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INTRODUCTION TO GENERAL TERMS & CONDITIONS Quorumbet (the ‘Company’ or ‘Quorumbet’) is a limited liability company registered in Bulgaria. We provide an exchange service (the ‘Exchange Platform’) for betting transactions conducted between our customers which is accessible online (the ‘Website’). We do not accept bets ourselves, but we provide our customers with an automated facility for the placing of bets with each other. In return for this service, we take a commission from each customer’s net winnings on individual bet offerings (‘Bet Offerings’ or ‘Bet Offering’) which is deducted from funds held by customers in electronic accounts and paid to us. The Company operates as Quorumbet and ‘Quorumbet’ and the Quorumbet logo are registered trademarks. In these terms & conditions references to ‘we’, ‘us’, ‘our’ and any similar expression shall be to include the Company and Quorumbet.com. This agreement is entered into between us and the customer (‘you’). AGREEMENT (GENERAL TERMS & CONDITIONS) 1 Effect of this agreement 1.1 By agreeing to these terms and conditions and/or by continued use of the Website, you are bound by the entirety of this agreement and by our ‘Privacy Policy’ that is incorporated by reference into these terms and conditions. If there is any inconsistency between these terms and conditions and any document incorporated by reference, these terms and conditions will prevail. 1.2 If we make significant changes to these terms and conditions we will take appropriate steps to bring such changes to your attention (such as by placing a notice of such change on a prominent position on the Website, together with the changed terms and conditions). It is your responsibility to check these Terms & Conditions and the Privacy Policy from time to time to ensure that you agree with them and your continued use of the Website will be deemed to be your acceptance of any changes to the terms and conditions and privacy policy. Any bets matched prior to the time of amendment and notification of the changed terms and conditions will be subject to the pre-existing terms and conditions. 2 Your representations and responsibilities 2.1 You are 18 years of age or over, of sound mind and capable of taking responsibility for your own actions. 2.2 You can enter into a legally binding agreement with us and you are the person whose details are provided in connection with your Quorumbet registration or, in the case of legal entities, you are a duly authorized representative of the relevant legal entity. In the event that another person trades on your account you are solely responsible for all their actions whether or not their access was authorized by you and for this purpose you hereby indemnify Quorumbet and hold Quorumbet harmless against all costs, claims, expenses and damages howsoever arising in connection with the use of or access to your account by any third party. 2.3 In any event if you use this site in the course of your business activities, then you are solely responsible for accounting for any general duty which may become payable on such activity. If you are in any doubt as to whether your betting activities may constitute bookmaking (i.e. in the business of receiving or negotiating bets in the country of residence), you should contact your local gambling authority or the official authority that deals with gambling matters. 2.4 You understand that by using our services you may lose money on bets placed and accept that you are fully responsible for any such loss. 2.5 You will not use our services while located in any jurisdiction that prohibits the placing or accepting of bets online as the case may be. 2.7 You are permitted in the jurisdiction in which you are located to use online betting services and you have verified that you are permitted to use an interactive person-to-person betting service in that jurisdiction. 2.8 You undertake to use our services for legitimate betting purposes only. In particular you undertake not to: 2.8.1 Engage in any activity which has the purpose or effect of causing damage to or in any way hindering our business operations or generating or increasing a liability on us to any third party, including without limitation any tax, levy or duty collecting authority. 2.8.2 Bet on, or manipulate any Quorumbet Bet Offering in bad faith or in a manner which we believe has the purpose or effect of adversely affecting the integrity of the Website or any Quorumbet Bet Offering. 2.9 You will not attempt to hack, make unauthorized alterations or introduce any kind of malicious code to the Website or the Company by any means. Unless given prior approval from Quorumbet, you will not (a) reverse engineer or decompile (whether in whole or part) any software available through the Website; or (b) make copies, modify, reproduce, transmit, alter or distribute all or any part of the Website or any material or information contained on it. 2.10 You will not make offensive comments, use offensive or pornographic material or make potentially defamatory or inflammatory remarks in connection with the forums or any other part of the Website including within your own username or other information contributed to any Quorumbet site. 2.11 You will not attempt to use the Bet Offerings to deliberately transfer money from one Quorumbet account to another by attempting to match bets with another user through collusion. 3 Privacy 3.1 You may or may not enquire into the identity of the party or parties with whom we may match your offer for a bet or the party or parties who may accept any offer for a bet that you leave on Quorumbet. 3.2 Any information you send us will be processed in accordance with our Privacy Policy (available on the Website or upon request). 4 Accounts and payments 4.1 Opening an account 4.1.1 We may not accept registration from persons resident in jurisdictions that prohibit online betting. 4.1.2 You agree to provide accurate registration information. You agree to inform us of any changes in such details. 4.1.3 You authorize us, at any time, to use any means that we consider necessary to verify your identity and creditworthiness with any third party providers of information. 4.1.4 Registration will be conducted using secure server encryption. 4.1.5 You will inform us as soon as you become aware of any errors with respect to your account or any calculations with respect to any bet you have placed. We reserve the right to declare null and void any bets which are the subject of such an error. 4.2 Confirmation, passwords and telephone account numbers. 4.2.1 Upon completion of registration with us via the Website, we will confirm by electronic mail to the address you have supplied that your account is open. 4.2.2 On registration via the Website, you will be required to choose a password for use of the Website. 4.2.3 You agree to keep your username and password strictly confidential and you are responsible for any misuse of your password. Provided that we have been correctly supplied with the account information requested, we are entitled to assume that orders and payments are made by you. You should change your password on a regular basis and never disclose it to any third party. Passwords should contain a mixture of upper and lower case letter and numbers and/or symbols. Passwords are case sensitive and we recommend the use of passwords that combine a combination of non obvious letters and numbers in different cases. This will help to prevent the risk of unauthorized use of your account. You undertake to protect your username and password in the same way as you would in respect of your bank cards and any failure to do so shall be at your sole risk and expense. 4.2.4 You agree to inform us at once by electronic mail if you believe that your account information is being misused by a third party so that we may suspend your account. 4.2.5 If you are using the Website, we strongly recommend that you disable any automatic password memory in your browser prior to use and that you run appropriate anti-spyware, firewall and virus protection on your computer on a regular basis. 4.3 Contribution of Funds to the Website 4.3.1 To open an account you need to contribute funds into your account via the Website. The funds will be used solely for security to meet any payment obligations you may incur as a result of placing offers for bets or accepting offers to bet on our Exchange Platform. Details of how to make payments into your account are set out on our Website. 4.4 Exposure management 4.4.1 Your betting limit is represented by your ‘Available Amount‘ determined in accordance with your user account on the Website. 4.4.2 You will only be able to place an offer for a bet on our Exchange Platform if you have sufficient funds in your account to meet your obligations when another customer accepts your bet. Equally, you will only be able to accept an offer to bet made by another customer if you have sufficient funds in your account to cover the bet. Once the outcome of the bet is determined, the winnings (less commission) will be withdrawn for the use of the winner of the bet. 5 Offers for bets 5.1 Any offer for a bet that you make will be available on Quorumbet and will include the minimum stake required to participate each time and the stake you may place as a participant in a bet offering. 5.2 You agree to appoint the Company as your agent: (i) for the communication of your bets; and (ii) for receipt of communications of acceptance of your bets. 5.3 An offer for a bet is open for acceptance by our other customers, either as individuals or as combinations of individuals using our Exchange Platform, for so long as those customers comply with these terms and conditions. 5.4 You do not bet with the Company, but only with other customers who use our service. 5.5 An offer for a bet that you make on Quorumbet remains open for acceptance by any of our customers, unless properly cancelled by you in accordance with Clause 7 below. If you have placed a private bet then the Bet Offering will be available only to the customers that you select and subject to cancellation by you in accordance with Clause 7 below. 5.6 Your offer for a bet may be posted on Quorumbet in isolation or in combination with other offers for bets in similar categories. 5.7 We will not identify you to our other customers as the originator of the offer unless through username or as required to do so by law or otherwise in accordance with the provisions of our Privacy Policy. 5.8 Your offer will only be valid and open for acceptance if it is made in accordance with our terms. We reserve the right to refuse to post your offer on our Exchange Platform without giving prior notice. 5.9 We will only allow you to place an offer on Quorumbet if you are in compliance with these terms and conditions. If we allow you to make an offer for a bet and subsequently suspect that you are or were, at the time of making the offer, in breach of this agreement, we may, at our absolute discretion, withdraw your offer from our Exchange Platform, void any bets outstanding to your account and terminate your account. 5.10 If you do not settle your bet offerings within 48 hours of the bet expiration date, you will incur a bet violation. We will revoke your right to create Bet Offerings if you incur 3 bet violations. You will only be able to participate in existing Bet Offerings. 5.11 You are entirely responsible for the information that you provide us concerning the Bet Offerings that you wish to place. We will not enquire into the reasonableness of any offer that you may make. We will not be liable for incorrect entries made by you on the Website, including data input errors with respect to the odds, price or stake on offer. 5.12 Once you have confirmed that you wish to place a Bet Offering, you agree to leave the offer for that bet open for acceptance, subject to termination of the offer by us or your valid cancellation of the offer in accordance with section 7 below. 5.13 Once your offer for a bet is accepted, you will not be able to change the terms of your offer even if you had intended to cancel your offer but failed to do so or the message to us to cancel your offer was not received and processed by the Website before the bet was accepted. 5.14 We may determine, at our absolute discretion, when our Exchange Platform is open for the posting of offers for bets and may close the Exchange Platform at any time at our absolute discretion. 6 Acceptance of bets 6.1 You may use the Website to accept offers for bets that are available for acceptance on our Exchange Platform. You can obtain details of what offers for bets are available by visiting the relevant section on the Website. 6.2 While we will attempt to ensure that offers for bets are correctly displayed and are effectively outstanding, we do not guarantee that every offer displayed as outstanding on the Website will be available for your acceptance. All or part of the Bet Offerings displayed on the Website as available on the Exchange Platform at specific odds or price may be successfully cancelled by one or more counter-parties before your acceptance is processed by the Exchange Platform. In this case, the Bet Offering will be withdrawn before your acceptance of that offer is acknowledged. 6.3 When you accept a Bet Offering as posted on the Website, you are not betting with the Company but with other customers who use Quorumbet. 6.4 Once you have accepted a Bet Offering, you will not be allowed to change the terms of that bet or cancel or withdraw from that bet. Acceptance of an offer for a bet, once received by us, concludes the bet. 6.5 We will display all accepted bets by you on the MYQB page on the Website. You are able to check on the MYQB page on the Website which of your offers for bets either remain outstanding or have been matched. 6.6 You may only accept offers to bet using our Exchange Platform in accordance with the Terms and Conditions and the rules set in each Bet Offering. We will not recognize any purported acceptance made by means other than online, by completing the Bet Offering screen for the relevant bet on the Website. 6.7 We may determine, at our absolute discretion, when the Exchange Platform is open for the acceptance of bets. 7 Cancellation of an offer for a bet 7.1 Unmatched Bet Offerings posted on our Website may be withdrawn at any time, unless and until they have been accepted by canceling the relevant Bet Offering on the relevant section on the Website. 7.2 The cancellation of an outstanding offer for a bet becomes effective when your instruction to cancel is successfully received and processed by the Website. In the event that the Website fails to receive and process the cancellation in good time, you acknowledge that your offer may remain outstanding and available for acceptance. 7.3 If you attempt to cancel an offer for a bet that is outstanding, you may not be able to do so if customers have partially or wholly accepted your bet. This may happen during the interval between your submitting the cancellation request and that request being processed by the Website. In this case, your original offer will be validly accepted and settled. 7.4 If an event that determines the outcome of a bet has passed, all Bet Offerings pertaining to the passed event will be deemed void, unless the bet expiration date is before the event happened. 8 Terms applicable to all bets 8.1 Cancellation, Termination, Suspension and breach. 8.1.1 Without restricting our ability to rely on other remedies that may be available to us, we may restrict your access to the Website, suspend or terminate your account or cancel any unmatched bets in our absolute discretion without cause at any time, including (without limitation) if: (i) we suspect that you are engaging in illegal or fraudulent activity while using our Exchange Platfrom; (ii) we suspect you are breaching any term of this agreement; (iii) we suspect you are acting in a manner that is detrimental to the conduct of our business or which may result in legal liability for you, for the Company or for third parties; or (iv) we suspect that you may be having difficulties obtaining credit. In addition, if formally requested by the respective legal authorities or in the event that you fail to provide us with sufficient information to identify yourself in accordance with our own internal procedures we may suspend your account and all functionality relating to the use of your accounts pending determination of any criminal or other legal proceedings or investigation to which such a request may relate or until you provide the necessary information for your proper identification. 8.1.2 Irrespective of whether we suspend or terminate an account and notwithstanding any other provisions in these terms and conditions, we may decide to cancel and void any outstanding or matched bets at our absolute discretion where (i) there is a technological failure, or (ii) we suspect that you or another customer with whom you have bet have (or may have) breached any terms and conditions in this agreement. In relation to any cancelled or void bets, we reserve the right to take any money from your account relating to these bets or, if there are insufficient funds in your account, demand that you pay us the relevant outstanding amount relating to these bets. 8.1.3 You may suspend or terminate your account at any time upon notice to Quorumbet. 8.1.4 On termination of your account, in most cases we will return any funds in your account to you. We reserve the right to withhold the funds in your account from you where we suspect the account has been linked with fraudulent or dishonest activity or where we have to withhold the funds in your account by law or to comply with any instruction from any governmental, regulatory or enforcement authority. 8.2 Applicable thresholds: Minimum and maximum amounts. 8.2.1 There is no minimum stake you may place on a Bet Offering. 8.2.2 You may not accept any offer for a bet or acceptance of a bet that results in your available balance exceeding the lesser of: (i) your Available amount balance, or (ii) your current exposure limit. 8.2.3 In the event that we inadvertently process an offer for a bet or the acceptance of a bet in an amount outside the applicable thresholds, such bet will nevertheless stand and be subject to the other terms of this agreement. 8.3 Nature of bets 8.3.1 You accept that you consider yourself to be adequately informed of your possible exposure, if using the Website, by the details given in the Bet Offering terms. 8.3.2 You accept that any amounts lost by you under any bet should not under any circumstances be recoverable from the Company. 8.4 Bet Settlement 8.4.1 You settle each bet at the expiration date and you have 48 hours to indicate your decision through the website. In the event that you fail to indicate the final outcome of a bet within 48 hours, you will automatically be credited a violation. Once you reach 3 violations your right to create bets will be revoked and you will only be able to place bets on existing Bet Offerings. We reserve the right to reverse settlement in the event of a Bet Offering being settled incorrectly. This may lead to amendments being made to your balance to reflect changes in Bet Offering settlements and if there are insufficient funds in your account we may demand that you put funds into your account to address the outstanding balance. 8.4.2 You will make decisions of the bet you have created, where it applies, within 48 hours of the expiration date. 8.4.3 Any amount of winnings or losses relating to your bets on a Bet Offering will be rounded to the nearest two decimal places. If the amount ends in 0.005 it will be rounded up to 0.01. 8.4.4 The time zone according to which each bet expires is the Greenwich Mean Time (GMT). 9 Communications and notices 9.1 Communications and notices to be given under this agreement (other than those exchanges of information occurring in the normal operation of the site) should be sent to us in the manner prescribed in the Contact us page on the Website. 10 The Company 10.1 Commission and payment structure. 10.1.1 We provide you with a platform which enables you to place bets, in consideration of which we will be paid a commission. The commission payable is generally 5% calculated on your net winnings on Bet Offerings. In the event that you have net losses on Bet Offerings, no commission will be deducted. Quorumbet reserves the right to amend the amount of commission charged on bet offerings from time to time. 10.1.2 In addition, when you fund your Quorumbet account you may be charged transaction fees that will cover the cost for the transaction fees levied by the integrated services we use. These include, but are not limited to, e-wallet services that we have made available through our website for your convenience. 10.1.3 In these Terms and Conditions, references to Fees shall include commission transactional fees and any other payments levied by Quorumbet on customers from time to time. Further information on fees is available via the Website and you shall be bound by the terms of this. 10.1.4 We reserve the right to amend our policy on fees from time to time. 10.1.5 We will calculate the amount of Fees you owe us at the time of settling the outcome of the Bet Offering and charge our commission accordingly. Upon deduction of the commission charged on your net winnings your obligation to pay us the commission amount shall be discharged. 10.1.6 It is solely your responsibility to account for any tax or duty imposed on you as a result of placing bets through the Website. 10.1.7 Any fees owed to us will be rounded to the nearest two decimal places. If the amount ends in 0.005 it will be rounded up to 0.01. 10.2 Indemnity. 10.2.1 You agree to indemnify and hold us and our affiliates, officers, directors, agents and employees harmless from any liabilities, claims, losses or demands made by any third party arising out of your breach of this agreement including documents incorporated by reference into this agreement or out of your violation of any law or the rights of any third party. 10.2.2 You acknowledge that the Company will hold information with respect to your identity, including but not limited to your name, address and payment preferences. You agree that we rely on this information in entering into this agreement with you and you agree to hold us harmless against any falsehood or inaccuracy contained in the information you provide us. 10.3 Matters beyond our reasonable control. 10.3.1 We are not liable for any loss or damage that you may suffer because of any: act of God; power cut; trade or labor dispute, act, failure or omission of any government or authority; obstruction or failure of telecommunication services; or any other delay or failure caused by a third party. In such an event, we reserve the right to cancel or suspend our services without incurring any liability. 10.3.2 We are not liable for the failure of any equipment or software, wherever located or administered, or whether under our direct control or not, that may prevent the operation of our betting services, impede the placing of Bet Offerings or the acceptance/matching of bets, or prevent you from being able to contact us. 10.3.3 We are not liable for the acceptance or settlement of any Bet Offerings where we do not receive communication of that acceptance or where we are unable to display that bet in the ‘MyQB’ pages of our Website or we have not received your instruction to cancel a Bet Offering or, for any reason, we fail to process any instruction in good time. 10.3.4 We will not be liable for any failure to perform by a third party to our agreement. 10.4 Limitation of liability. 10.4.1 We will not be liable to you for any loss that you may incur as a result of misuse of your password and we accept no liability resulting from its unauthorized use, whether fraudulent or otherwise. 10.4.2 In no event will we, or any of our suppliers, accept any liability however arising for any losses you may incur as a result of placing Bet Offerings or otherwise by your use of the Website, this agreement or our services. Under no circumstances will our liability under these terms and conditions or for breach of contract, tort, equity or otherwise exceed your deposited amount. Under no circumstances will we be liable for any indirect, special or consequential damages, loss or profits (direct or indirect) or the benefit of any bet arising from breach of contract, negligence, equitable duty or other liability even if we had been advised of or known (or should have known) of the possibility of such damages or loss. 10.5 Intellectual property. 10.5.1 Quorumbet and the Quorumbet logo are registered trademarks of the Company and the Company is the sole owner of the same. Any unauthorized use of the Quorumbet trade marks may result in prosecution. 10.5.2 www.quorumbet.com is the uniform resource locator (‘URL’) of our Company and no unauthorized use may be made of this URL on another website or digital platform without our prior written consent. 10.5.3 Your registration and use of our Wesbite confers no rights whatsoever to the intellectual property contained on our Website. You agree not to use any automatic or manual device to monitor or copy our web pages or any content therein. Any unauthorized use or reproduction may be prosecuted. 10.5.4 Data displayed on the Website relating to events may be subject to third party rights and may not be used by you for any commercial purpose. 10.5.5 You grant Quorumbet an irrevocable, perpetual license to all forum postings by you to use or reproduce for any purpose whatsoever. 10.6 Information Services. 10.6.1 From time to time Quorumbet may provide you with access to various information via the Website (as a guideline to event outcomes) and/or emails. Further Quorumbet may provide you with links to third party websites which may include information. 10.6.2 The information referred to in 10.6.1 is supplied ‘as is’ and for guidance only. Use of such information is entirely at your own risk. To the fullest extent permitted by law, Quorumbet makes no representations or warranties of any kind, including but not limited to, the accuracy, quality or completeness of the information. 10.6.3 Quorumbet shall not be liable for any action taken by you as a result of your relying on any information referred to in 10.6.1 or for any loss or damage suffered by you as a result of you using such information or any third party website linked to and from Quorumbet. 10.6.4 Any links from the Website to third party websites do not constitute an endorsement by Quorumbet of any products or services available on such websites. You use such websites at your own risk and Quorumbet takes no responsibility for the content on, or use of, such websites. 11 Severability 11.1 In the event that any provision of these terms and conditions is deemed by any competent authority to be unenforceable or invalid, the relevant provision shall be modified to allow it to be enforced in line with the intention of the original text to the fullest extent permitted by applicable law. The validity and enforceability of the remaining provisions of these terms and conditions shall not be affected. 12 Dispute resolution 12.1 In the event of a dispute arising between two or more Quorumbet customers that cannot reach an agreement among each other, the parties involved may submit a dispute form to us. Quorumbet will provide a recommended resolution to the parties involved in the dispute and commits to adopt a ‘best effort’ approach to resolve the dispute. Quorumbet’s recommendation about the dispute will be final and no party can hold Quorumbet liable for the recommendation to resolve the dispute. 13 General 13.1 This agreement is governed by the laws of Costa Rica. 13.2 These Terms and Conditions have been prepared in various languages other than English for reference only. In the event of any differences between the English version of the Terms and Conditions (accessible from the homepage of www.quorumbet.com) and this version, the English version shall prevail. 13.3 This agreement and the terms expressly incorporated into it constitute the entire and only agreement between the parties with regards to its subject matter and each party confirms that it has not been induced to enter into this agreement in reliance upon, nor has it been given, any warranty (including in particular any warranty as to merchantability, fitness for purpose or uninterrupted functionality), representation, statement, assurance, covenant, agreement, undertaking, indemnity or commitment of any nature whatsoever other than as are expressly set out in this agreement and, to the extent that it has been, it unconditionally and irrevocably waives any claims, rights or remedies which it might otherwise have had in relation thereto. 13.4 No failure or delay by a party to exercise any of its rights under this agreement shall operate as a waiver thereof and no single or partial exercise of any such right shall prevent any other or further exercise of that or any other right. 14 Customer Responsibility 14.1 Quorumbet customers must make themselves aware of all of the terms affecting any Bet Offering and cannot rely on the Website information as a complete set of the applicable rules. The Quorumbet staff may be contacted to deal with any issues affecting any bet via the ‘contact us’ webpage or via email at administrator@quorumbet.com. 15 Bet Offering Outcomes The General Rules apply to all bets. 15.1 Bet Offering outcomes are determined by the bet creator of the Bet Offering. Once the bet creator has decided and indicated the outcome of the Bet Offering, the Bet Offering will be subject to dispute for 24 hours by the Bet Offering participants. If there is a disagreement on the outcome by the participants in a Bet Offering, the outcome will be determined by Quorumbet with reference to the available evidence known at the time of bet settlement. 15.2 In the event of any uncertainty about any result at the time of bet settlement, Quorumbet reserves the right to suspend settlement of any bet for an unlimited period until the uncertainty can be resolved to the reasonable satisfaction of Quorumbet. 15.3 Abandonments, Cancellations, Postponements 15.3.1 If an event starts but is later abandoned or postponed and is not completed within 24 hours of the scheduled completion date, all bets will be void except for those on markets which have been unconditionally determined. 15.4 Miscellaneous 15.4.1 All information supplied by Quorumbet is done so in good faith. However, Quorumbet cannot accept liability for any errors or omissions in respect of the posting of prices, offerings, times, results or general statistics. 15.4.2 Quorumbet reserves the right to correct any obvious errors and shall take all reasonable steps to ensure Bet Offerings are administered with integrity and transparency. 15.4.3 If a Bet Offering is not suspended at the correct time, Quorumbet reserves the right to void all affected bets. 15.4.4 All information is correct at the time of going to press. Quorumbet reserves the right to amend the Quorumbet rules at any time. Any such revision will be binding and effective immediately on the posting of such rule changes on www.quorumbet.com. 15.4.5 Quorumbet will make no attempt to administrate Bet Offerings. By their nature these Bet Offerings are unpredictable, and Quorumbet cannot offer any guarantee to protect customers‘ positions, so these Bet Offerings should be treated with extreme caution. All customers are responsible for managing their own positions at all times. Customers should also be aware that transmission described as live by some broadcasters may actually be delayed or pre-recorded, and it is possible that results may be known at a time before their official publication. © 2007 Quorumbet.com. All rights reserved. |
