1. Interpretation: The terms and phrases used herein shall be interpreted as following:
a. ‘MimoCloud’ means MimoCloud Computing UG
b. The ‘contract’ means the bitcoins, litecoin and dogecoin mining contracts, offered by ‘MimoCloud’ under the terms of sales herein contained.
c. The ‘client’ means a person who invests money in the ‘contract’.
d. The ‘TOS’ means the terms of the sales herein provided.
e. The ‘payment’ means the ‘payment’ made by the ‘client’ for the ‘contract’.
f. ‘The laws for the time being in force’ mean all relevant laws of Germany for the time being in force.
g. The ‘acceptance’ means the ‘acceptance’ given by the ‘client’ to ‘MimoCloud’ under the ‘TOS’.
h. The ‘arbitration’ means the German Institution of Arbitration (Deutsche Institution fur Schiedsgerichtsbarkeit, DIS), Main Secretariat, Beethovenstr, 5-13, 50674 Cologne, Germany.
i. Any reference in the ‘TOS’ to any provision of the law for the time being in force shall be taken as a reference to the currently applicable version of such law.
j. The headings in the ‘TOS’ are for the convenience of the readers and have no effect on the interpretation.
k. The ‘BGB’ means the German Civil Code (Burgerliches Gesetzbuch).
l. The official office of MimoCloud means the office situated at Konradstr. 14, 52074 Aachen, Germany
2. Preliminary: While formulating the ‘TOS’, following points are applied to fulfill the German laws on the standard terms of sales in the consumer-business contract:
a. The ‘clients’ are given sufficient opportunity to take notice of the ‘TOS’ herein contained.
b. The ‘TOS’ does not contain any of the unfair terms specifically provided in section 309 of the BGB and such other term or terms limiting the just rights of the ‘client’ unfairly.
c. The ‘TOS’ shall be in legible language and can easily be interpreted by an ordinary person having no background of legal education and experience.
d. The ‘TOS’ are worked out in good faith and nothing herein contained aims to conceal any fact or deceit the ‘client’.
e. The ‘client’ shall be required specifically to read the ‘TOS’ carefully before the ‘acceptance’.
f. The ‘TOS’ should be taken literally and objectively.
3. Scope: The ‘TOS’ shall apply to the ‘contract’ unless otherwise agreed in writing between the ‘client’ and ‘MimoCloud’ in accordance with the ‘GBG’.
4. Operation of term: The ‘TOS’ shall come into the operation soon after the ‘acceptance’ given by the ‘client’ or the acknowledgement of the order of the ‘client’ by ‘MimoCloud’.
5. Acceptance: When the ‘client’ places an order to ‘MimoCloud’ to buy the ‘contract’, it shall be deemed as if the ‘client’ has accepted the ‘TOS’ in its entirety.
6. Revision, amendments and addition to the terms:
a. ‘MimoCloud’ reserves the right to revise, amend and add to the ‘TOS’.
b. The revised, amended and added ‘TOS’ shall come into effects only after the updated version of the ‘TOS’ is made available to the ‘client’ and the ‘clients’ are invited to take notice of it.
Bank wire and many different crypto currencies via coin payment
7. Payment:
Unless otherwise agreed in writing between ‘MimoCloud’ and the ‘client’;
a. the ‘payment’ shall be made through PayPal or wire transfers or any of the different crypto currencies through coin payment or as ‘MimoCloud’ may prescribe from time to time;
b. there are electricity charges of $0.32 per Gigahash a month to be deducted from the profits on the bitcoins,litecoins and dogecoins on the monthly basis.
c. The ‘clients’ purchasing the litecoin contract shall be paid in litecoin, and similarly, the ‘clients purchasing in dogecoin contract shall be paid in dogecoins.
8. Delivery;
a. The bitcoin mining plans shall start immediately after the prescribed amount for plan is received.
b. The start date of the batch 1 litecoin and dogecoin mining plans is 30th August, 2014.
c. The start date of the batch 2 litecoin and dogecoin mining plans is 30th September, 2014
d. The ‘clients’ shall be sent the bitcoins, litecoins and dogecoins on the weekly basis in their respective bitcoins wallets. The payout can be delayed up to 14 days, without any further consequences.
9. Refunds:
a. The bitcoin mining plans are non-refundable.
b. In case, ‘MimoCloud’ fails to observe the schedule guaranteed under the provision 8 of the ‘TOS’, for the litecoin mining plans, the ‘client’ shall be entitled to claim the refund within a period of two weeks following the guaranteed start date provided in the ‘TOS’.
c. The refund shall be made in US dollars.
d. The refund amount paid in bitcoins or any other virtual currencies shall be deemed to be paid in dollar, and shall be calculated on the basis of the exchange rate given by ‘MimoCloud’ at the date of the ‘payment’ made by the ‘client’.
e. Refunds normally will be processed within 45 business days.
10. Limitation Period:
a. The refund under the provision of 9 of the ‘TOS’ shall only be granted if the ‘client’ requests the refund within two weeks following the relevant due date provided in the provision 8 of the ‘TOS’, failure to which such right shall cease to exist and the sales shall be final.
11. Remedies:
a. The aggregate remedies available in provision 8 of the ‘TOS’ are limited to the refund as provided in 9 of the ‘TOS’. ‘MimoCloud’ shall not be liable to any other compensation in addition to the refund.
12. Cessation of Contract:
a. The ‘bitcoin contract’ is indefinite which shall only expire on the occurrence of three incidents:
i. First, when the electricity costs exceed the profit on the bitcoins for the period of two months;
ii. Second, the hardware gets out of function and is not covered by the warranties; and
iii. Third, in case, for the best interests of the ‘client’, ‘MimoCloud’ finds it fit to sell the business to any other party. In such case, the proceeds of the sales shall be distributed among the ‘client’ in accordance with their respective processing power.
b. the ”litecoin and dogecoin contract” has a duration of 12 months. It shall only expire earlier on the occurrence of three.
incidents:
i. First, when the electricity costs exceed the profit on the litecoins or dogecoins for the period of two months;
ii. Second, the hardware gets out of function and is not covered by the warranties; and
iii. Third, in case, for the best interests of the ‘client’, ‘MimoCloud’ finds it fit to sell the business to any other party. In such case, the proceeds of the sales shall be distributed among the ‘client’ in accordance with their respective processing power.
13. Applicable Laws and Jurisdiction:
a. All disputes and litigations arising from the performance of either of the contractual party, MimoCloud and the ‘client’, under the ‘contract’ shall be governed by ‘the laws for the time being in force’.
b. The disputes and litigations referred in clause (a.) of 13 above shall be tried within the same local jurisdiction in which the official office of ‘MimoCloud’ situates.
c. Any dispute or controversy requiring the ‘arbitration’, the matter shall be referred to the ‘arbitration’.
d. In case the ‘TOS’ are silent on any issue, ‘the laws for the time being in force’ shall prevail.
14. Disclaimer:
a. ‘MimoCloud’ has fulfilled all statutory requirements at the time of incorporation as the bitcoins currency is legally recognized in Germany, ‘MimoCloud’ shall not be liable for the contrary legal status of the local jurisdiction of the ‘client’.
b. UN Convention for International Sales of Goods (Vienna Convention of 1980) will specifically be excluded and shall have no effects on the ‘contract’.
c. ‘MimoCloud’ shall not be liable for the illegal act of omission or commission of the ‘client’ done in his individual capacity.
d. ‘MimoCloud’ shall not be liable for the enactment of any law affecting the existing ‘client’.
e. ‘MimoCloud’ owns no liability for the occurrence of any accidental incident due to the force majeure.
f. ‘MimoCloud’ does not guarantee the existence of stable and favorable bitcoins market conditions.
g. No estimated payout is guaranteed.
h. The bitcoins is the currency having the characteristics of risk and gain in the same manner and to the same extent as the fiat currency does involve, ‘MimoCloud’, hence, does own no liability for the situation resulting from the fluctuation of bitcoins market price.
i. ‘MimoCloud’ is not liable for the tax or any other levies on the ‘client’ relating to the performance of the ‘contract’.
j. In case, the ‘client’ accidentally lost his digital keys of the wallet, ‘MimoCloud’ is not liable for the loss of the bitcoins. So, it is the duty of the ‘client’ to take care of the bitcoins in the same degree of concern people do for their valuables, gold, the fiat currency, password and PIN.
k. Any typographical error or omission in the website, announcement, acknowledgement, order, offer or any declaration shall not create any liability of ‘MimoCloud’.
15. The revision of the contract:
a. Nothing in the ‘TOS’ of the ‘contract’ shall be revised without the consent of ‘MimoCloud’.
16. Confidential Information: The confidential information of either party shall be the property of the original disclosing party. The unauthorized use of such information is not allowed unless the performance of the ‘contract’ is not possible without such use.
17. Intellectual property rights:
The ‘TOS’, design, software, tools and strategy of ‘MimoCloud’ are the exclusive ownership of ‘MimoCloud’. Any violation shall be dealt according to ‘the laws for the time being in force’ concerning the intellectual property rights.
