing registration, we may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Interface and any related service. The Company will validate and verify your identity based on the information provided. As part of our Know Your Customer (KYC) policy and ongoing monitoring of account activity, we may request additional information and documentation from you in the future. If we are unable to contact you and verify your identity in the future, we may need to close your account.

We are required to retain certain information and documentation obtained as part of the KYC procedures. These requirements apply even when you have terminated your relationship with Digital Rand. We reserve the right to keep such information and documentation for the required period, as per our Privacy Policy, and you accept that information and documentation you provide to Digital Rand may be retained by us, including following the closure of your relationship with Digital Rand.

The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are reasonable grounds to believe that DZAR tokens are being used for illegal purposes.

We reserve the right to prohibit specific cryptocurrency exchanges from accessing the Interface, receiving DZAR tokens, or transferring DZAR tokens if the exchange has not been preapproved by the Company or the Company is properly directed to do so by law enforcement or a court of competent jurisdiction. We reserve the right to restrict or prohibit the listing or trading of DZAR tokens on any exchange in our sole and absolute discretion. Any exchange that lists a DZAR token represents and warrants to the Company that by doing so it is duly organized, registered, licensed, and shall comply with all applicable laws and rules of South Africa. Furthermore, any exchange listing a DZAR token represents and warrants to the Company that by doing so it has Anti-Money Laundering (“AML”) and Counter Terrorist Financing controls meeting South African requirements. The Company will make reasonable efforts to notify and inform exchanges in advance of any such restriction or prohibition, unless the Company is prohibited from doing so by law enforcement or under an order from a court of competent jurisdiction.

Accessing the Interface

In order to cause DZAR tokens to be issued or redeemed by the Company, you must pass any bank verifications and KYC/AML validation requirements that we or our independent fiduciary partners require. It is a condition of your use of the Interface that information you enter into the Interface is correct, current, and complete. All information you enter into the Interface is governed by our Privacy Policy. You accept that there may be delays in carrying out transactions through the Interface, while we undertake any KYC/AML validation procedures.

Please note the following KYC/AML documents that Digital Rand is required to retain before DZAR tokens can be issued to an individual:

  • Basic personal details, as when providing your Rand deposit information on the interface
  • Submit photo/scan of government-issued ID or passport
  • Submit proof of residential address
  • Please note the following KYC/AML documents that Digital Rand is required to retain before DZAR tokens can be issued to a company:
  • Basic company details when providing your Rand deposit information on the interface
  • Submit photo/scan of Company Incorporation certificate
  • Submit photo/scan of a bank statement verifying the address of the applicant company (not older than 3 months)
  • Submit photo/scan of the Company’s Shareholder certificates and any companies that hold or control more than 25% of the applicant company
  • Submit photo/scan of government-issued ID or passport and proof of residential address for all major shareholders (25% +)
  • Submit photo/scan of any address change or name change documents, if required.

We reserve the right to deny access to the Interface to anyone or cancel an account for any or no reason, including but not limited to violations of these Terms, applicable laws and regulations, or engaging in any Prohibited Uses as outlined below, and at any time, at our sole discretion. If we terminate your account for any reason, we’ll provide you with notice of our actions and make any unrestricted DZAR tokens available for redemption.

Fiat Currency Deposits

Subsequent to your KYC/AML validation procedures, you may deposit fiat Rands into Digital Rand’s bank account. The Digital Rand bank account into which you make your deposit will be a segregated account, held in South Africa, and used exclusively for the purpose of holding and processing customer funds.

Details of the Digital Rand bank account into which you must make the deposit will be provided to you immediately after providing your basic personal details and DZAR token issue request on the interface. To permit timely and successful issuance of your DZAR tokens, you must use the Reference Number indicated. Digital Rand will not be responsible for any delay in or non-issuance of DZAR tokens to your provided wallet address where you fail to specify the required Reference Number.

Where you have made a Rand deposit, through EFT, and have adhered to the banking requirements below, your DZAR tokens will be issued to the wallet address you have provided. You agree that failure to adhere to these requirements may cause delay in or failure of issuance of your DZAR tokens.

Banking requirements include the following:

  • you may only make a deposit from a bank account account held in your own name.
  • you may not allow any third party to make a Rand deposit for DZAR tokens into your wallet address;
  • except in the case of a SEPA transfer, you may only make fiat Rand (ZAR) deposits in exchange for DZAR tokens;
  • you must not use cash or cheques to make a deposit. Digital Rand reserves the right to refuse any deposit made by cash or cheque.

The issuance of DZAR tokens may take time to reflect in your wallet due to bank processing times, operational processes, and/or failure by you to adhere to the deposit requirements. Under no circumstances will Digital Rand have any liability to you in relation to any delay in or failure of a DZAR token issuance reflecting in your wallet.

Digital Rand will make all reasonable efforts to issue DZAR tokens that do not meet the deposit requirements. However, any deposits that cannot be allocated within a one month period will be retained by Digital Rand and you accept that you shall have no further claim or entitlement to such funds.

Digital Asset Exchanges

Digital Rand makes use of an Ethereum-based protocol that is designed to facilitate automatic digital asset exchange between ETH and ERC20 tokens. Our exchange contract holds a reserve of ETH and DZAR tokens. Trades that are executed on our exchange contract also allow for direct ERC20 to DZAR trades using ETH as an intermediary. Digital Rand makes no guarantee that the platform will be available without interruption; that there will be no delays, failures, errors, omissions or loss of transmitted information; or that any order will be executed, accepted, recorded, or remain open.

Fees

The Company does not take any responsibility for any bank transfer, credit card, or any other fees or costs (“Fees”) associated with the purchase or redemption of any DZAR tokens. Any Fees incurred by you during the purchase or redemption of a DZAR token shall be deducted from the amount being purchased or redeemed before the balance is transferred to you. For example, if you EFT R10,000 to purchase DZAR and there is a transaction fee of R25.00, you will then receive 9,975.00 DZAR in your ERC-20 wallet.

You are responsible for all on-chain transaction costs associated with on-chain transfers of any DZAR token. The Company does not charge any Fees for purchasing or redeeming any DZAR and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers.

Taxes

You are solely liable for all the taxes, fees, and commissions resulting from the use of the Interface. These Terms of Use alone do not create a joint venture, partnership, or principal-agent relationship between you and the Company, or any other users, and nothing in these Terms of Use may be used to imply such a relationship. You agree to indemnify the Company from any liability for, or assessment of, any claims or penalties with respect to such taxes, labour, or employment requirements, including any liability for, or assessment of taxes imposed on the Company by the relevant taxing authorities with respect to any fees paid to you as the result of using the Interface.

Withdrawals

Digital Rand will process withdrawals in accordance with your instructions. Payments shall only be made to you following submission to us of valid bank account details in your name. We shall not transfer fiat Rands to any bank account in the name of a third party. You are solely responsible for ensuring that any withdrawal instructions provided to Digital Rand, including the relevant bank account number, are complete and correct and you accept that under no circumstances will Digital Rand be under any obligation to reverse or amend any withdrawal.

Digital Rand will make all reasonable efforts to process withdrawals each business day, but you accept that Digital Rand provides no guarantee in relation to the withdrawal processing period.

Withdrawals to the bank account of any third party are prohibited.

DZAR tokens can also be converted into other cryptocurrencies and/or withdrawn from any crypto exchange.

Transactions on Ethereum Network

DZAR transactions must be confirmed and recorded in the public ledger associated with the Ethereum network. The Ethereum network is solely responsible for verifying and confirming any DZAR transactions. Digital Rand cannot confirm, cancel or reverse transactions on the Ethereum network, other than confirming to you that the network has completed the transaction.

You accept that, once submitted to the Ethereum network, a transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly, and will not be included in your wallet balance or be available to you to conduct transactions;

The Ethereum network is operated by decentralised networks of independent third parties. It is not owned, controlled or operated by Digital Rand so we cannot ensure that any transaction details you submit will be confirmed by the network. You accept that any transaction details you submit may not be completed, or may be substantially delayed, by the network used to process the transaction.

The underlying software protocols that govern the operation of DZAR tokens are open source. Accordingly, anyone can use, copy, modify, and distribute them and Digital Rand has no ownership of or control over these protocols. By using Digital Rand, you accept that:

  • Digital Rand is not responsible for the operation of the Ethereum network’s underlying software protocols and makes no guarantee as to their availability, security, or functionality;
  • We reserve the right to amend the Interface, and any service or material we provide on the Interface, in our sole discretion without notice. This includes, but is not limited to, replacing the existing DZAR smart contracts with new smart contracts or moving any DZAR token to a new blockchain. In the event that a DZAR smart contract is replaced or moved to a new blockchain, balances will be transferred and the old DZAR tokens will not be valid for any purpose and shall be frozen.
  • Should a blockchain on which a DZAR token is on forks, we reserve the right to select the new fork based on factors that include, but are not limited to, community adoption and long-term viability. In the event of a fork, all DZAR tokens on the non-chosen fork will not be valid for any purpose and shall be frozen. The Company defines a blockchain fork as a protocol upgrade that breaks backward compatibility. The Company shall have sole and absolute discretion in defining a blockchain fork.

Account Security

Digital Rand does not ask you to create a personal online account. We do this in our best efforts to keep your information as secure as possible and to minimise the risk of loss, unauthorised access or theft of your DZAR tokens and personal information.

You are however, solely responsible for maintaining the confidentiality of the information you provide to Digital Rand, as well as any and all activities that occur under your profile. The company only issues DZAR tokens to a wallet linked to a verified customer and email address. You must immediately notify us of any unauthorized use of your profile and any other such security breach. We will not be liable for any loss that may occur as a result of someone else using your profile information, with or without your knowledge. You should use particular caution when interacting with the interface from a public or shared computer so that others are not able to view or record your personal information.

Some of the most common methods hackers may use to gain access to and perform unauthorised transactions on your profile include the following:

  • Phishing: This is when you are tricked into revealing personal information, such as bank account, wallet address or other sensitive information. Phishing can take many forms, for example:
  • Emails: You may receive an email that appears to be from Digital Rand but was actually sent by a hacker, asking you for information or leading you to a fraudulent website.
  • Phishing websites: These websites are set up to look like Digital Rand’s website, but everything entered there (like your wallet address and password) gets recorded in order for hackers to access your wallet. In some cases, these websites are promoted by running adverts that look like they’re taking you to the legitimate Digital Rand website.
  • Phone scams: Someone may call you, pretending to be from Digital Rand, asking you to provide your wallet address, password and other information in order to access your wallet.
  • SMS / instant messaging scams: In this case a fraudster will send you a message purporting to be from Digital Rand and prompting you to share your wallet address, password or other information, or to select a link.
  • Digital Rand will never call, email or SMS/instant message you and ask you for your wallet password. If anyone contacts you claiming to be from Digital Rand and asks for this information, you should end communication and get in touch with us by contacting support yourself.
  • Account takeovers: Digital Rand relies on your email address for communication with you. If someone gains unauthorised control over your email, they could potentially gain access to your information. It is therefore, important to make sure that you have strong security on your email accounts.
  • Malware: This is an advanced method where hackers gain access to your devices through sophisticated software programs that allow them to take control of your computer, steal your passwords or other sensitive information.
  • Identity theft: This is when someone obtains access to your personal information and pretends to be you in order to, for example, open an account in your name and/or transact on your account. Identity theft may occur when your identification document, passport or other information is stolen (either physically, through phishing or by other forms of social engineering). There is also a risk of identity theft taking place when your device is stolen.

Blockchain transactions are generally irreversible, which means that losses due to fraudulent or accidental transactions are not recoverable. It is therefore very important that you understand how to identify and avoid falling victim to these types of attacks. Here are some precautions you can take:

  • Strong password security for your wallet: Use a unique, strong password with at least 10 characters and never share it or reuse it on other websites. Password managers make it easy to generate and store strong passwords.
  • Use cold storage wallets to keep your wallets offline. Digital Rand recommends Ledger, but there are several alternatives.
  • Enable two-factor authentication (2FA): This is an added level of security that requires a unique code every time you log in to a wallet. The code is generated by your device, which is required in addition to your username and password.
  • Protect your email account: Keep your email account secure to ensure that nobody can access your information through your email account. Most email providers support 2FA.
  • Don’t share sensitive information: Digital Rand employees will never ask you for your password, 2FA code, one time pins (OTPs) or ask you to authorise transactions.
  • Check the URL: Before accessing the interface or clicking an advert, ensure that you are on www.digitalrand.co.za
  • Check the email domain: Any communication from Digital Rand will come from a @digitalrand.co.za address.

We have the right to disable and blacklist any account at any time in our sole discretion if, in our opinion, you have violated any provision of these Terms of Use.

Assumption of Risk; No Advice

Cryptocurrency markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You accept and agree that you are solely responsible and liable for your account on the Interface, including any decision to buy, sell, trade or otherwise hold cryptocurrencies and knowing the true status of your DZAR tokens even if the information on the Interface is displayed incorrectly.

The Company does not provide investment advice. The information contained within the Interface is for informational purposes only, and the Company is not soliciting any action based upon such materials. The material is not to be construed as investment advice. We do not provide any consultation on the advisability of purchasing any DZAR, the timing of a purchase or redemption, or any other matters regarding the purchase or redemption of any DZAR, such as trading techniques, models, algorithms, or any other schemes. Additionally, the material accessible through the Interface does not constitute a representation that the purchase of DZAR tokens are suitable or appropriate for you.

Risks

Please note the following risks in purchasing and using DZAR tokens:

Not a Bank Account

Your wallet (and any available assets held in such wallet) is not a bank account or a deposit account. DZAR tokens are not financial instruments and the Company may not be regulated as a financial institution in South Africa. No interest will be paid on any funds or other assets held in your account and all assets directly held by the Company are not insured by the Company. The Company may collect interest on the Rand deposits held in the Digital Rand Currency deposit accounts.

Theft and Loss

Any depository account maintained by an independent third-party financial institution for the benefit of DZAR token holders may not be sufficient to cover all losses due to theft or fraud incurred by our DZAR holders. Transactions in DZAR may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

Market Value

The market value of DZAR tokens may be derived from the continued willingness of market participants to exchange Rand or digital assets for DZAR tokens, which may result in the potential for permanent and total loss of value of DZAR in the market.

Redemption of Digital Rand Currencies

All DZAR tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying Rand (e.g., Rand cent), upon redemption.

Service Availability

Digital Rand does everything it can to provide continuous operations. However, we do not provide any warranty in relation to the continuous availability of the Digital Rand interface and make no representation that the interface and/or any products or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.

Feedback

In the event that you provide us any ideas, thoughts, criticisms, suggested improvements, or other feedback related to Interface (collectively “ Feedback”), you agree that we may use the Feedback in any way we deem appropriate to: (a) improve our Interface and (b) promote the Interface, and that you will not be due any compensation for your Feedback that is used in these ways.

Intellectual Property Rights

The Interface and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video and audio, and the design, selection, and arrangement thereof), are owned by the Company, its licensors, or other providers of such material and are protected by South African and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

These Terms of Use permit you to use the Interface for your use only, subject to the following restrictions:

  • You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any of the material on the Interface, except as it is created and owned by you.
  • You must not delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site.
  • No right, title, or interest in or to the Interface or any content on the Interface is transferred to you, and all rights not expressly granted are reserved by the Company.

Prohibited Uses

You may use the Interface only for lawful purposes and in accordance with these Terms of Use. You agree not to use the Interface:

  • In any way that violates any applicable local, or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from South Africa or other countries).
  • For the purpose of exploiting, harming, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
  • To transmit, or procure the sending of, any advertising or promotional material, including any “junk mail”, “chain letter,” “spam,” or any other similar solicitation.
  • To impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity.
  • In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful, or in connection with any unlawful, illegal, fraudulent, or harmful purpose or activity.
  • To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Interface, or which, as determined by us, may harm or offend the Company or users of the Interface or expose them to liability.
  • By means of any robot, bot spider, or other automatic device or process, or by any manual process, intended to monitor or copy any of material on the website or for any other unauthorized purpose.
  • In any way impose an unreasonable or disproportionately large load on our infrastructure, or otherwise take any action that may negatively affect the performance of the interface.
  • Transmit or upload any material to the webstie that contains viruses, Trojan horses, worms, or any other harmful programmes.
  • In order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband DZARs, other digital tokens, funds, or proceeds.
  • To use any funds or other value on the Interface, or use any Services, with anything other than funds, keys, DZARs, or other digital tokens that have been legally obtained by you and that belong to you.
  • To interfere with or subvert our rights or obligations or the rights or obligations of any other Interface customer or any other third party;
  • To engage in conduct that is detrimental to us or to any other Interface customer or any other third party;
  • To falsify any account registration details provided to us, including registration under any name except your own or in order to carry out transactions on behalf of a third party;
  • To falsify or materially omit any information or provide misleading information requested by us in the course of, directly or indirectly relating to, or arising from your activities on the Interface or the use of any Services, including at registration;
  • To reverse-engineer, decompile, or disassemble any software running on the Interface; or, attempt to harm us through your access to the Interface or any Services, except that nothing in this subparagraph shall be construed as limiting your free speech rights under applicable law.

Reliance on Information Posted

We do not warrant the accuracy, completeness, or usefulness of any information on the Interface. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Interface, or by anyone who may be informed of any of its contents.

The Interface includes content provided by third parties, including materials provided by other users, attorneys, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.

Links from the Interface

Links to any third-party websites on the Interface are provided for your convenience only. We have no control over the contents of those sites or resources. If you decide to access any of the third-party websites linked to the Interface, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Users Outside South Africa

The Interface is controlled and operated from South Africa and is subject to its laws. If you choose to access the Interface outside of South Africa, you do so at your own risk and are responsible for complying with all applicable laws, rules, and regulations.

Disclaimer of Warranties

YOUR USE OF THE INTERFACE, ITS CONTENT, DZAR TOKENS AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE INTERFACE IS AT YOUR OWN RISK. THE INTERFACE, ITS CONTENT, DZAR TOKENS, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE INTERFACE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.

NEITHER THE COMPANY NOR ANY PERSON ASSOCIATED WITH THE COMPANY MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE INTERFACE OR DZAR TOKENS. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ANYONE ASSOCIATED WITH THE COMPANY REPRESENTS OR WARRANTS THAT THE INTERFACE, ITS CONTENT, DZAR TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE INTERFACE WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE INTERFACE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE INTERFACE, DZAR TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE INTERFACE WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS.

THE COMPANY HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR PARTICULAR PURPOSE.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Limitation on Liability

IN NO EVENT WILL THE COMPANY, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE INTERFACE, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE INTERFACE, DZAR TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE INTERFACE, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS, OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE.

IN NO EVENT WILL THE COLLECTIVE LIABILITY OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES, AND THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS, TO ANY PARTY (REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE) EXCEED THE AMOUNT YOU HAVE PAID TO THE COMPANY FOR THE APPLICABLE SERVICES IN THE LAST 12 MONTHS OUT OF WHICH LIABILITY AROSE.

THE FOREGOING DOES NOT AFFECT ANY LIABILITY WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Indemnification

You agree to defend, indemnify, and hold harmless the Company, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) (collectively “Claims”) arising out of or relating to: (i) your violation of these Terms of Use; or (ii) your use of the Interface, or (iii) your purchase or redemption of any DZAR.

Governing Law

All matters relating to the Interface and these Terms and any dispute or claim arising therefrom or related thereto shall be governed by the laws of South Africa without giving effect to any choice or conflict of law provisions or rules.

No Class Proceedings

You and we agree that any party hereto may bring claims against the other on an individual basis only and not as a plaintiff or class member in any purported class or representative action or proceeding. Unless the parties agree otherwise, any adjudicator of any claim—whether judicial or otherwise—may not consolidate or join more than one party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any adjudicator of any claim may award relief, including monetary, injunctive, and declaratory relief, only in favour of the party seeking relief, and only to the extent necessary to provide relief necessitated by that party’s claim(s). Any relief awarded cannot affect other users of the Interface or of any Services.

Arbitration

At the Company’s sole discretion, it may require you to submit any disputes arising from the use of these Terms of Use or the Interface, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the Association of Arbitrators applying South African law.

Waiver and Severability

No waiver by the Company of any term or condition set forth in these Terms shall be deemed a further or continuing waiver of such term or condition, and any failure of the Company to assert a right or provision under these Terms shall not constitute a waiver of such right or provision.

If any provision of these Terms is held by a court or other tribunal of competent jurisdiction to be invalid, illegal or unenforceable for any reason, such provision shall be eliminated or limited to the minimum extent such that the remaining provisions of the Terms will continue in full force and effect.

Entire Agreement

The Terms of Use and our Privacy Policy constitute the sole and entire agreement between you and the Company. with respect to the Interface and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the Interface.

Your Comments and Concerns

All feedback, comments, requests for technical support and other communications relating to the Interface should be directed to: support@digitalrand.co.za .