Last updated: February 1st, 2020
2) Service Description - Service is a web-based escrow service conducted by Velo Trust. This service is intended to give users the ability to facilitate the creation of their own bitcoin OTC escrow transactions, based in the provisions of this agreement.
3) Limitation on Services - Services are only available for bitcoin transactions. Only registered users can use the Service. To register, you must provide all the necessary information on the Site.
4) Payment Refusal - Due to the use and nature of crypto graphic currencies, making electronic funds transfers may be limited by your agreement with your financial institution and/or by applicable law, Velo Trust is not responsible to any User if Velo Trust does not complete Transactions as a result of these restrictions, or if a financial / exchange institution fails to honor any credit or debit to or from the Account. Velo Trust may post operating rules related to payments on the Site and change these rules from time to time.
6) Buyer Obligations - On the transaction details screen, the buyer must designate a bitcoin wallet address where purchased bitcoin will be sent to for transaction settlement. The buyer must also send over the purchase price and all related costs of the transaction via a wire transfer to a designated escrow account which will be provided via a secure email.
7) Seller Obligations - On the transaction details screen each seller must designate the full account details where the transaction payment will be made. Each seller authorises Velo Trust and its authorised agents to make credit entries to the sellers provided bank account through means of a wire transfer to pay the purchase price or the applicable balance. Each seller in a transaction will send the bitcoin listed in the transaction details screen to an escrow wallet which will be provided via a secure email as of when due. If Velo Trust does not receive the coins from the seller within (2) calendar days of the notification to send the bitcoin, the seller authorises Velo Trust to return the buyers deposited funds and cancel the transaction.
8) Broker's Obligations - On the Transaction Details Screen, each Broker of a Transaction must designate a Wallet Address or full account details where the Broker Fee payment will be made. Each Broker authorizes Velo Trust and its official agents to initiate credit entries to the Broker's Account to pay Broker commissions.
9) Velo Trust Obligations – Velo Trust is obliged to perform only tasks that are clearly described in this Agreement and any other transaction agreement. Velo Trust will not be responsible for errors in judgment, for any actions taken or not taken, or for fact or legal errors, except for intentional negligence or intentional errors (subject to limitations in Section 17 below).
10) Canceling a Transaction - If a Transaction cannot be completed for any reason, including cancellation by Velo Trust for any reason, Velo Trust will notify each User in the Transaction via email, to the email address provided by each to Velo Trust. In Velo Trust's sole policy, Velo Trust may cancel any Transaction if each User in a Transaction fails to agree to the terms as required in the Transaction Details Screen by clicking the "Agree" button as requested on the Site.
11) Questions about Services - You can ask about payments made through the Service by emailing our transactions team on firstname.lastname@example.org If you believe that an error has occurred or that your Account or Service has been misused, you agree to email as soon as possible, but no later than forty-eight hours after you learn of the error. When you contact Velo Trust, please be prepared to provide your name and email address that you have registered on the Velo Trust site.
12) Statements & Verification - You agree that all disclosures and communications regarding this Agreement and the Service will be made via email or on the Site unless the parties make other arrangements as specified in a sales agreement.
13) Fees - Unless otherwise agreed by each User in the Transaction, the Buyer/Seller agrees to pay the appropriate fees for the Services disclosed on the Site when the Escrow Transaction Instruction is agreed to by all such Users, After payment, Velo Trust fees are non-refundable. Velo Trust fees may change from time to time at the absolute and absolute discretion of Velo Trust. Velo Trust is not responsible for payments for sales, use, personal property or other government taxes or levies that are imposed on any goods purchased or sold through the Service or arising from Transactions.
14) Security - Velo Trust uses a secure socket layer ("SSL"), a security protocol that provides data encryption, server authentication, and message integrity for connections to the Internet to ensure that the data you provide Velo Trust is not sent over the Internet that is not encrypted. and can't be seen by unauthorized people. Velo Trust also implements a security system that requires an email address and password to access your transactions on the Site. You agree not to give your password to other people or entities and protect it from being used or discovered by others.
15) Limitation of Liability - TO THE EXTENT PERMITTED BY APPLICABLE LAW, NEITHER Velo Trust OR ITS AFFILIATES WILL BE LIABLE FOR ANY DAMAGES, DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL, RELATED TO THE USE OF THE SITE OR THE SERVICES OR YOUR INABILITY TO USE THE SITE OR THE SERVICES.
16) Non-Transferable Services - You may not transfer this Agreement or Escrow Instructions to any other person or entity. Your right to use the Service will not be sold or transferred to any other person or entity without the prior written consent of Velo Trust. Velo Trust may set this Agreement with notice to you. Any assignment or transfer that violates this provision will be null and void.
17) Modifications - Velo Trust has the right to change this Agreement, or any part thereof, at any time, without prior notice, provided that no changes will apply to the Transaction once the User for the Transaction has agreed to the Transaction escrow instructions. You understand that the latest version of this Agreement will be found on the Site.
18) Notifications - Notifications from Velo Trust to you will be provided via Email, or by public posting on the Site. You can contact Velo Trust by filling out the customer support form or via email on email@example.com.
Velo Trust may establish this Agreement for current or future affiliated companies and for interested successors. Velo Trust may also delegate certain Velo Trust rights and responsibilities under this Agreement to independent contractors or other third parties.
Revised February 1st, 2020.
If you have any questions about these Terms, please contact us.