1. Buyer expressly acknowledges an understanding and agreeing that the Buyer is using AmbaCoin and possesses all requisite authority and power to deliver and execute this Agreement of purchasing with Buyer’s sole risks of AmbaCoin tokens and each is provided, used and acquired on an “IS AN and on an “AS AVAILABLE” basis without warranties, representations, guarantees and promises whatsoever of any kind by AmbaCoin and Buyer shall rely on own investigation, due diligence and examination thereof.
2. No Warranty or Representation
a. AmbaCoin does not make or expressly disclaim all warranties and representations, implied, express or statutory; and (b) with respect to AmbaCoin token, Ambazonia Treasury does not warrant or represent and expressly disclaims any warranty or representation implied, express or statutory including without limitation, any representations or warranties of title, infringement, merchant ability, usage, suitability or fitness for any particular purpose, or as to the workmanship or technical coding thereof, or the absence of any defects therein, whether latent or patent.
AmbaCoin Token may have no value apart from the promised natural resources of post independent Ambazonia and the Southern Cameroons diaspora community backing the coin, its price can depreciate, and buyer can lose all amounts made as payment. THEREFORE, Buyer acknowledges, has carefully reviewed, comprehends and assumes stipulated risks below and all other risks connected to AmbaCoin tokens (this includes risks not discussed herein), all which could make AmbaCoin worthless or of reduced value:
a. No features, rights and functionalities
AmbaCoin buyers have no rights expressly or implied other than those stipulated in this Agreement. Holding AmbaCoin tokens does not entitle holders of governance rights and responsibilities in contravention of Ambazonia constitution or as discussed herein this Agreement.
b. Buying Price Risk
The distribution of AmbaCoin tokens will be as defined by each set of period in the AmbaCoin Distribution Period. The buying price a Buyer receives on AmbaCoin tokens depends on actions of all other users engaged in sending to the Ether Contract over the same period. There are no guarantees relating to specific price of AmbaCoin.
c. Delay Risks on Ethereum Blockchain
Since AmbaCoin is developed on Ethereum Blockchain each block time production depends on proof of stake and as such different block production are bound to happen at different times thus may cause a delay in Buyer’s transaction. Therefore, Buyer acknowledges and understands Ethereum Blockchain may not include Buyer’s transaction as per the time expected by the Buyer as such may not receive AmbaCoins as the same time Buyer sends Eth to the contract.
d. AmbaCoin Token Security
AmbaCoin may be subject to theft and or expropriation. Malicious groups including hackers may attempt to pose security threat to AmbaCoin Token Contract in a number of namely but not limited to; denial of service attacks, malware attacks, Sybil attacks, consensus based attacks, smurfing and spoofing. Moreover, due to the fact Ethereum platform is based on an open source software there is the risk of unintentional or intentional bugs or weaknesses which may negatively affect AmbaCoin. Thereby, resulting into loss of Buyer’s AmbaCoin tokens, loss of control in the AmbaCoin or Ether Buyer’s account. In event of such unfortunate software or bug AmbaCoin may be not able to cause a remedy thus, holders of AmbaCoin should be aware they are not guaranteed of refund, remedy or compensation.
e. Private Keys access
AmbaCoin purchased by a Buyer may be stored or held by a Buyer in a digital wallet or even in a vault and to access such funds/AmbaCoins requires private keys. Accordingly, the loss of private key(s) by a Buyer will result in loss of AmbaCoins and access to initial balance maybe created by third parties. In addition, any third party who gains access to a Buyer’s private key(s) as well as login details of a hosted digital wallet or vault access, such third parties may misappropriate Buyer’s AmbaCoin tokens. As such Ambazonia Treasury is not and wont be liable for any such losses.
f. New Technology
The AmbaCoin platform and all matters (technological) as described in the whitepaper are new and remain untested. It is possible the platform and the software of AmbaCoin including smart contracts may never be in an operational mode. Even if the AmbaCoin platform attains all functionalities as intended it may still not be valuable and desirable for our users right away. The technology in the Blockchain space is rapidly changing and more innovations being introduced on Ethereum platform itself and more likely to improve technical aspects of the platform in future.
g. Reliance on Third Parties
Even upon completion of the development work of the AmbaCoin platform, there will be still the need to rely either in whole or party to some third parties to fully adopt and implement it. There is need for continual supply, support and development of the platform. However, in future there is no guarantee as such third parties may complete their work or even carry out their obligations or those of anyone’s needs.
h. Lack of Mapping a Public Key to Buyer’s Account
It is important for Buyer to map out own public key associated with the Buyer’s account failure to which may lead to inability to recognize Buyer’s balance in the event in future there is need to move to a new Blockchain. As such Ambazonia Treasury makes no guarantee or representation.
i. Counterparty and Exchange Risks
in the event a Buyer send ETH to AmbaCoin Token Contract they do not have control as such the balance will reflect to the account sending the ETH, as such Buyer may not be able to recover or receive Buyer’s AmbaCoin Tokens. Moreover, if a Buyer opts to hold or maintain their AmbaCoin tokens in a cryptocurrency exchange or any other third party, it may lead to loss or stolen AmbaCoin tokens. Therefore, Ambazonia Treasury may not be liable to cause a recovery of such lost AmbaCoin tokens.
j. Updates to the AmbaCoin platform and software
Development of AmbaCoin platform and software is a continuous process and as such it may undergo vital and significant changes or update over time. As set out in the whitepaper, it is the intention of Ambazonia Treasury to have all features of the platform as illustrated in the whitepaper.
k. Project Completion
There is assurance or guarantee of completion of AmbaCoin project and as such may be abandoned due to a number of reasons but not limited to; lack of public interest, inadequacy in funding, departure of key team members or lack of commercial prospects or success of entire project.
l. Lack of Interest
Even if there is possibility of completion of AmbaCoin software its adoption, launch and ongoing activities its success hugely relies on participation of third parties such as developers as well as interests of users. Therefore, Ambazonia Treasury provides no guarantee or assurance of much needed participation and interest in the AmbaCoin platform.
m. Regulation Framework Uncertainty
Digital assets, cryptographic tokens and Blockchain technology in general remains unregulated in many jurisdiction and unclear. It is not possible to state whether governments worldwide will regulate this technology. Similarly, it is difficult to be certain as to changes that can be introduced to present laws, rules and or regulations thereby affecting digital assets, Blockchain technology and cryptographic tokens and its applications. Whichever, changes introduced by government authorities will affect AmbaCoin either negatively or positively.
n. Markets Risks
It is possible AmbaCoin tokens to be susceptible to manipulation or fraud if there is secondary trading especially this is introduced and operated by third party exchanges. As such third party exchanges may be relatively new, therefore, subject to no or little regulation. More so, in the event such third party exchanges ascribe to an external exchange value to AmbaCoin for instance being denominated in fiat or digital currency as such the value of AmbaCoin may be very volatile.
o. Uninsured Losses Risks
Contrary to bank accounts or any other financial institution accounts, holding AmbaCoins is completely uninsured. As such in the event there is loss or utility value of AmbaCoin there is private insurance or public insurer mandated by Ambazonia Treasury to offer recourse to Buyer.
p. Risks of Competing Platforms
It is possible alternative platforms can be established by other people or organizations and undertake same objective as AmbaCoin using same technological concept.
4. LIABILITY LIMITATION AND INDEMNIFICATION
a. Liability Limitation
To the fullest extent allowed by applicable, Buyer acknowledges disclaiming any right or cause of action against Ambazonia Treasury of any kind and in any jurisdiction which otherwise would lead to rise of Damages. Every of AmbaCoin Party is not liable to Buyer for any type of claim or Damages notwithstanding extent of advise given to AmbaCoin Party of existence of such Damages. Buyers acknowledges and agrees not to undertake an action that would cause refund, reimbursement or compensation against AmbaCoin Party, this is regardless and regardless of whatever reason as identified in this Agreement.
No circumstance will lead to an aggregation of joint liability of AmbaCoin Parties even if in warrant, tort, contract or any theory to seek Damages for the Buyer within this Agreement of which the amount exceed Buyer’s amount paid to Ambazonia Treasury.
c. Force Majeure
Buyer acknowledges, understands as well as agrees AmbaCoin will not be liable and disclaims any liability to the Buyer and its related to any force majeure event namely; labor disputes, acts of God, electrical, hardware, telecommunication, software or any other utility failures, smart contract or software bugs or even weaknesses, storms, earthquakes, blockages, change in interest rates, embargoes, acts or orders of other governments, war or acts of terrorism, technological change or changes on monetary conditions and even if whatsoever for purposes of avoiding doubt any changes caused on any Blockchain related protocol.
According to the fullest extent given under any applicable law, Buyer acknowledges release of AmbaCoin Parties from any liability, demands, responsibility and or actual or consequential Damages of any kind known or unknown and nature including but without limitations to claims of negligence, maybe arising from disputes related or not related among acts of omissions caused by third parties and Buyer.
As per fullest extent permitted by applicable law, Buyer agrees to indemnify, reimburse hold harmless and defend AmbaCoin parties from and or against all proceedings, actions , demands, damages and actions including but not limited to legal counsel fee and expenses incurred by Ambazonia Treasury due to (i) use of AmbaCoin tokens or Buyers purchase, (ii) actions of Buyer leading to breach of this Agreement (iii) Buyer’s obligations and responsibilities as per this Agreement (iv) inaccuracy due to warranty or representation of Buyer (v) violations of other people or entity rights by Buyer (vi) and or omission or acts of Buyer that show negligence or its illegal or due to wilful misconduct.
f. Ambazonia Treasury reserves the right of exercising sole control over the defense owing to Buyer’s expense of whatsoever claim and subject to indemnification as identified under Section 8.5 above. Thus this indemnification is an addition and not in lieu of any as such other indemnities set out within a written agreement between Ambazonia Treasury and Buyer.
5. DISPUTE RESOLUTION
a. Dispute Resolution Informally
Ambazonia Treasury and Buyer shall commit to cooperate in good faith in order to resolve any claim, dispute or controversy arising from or connected to this Agreement. Including with relation to formation, validity, applicability, breach, enforceability or termination thereof of any Dispute. In the event the Parties are not able to resolve a Dispute within 90 days upon such notice being served to all Parties, as such the Dispute shall be settled using Binding Arbitration as set forth in Section below;
b. Binding Arbitration
As set out in section 9.1 above any Dispute not resolved within a timeframe of 90 days shall be resolved via arbitration using a mutually agreeable court of arbitration. The number of arbitrators shall be set the by Ambazonia Treasury including but not limited to The seat and legal place of arbitration. Governing laws of the Agreement shall be as stipulated under Section 12.1 herein. Award due to this Binding Arbitration shall be final and binding to Parties involved. Thus Parties should carry out any award without waive or delaying their right to any any sort of recourse as such waiver can be regarded as validly made. Judgement resulting the Binding Arbitration process will be entered by court owning jurisdiction thereof or has jurisdiction over Parties or its assets. Buyer and Ambazonia Treasury will individually pay own respective attorney expenses and fees. This is notwithstanding the foregoing, Ambazonia Treasury has the right in its exclusive and sole discretion assume any responsibility owing to any or all costs of the arbitration.
c. No Class Actions, Class Arbitrations or Representative Actions
A dispute owing to this Agreement is personal to Ambazonia Treasury and Buyer and as such will not be brought on board as being class action, class arbitration or any other type of representative proceeding. More so, there will be no class arbitration or arbitration in which any of the Party seeks to resolve a dispute as a representative of another individual or group of individuals. Additionally, a dispute should be brought as a class or any other type of representative action whether it is within or outside of arbitration or on behalf of any other individual or group of individuals.