Terms and Conditions
Effective Date: [Insert Date]
1. Introduction
These Terms and Conditions (the "Terms") govern the use of the staking services provided by Galileo Network SARL (the "Company") through its staking platform (the "Staking Service"). By using the Staking Service, the Customer (the "Customer") agrees to comply with these Terms.
2. Risk Notification Regarding Staking Service
Crypto Assets are a high-risk asset class. The risks associated with Crypto Assets and the Staking Service include, but are not limited to:
Market Risk: The value of Crypto Assets may rise or fall rapidly and can potentially lose all its value.
Liquidity Risk: Crypto Assets may experience low liquidity, making trading difficult.
Security Risk: Hacking or phishing attempts may lead to loss of Crypto Assets.
Blockchain Risk: Transactions are generally irreversible, which can lead to permanent loss of assets.
Lock-in Risk: Staking involves locking Crypto Assets, and a failure during the validation process may result in penalties and loss of value.
Third-Party Risk: Issues related to Galileo Protocol's subcontractors or other parties can lead to loss or recovery delays.
Legislative Risk: Changes in laws may negatively impact Crypto Assets.
Tax Risk: Tax obligations related to Crypto Assets are not extensively regulated.
The Customer acknowledges that using the Staking Service entails a significant risk that they may lose some or all of their capital and associated rewards.
3. Staking Lock-in Period
Crypto Assets can only be unstaked after the locking period has ended. In emergency situations, the Company reserves the right to allow asset withdrawals despite the lock-in.
4. Exceptional Situations
The Staking Service may face exceptional market disruptions, including but not limited to:
Failure to execute staking instructions
System failures in the Staking Service
Significant volatility in Crypto Asset values
Insolvency or technical issues affecting relevant parties
In such events, the Company may:
Prevent the Customer from using the Staking Service
Delay the execution of staking instructions and reward transfers
The Customer acknowledges the potential for significant losses, including the possibility of asset loss or penalties.
5. Customer Warranties
By using the Staking Service, the Customer warrants that:
They take sole responsibility for their decisions and actions regarding the Staking Service.
They have the capacity to assess the risks associated with the Staking Service.
All Crypto Assets used for staking are owned by the Customer and free from third-party claims.
They comply with all legal obligations and acknowledge their tax responsibilities.
The Staking Service will not be used for illegal or objectionable purposes.
6. Galileo Protocol's Rights and Obligations
Galileo Protocol is not obligated to ensure the legality of the Staking Service or guarantee market value. All materials provided are informational only and not an offer for staking instructions. Galileo Protocol reserves the right to cancel staking instructions if illegal or harmful usage is suspected, without providing reasons.
7. Limitation of Liability
Galileo Protocol provides the Staking Service "as is," without warranties other than those expressly stated. Galileo Protocol shall not be liable for any losses resulting from:
Refusal or non-execution of staking instructions
Delays in executing staking instructions
Legal compliance or breaches by the Customer
Inability to assess risks
Third-party acts or insolvencies
Force majeure events
Loss of access to private keys
8. Reward Disbursement and Changes The Company reserves the right to adjust the staking rewards at any time in response to market fluctuations or protocol updates. The Customer acknowledges that such changes may impact the reward structure and agrees to any adjustments as implemented by the Company.
9. Changes to Staking Terms and Notification The Company reserves the right to alter these Terms at its discretion. Customers will be notified of changes through [email, website announcements, or other communication methods as determined by the Company]. The Company will make reasonable efforts to notify Customers at least 30 days in advance of any changes. By continuing to use the Staking Service after changes take effect, the Customer is deemed to have accepted the modified Terms. If the Customer does not accept the changes, they must notify the Company and discontinue use of the Staking Service.
10. Dispute Resolution and Governing Law These Terms and any disputes arising from the use of the Staking Service shall be governed by and construed in accordance with the laws of France. In the event of a dispute, the parties agree to submit to the exclusive jurisdiction of the courts of France.
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