1 The Qash Rebate for Gram Token Sale (the “Campaign”) is conducted by Quoine Pte. Ltd. (the “Organiser”) during the period from from 10 July 2019 11:00 AM UTC to 17 July 2019 11:00AM UTC (the “Campaign Period”).
2. The Campaign is held in conjunction with the Gram Token Sale (as defined below) and, subject to these terms and conditions, will be open to existing users of the Liquid platform that:
- have a live, Verified Account on Liquid with the Organiser; and
- participate in and purchase Gram tokens during the sale of Gram tokens on the Liquid platform between 10 July, 2019 11.00AM UTC and 17 July 2019 11:00AM UTC (the “Gram Token Sale”),
(each, a “Participant”).
A “Verified Account” is where the user’s proof of identity, selfie and proof of address has been approved and he has successfully passed the Organiser’s verification process (please refer to here for information on account statuses).
3. This Campaign is not open to users that are (i) residing, located, domiciled, incorporated or established in Japan, United States of America or other restricted countries that are not eligible to participate in the Gram Token Sale as may be notified by the Organiser from time to time; or (ii) users who have opened accounts on Liquid with an entity other than the Organiser.
4. Subject to these terms and conditions, Participants who hold a minimum of 5000 Qash tokens in their Liquid accounts will be eligible to receive rebates paid out in Qash tokens (“Qash Rebate”) on their Gram token purchases during the Gram Token Sale. The value of a Participant’s Qash Rebate will depend on the relevant rebate tier in which they qualify for, the Qash token balance in their Liquid account (“Qash Balance”) and the length of time in which they maintain such Qash Balance in their Liquid Account, as set out in the table below:
In connection with the above, the Campaign mechanics are as follows:
i. Tier Qualification: To qualify for the applicable Rebate Percentage under a Tier, Participants must hold the specified minimum Qash Balance for the entirety of the Holding Period commencing immediately after the Campaign Period. Participants are only entitled to the Qash Rebate under the highest numbered Tier in which they qualify and may not claim Qash Rebates under more than one Tier.
ii. Maximum Value of Qash Rebate: The maximum value of Qash Rebate a Participant is entitled to is capped to the USD value of his Qash Balance as of 17 July 2019 11:00AM UTC that must be held for the entirety of the Holding Period.
iii. In the event the Participant’s Qash Balance decreases during the Holding Period:
a. If as a result he no longer qualifies for the same Tier, but qualifies for a lower numbered Tier based on the table above, the Participant shall only be entitled to the applicable Rebate Percentage based on the lower numbered Tier in which he does qualify. The maximum value of Qash Rebate he is entitled to will also correspondingly be reduced to the lowest USD value of his Qash Balance within the applicable Holding Period under the new Tier; or
b. If he qualifies for the same Tier, the maximum value of his Qash Rebate will correspondingly be reduced to the lowest USD value of his Qash Balance within the Holding Period.
iv. All valuations for the purposes of sub-paragraphs (i), (ii) and (iii) will be based on the prevailing USD/QASH rates as of 17 July 2019 11:00AM UTC.
v. Payout: The Qash Rebates will be paid out in Qash tokens to Participants’ Liquid accounts. The amount of Qash tokens to be paid out thereunder will be based on the prevailing USDC and Qash rates at the time of pay out.
vi. Subject to developments relating to the delivery schedule of Gram tokens under the Gram Token Sale, the distribution of Qash Rebate under the Campaign to Participants’ Liquid accounts is expected to occur by 29th February 2020. Notwithstanding the foregoing, the Organiser reserves the right, at its sole and absolute discretion, to defer payment of the Qash Rebate to such date as it may determine. All Participants must maintain a live, Verified Account on Liquid with the Organiser at the time of distribution in order to receive any Qash Rebate under the Campaign.
5. The Organiser reserves the right, in its sole and absolute discretion, to disqualify or prohibit a Participant or any other person from participating or qualifying in any aspect of the Campaign. Without prejudice to the generality of the foregoing, the Organiser may disqualify or prohibit a person where it deems or suspects that such person:
ii. has damaged, tampered with, abused or corrupted the operation of the Campaign; or
iii. has engaged in conduct that the Organiser considers inappropriate or unacceptable, which includes (without limitation) conduct inconsistent with the intended operation or purpose of the Campaign as determined by the Organiser.
For avoidance of doubt, Participants who engage in prohibited trading conduct on their Liquid accounts such as wash trading, shall be automatically disqualified from all aspects of the Campaign.
6. If any winner is discovered or deemed to be ineligible for the Campaign for any reason, or is prohibited or disqualified under Clause 5 above, the Organiser is entitled to at any time:
i .forfeit, withdraw or withhold any Qash Rebate; or
ii. where the Qash Rebate has been paid out and/or utilised, reclaim the Qash Rebate and/or deduct the value of the utilised portion of the Qash Rebate from the winner’s Liquid account.
In such an event, no person shall be entitled to any payment or compensation from the Organiser.
7. Employees of the Organiser or its related corporations may not participate in the Campaign and will be ineligible to receive any Qash Rebate under the Campaign.
8. The Organiser’s decisions in any matter in relation to the Campaign shall be final and conclusive. All valuations and calculations for the purposes of the Campaign shall be determined by the Organiser in its discretion and are final and binding.
9. The Organiser does not take any responsibility for any circumstance or event that may prevent the Participant from participating in the Campaign as a result of certain technical restrictions, issues or other limitations such as force majeure, which include (but are not limited to) regulatory considerations, government directives and government intervention of whatsoever nature.
10. The Organiser shall not assume any liability for any loss incurred or suffered by any person in connection with the Campaign, howsoever arising, including without limitation, any error in computing any Qash Rebate due, and any subsequent changes to the value of the applicable Qash Rebate under a Tier (if any).
11. Apart from campaigns held in conjunction with the Gram Token Sale, this Campaign is not valid in conjunction with other campaigns, offers or promotions unless otherwise stated.
12. In the event of any inconsistency between these terms and conditions and any brochure, marketing or promotional material relating to the Campaign, these terms and conditions shall prevail.
13. The Organiser reserves the right to cancel, withdraw or amend any aspect of the Campaign or these terms and conditions at its sole and absolute discretion without any liability. Without prejudice to the generality of the foregoing, the Campaign and any outstanding Qash Rebate yet to be paid will be cancelled and withdrawn immediately in the event of unforeseen circumstances relating to (i) cancellation or the Gram Token Sale; (ii) failure or significant delay of the TON mainnet launch; or (iii) failure of delivery of the Grams whether in whole or in part under the Gram Token Sale. In the event the Qash Rebate has been paid out to a Participant prior to the occurrence of the foregoing events, any applicable refunds to the Participant under the Gram Token Sale will be adjusted to take into account the proportion of purchase price that has already been returned to such Participant under this Campaign (as represented by the Qash Rebate paid out).
14. A person who is not a party to these terms and conditions shall have no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of these terms and conditions.
15. This Campaign is governed by the laws of Singapore and shall be subject to the exclusive jurisdiction of the Singapore courts.
16. By entering the Campaign, the Participant represents and acknowledges that he or she has read, understood and agree to be bound by these terms and conditions and by all decisions of the Organiser without limitation or qualification.