Terms & Conditions of use
1.1. These ILO Buyer Terms and Conditions describe:
the relationship between an ILO Buyer and ILOCX;
who can be an ILO Buyer on the ILOCX Platform;
how an ILO Buyer can buy ILO Licences from Listing Companies; and
the Intermediary Services that we provide on the ILOCX Platform.
1.2. These ILO Buyer Terms and Conditions should be read in conjunction with other important documents and guidance. These are:
Licence Agreement; and
1.3. You should keep a copy of these ILO Buyer Terms and Conditions safe for future reference. You can also download the latest version from the Website.
1.4. In these ILO Buyer Terms and Conditions “we”, “us” or “our” means ILOCX. “You”, “your”, “it” or “its” means the ILO Buyer. Words which appear in bold are defined in the Glossary at the end of these ILO Buyer Terms and Conditions.
1.5. Before you purchase an ILO Licence or create an ILO Buyer Account, you must read these ILO Buyer Terms and Conditions.
1.6. By creating and maintaining an ILO Buyer Account, you agree to be bound by these ILO Buyer Terms and Conditions. You agree to access and use the ILOCX Platform and the Website for the purposes of buying, or applying to buy, ILOs from Listing Companies as envisaged by, and in accordance with, these ILO Buyer Terms and Conditions. You also agree to access and use the ILOCX Platform and the Website for the purposes of trading ILO Licences with other ILO Buyers as envisaged by, and in accordance with, these ILO Buyer Terms and Conditions.
1.7. If, after reading these ILO Buyer Terms and Conditions, you feel you are not able to comply with your obligations under them, or you do not wish to be bound by them, then you should not proceed to create an ILO Buyer Account or buy an ILO Licence.
1.8. If you have any question or queries, you should contact us by email at firstname.lastname@example.org
2. The ILOCX Platform and ILOCX’s role
2.1. The ILOCX Platform is a platform that matches those who wish to sell ILO Licences with those who wish to buy ILO Licences. Our role is to:
operate and manage the Website and the ILOCX Platform;
match Listing Companies with ILO Buyers;
facilitate buying transactions between Listing Companies and ILO Buyers; and
perform Intermediary Services.
2.2. ILOCX runs a Sponsorship Program and Accelerator Model under which we may sponsor a Listing Company to cover Listing Fees and a promotional budget if we deem this beneficial to the ILO Platform and ILO Buyers. The main driver here is the promotional budget required to undertake a successful ILO and Revenue Ready status. If we deem a company is not ready for revenue or able to scale the product or service, we may offer assistance under our sponsorship model. If we sponsor a Listing Company, we may receive equity in the Listing Company at a negotiated level as well as debt and ILO Licences as part of our compensation or a combination of the them all. To find out more about this please email email@example.com
3. Intermediary Services
3.1. We, or others we instruct, perform the following Intermediary Services:
preparing Licence Agreements for Listing Companies and ILO Buyers;
providing Listing Companies and ILO Buyers with the necessary contractual documentation and information, details of which can be found on the Website;
approving changes made to a Listing Company’s information hosted on our site;
collecting and distributing payments due to Listing Companies received by us from ILO Buyers;
facilitating the transfer of ILO Licences when an ILO Buyer wishes to sell them on the ILOCX Platform;
operating ILOCX Buyer Wallets for and on behalf of ILO Buyers;
enforcing any other rights that we, you and/or Listing Companies have under Licence Agreements as far as applicable and possible in law whether the events are categorised in these ILO Buyer Terms and Conditions or not, at our discretion; #
responding to, and seeking to resolve, all complaints or disputes concerning Licence Agreements; and
making amendments or variations to Licence Agreements.
3.2. You authorise us to provide or arrange the provision of the Intermediary Services for you.
3.4. No information, activity or process undertaken, or outcome reached, in connection with the provision of Intermediary Services is intended to constitute or be construed as advice, recommendations or guarantee by ILOCX Platform or any Listing Company as to the creditworthiness of the Listing Company or any ILO Buyer, the amount of Licence Royalty payments you might receive, or the likelihood of payment defaults that may occur, in relation to any ILO Licence
4. Our agreement with you
4.1. These ILO Buyer Terms and Conditions set out the basis of our relationship with you as an ILO Buyer.
4.2. We do not guarantee you will be able to buy through the ILOCX Platform.
4.3. The Licence Agreement sets out your buying relationship with each Listing Company. A Licence Agreement is between a Listing Company and an ILO Buyer, In addition ILOCX has certain rights under it to enable us to perform our role properly. If there is any conflict between these ILO Buyer Terms and Conditions and the Licence Agreement, the terms of the Licence Agreement will prevail.
4.4. We will not perform any management functions on your behalf in respect of any ILO Licences that you buy or hold. It is your sole decision whether or not to buy from a Listing Company on the ILOCX Platform. You should seek independent financial, legal, tax or other professional advice prior to deciding to buy through the ILOCX Platform. There are certain sectors which require additional approvals to sell ILO Licences and or offer affiliate programs, for example, where regulation may prevent the promotion of some regulated products. Listing Companies must check with the Listing Team if their product falls under any local or national regulatory scrutiny.
4.5. We are not authorised to give investment advice. No information contained on the ILOCX Platform or on the Website constitutes investment advice or a recommendation to buy money, and should not be treated as such.
5. ILO Buyer Eligibility Criteria
5.1. To access and use the ILOCX Platform for the purposes of buying you must create an ILO Buyer Account. To be eligible to do so, you must satisfy the following ILO Buyer Eligibility Criteria (unless we agree otherwise):
You confirm that you have read these terms and conditions and have the authority to and do agree to be bound by them;
You consent to our use of information in accordance with our Privacy Notice;
You are over 18 years of age;
You accept financial responsibility for payment of the ILO Unit Price
5.2. We may change the ILO Buyer Eligibility Criteria from time to time.
5.3. If you cease to satisfy the ILO Buyer Eligibility Criteria, we may close your ILO Buyer Account in accordance with the process set out in clause 13 (Ceasing to be an ILO Buyer with ILOCX and termination).
6. Creating an ILO Buyer Account
6.1. Before you can buy on the ILOCX Platform, you must create your ILO Buyer Account.
6.2. We have absolute discretion whether to accept or reject your application to create an ILO Buyer Account, even if you satisfy the ILO Buyer Eligibility Criteria.
6.3. You confirm and agree that, when you create an ILO Buyer Account and for so long as you maintain an ILO Buyer Account:
you meet the ILO Buyer Eligibility Criteria;
the information you provide to us is true and accurate in all respects and is not misleading;
you will ensure that no unauthorised person can access or use your ILO Buyer Account;
you can enter into a legally binding agreement with us and each relevant Listing Company;
you will ensure that all documents we require from you are validly executed and you will comply with all instructions in relation to the reviewing and approving of these documents;
if you are acting on another person’s behalf, you are authorised to act on their behalf and will provide us with written evidence of your authority to act when requested;
if you are a limited company, limited liability partnership or other legal entity, the person creating and maintaining the ILO Buyer Account is properly authorised to represent you and enter into a legally binding agreement with us. You will ensure that only authorised persons are able to access or use your ILO Buyer Account and you will provide us with written evidence of your authority to act if and when requested; and
you are properly authorised to transfer money into, and out of, your ILO Buyer Account.
6.4. If any of the statements in clause 6.3 cease to be true while you maintain an ILO Buyer Account, you must contact us as soon as possible by email (firstname.lastname@example.org) to tell us.
6.5. You must update your ILO Buyer Account when your details change, or tell us and we will update your details.
6.6. You must provide us with the sort code and account number of your Nominated Bank Account in order to receive royalties.
6.7. When you create your ILO Buyer Account you must provide a username, a valid e-mail address, a password and certain security information. Your username and password are unique to your ILO Buyer Account and are non-transferable without our specific prior written consent. You will need them to access certain restricted areas of the Website.
6.8. You must keep your username, password and security information secure and confidential. You are responsible for all activity on or through your ILO Buyer Account, the ILOCX Platform, and in connection with your Buyer Nominated Bank Account, including all activity by anyone that uses your username, password and security information, whether or not they have been authorised by you. You must provide all authorised persons with a copy of these ILO Buyer Terms and Conditions and ensure that they comply with them when accessing and using the ILOCX Platform and the ILO Buyer Account.
6.9. You must not transfer your ILO Buyer Account to another person, or permit another person to use your ILO Buyer Account, without our specific prior written consent.
6.10. You must notify us immediately if you believe that an unauthorised person is using your ILO Buyer Account, or the security of your ILO Buyer Account has been or might be breached.
6.11. We can assume that all correspondence, orders, transfers and instructions made by reference to your username and password are made by you.
6.12. We can decline to act on your instructions or suspend your ILO Buyer Account if we suspect illegal or fraudulent activity or unauthorised use of your ILO Buyer Account.
7. Buying and Licence Agreements
7.1. When you buy an ILO Licence on the ILOCX Platform you must agree to and accept the Licence Conditions.
7.2. ILO Buyers acquire ILO Licences through the primary and secondary markets on the ILOCX Platform. The primary market is where new ILO Licences are originated by Listing Companies and the secondary market enables the sale and purchase of existing ILO Licences among ILO Buyers.
7.3. Each Licence Agreement is governed by the Licence Conditions set out therein. Once your payment has been received and your Licence Agreement with a unique reference number is delivered, the Licence Agreement is automatically formed between each Listing Company that sells a Licence and the relevant ILO Buyer. You must ensure that you complete the full name and address details in your ILO Buyer Account or the Licence Agreement will not be valid.
7.4. You may request a refund for an ILO Licence within 24 hours of purchase by contacting us by email on email@example.com.
7.5. Once the 24 hours cooling off period has passed, you must contact the Listing Company directly to request a refund as ILOCX will have paid the ILO Licence Unit Price to the ILOCX Company Wallet’)”>ILOCX Company Wallet after that time (less applicable fees). It becomes the Listing Company’s responsibility after 24 hours to allow or administer a refund at their discretion.
7.6. If you have requested and been granted a refund the Licence Agreement is cancelled, and rights and obligations therein are immediately voided.
7.7. Listing Companies may elect to issue a limited Friends and Family Round at a discount to the ILO Licence Unit Price. This round is by in