Chapter 1 General Provisions
Article 1 Purpose
Article 2 Definitions
The capitalized terms used herein are defined as follows. Any terms not otherwise defined herein shall have the meanings assigned to them under applicable laws or under generally accepted commercial practices:
1 Platform: means the INKubator (https://inkubator.ex.ink) operated by the Company which allows Users to use the Services provided by the Company by means of wired or wireless information and communications equipment.
2 Services: means any and all services that Users may use on the Company's webpage in accordance with these Terms.
3 User: means any person who is entitled to use the Services through the Platform by entering into a service agreement ("Agreement") with the Company in accordance with these Terms.
4 Creator: means any User who wishes to obtain sponsorship from Sponsors (as defined below) by undertaking a Project (as defined below) on the Platform in accordance with these Terms.
5 Sponsor: means any User who sponsors or intends to sponsor a Project undertaken by a Creator.
6 Project: means a subject of sponsorship posted by a Creator on the Platform with the Company's approval for the purpose of obtaining sponsorship. A Project shall be related to intellectual property rights including copyrights and patent rights or to business activities intended to acquire intellectual property rights.
7 Reward Token: means a token that a Creator promises to provide to a Sponsor upon attainment of the targeted sponsorship amount with respect to a Project.
8 Posting: means a writing, photograph, video, or any other file and link providing information in the form of a sign, character, voice, sound, image, or moving picture that a User posts on the Platform when using the Services.
Article 3 Notice, Effect and Amendment of these Terms
1 The Company shall post these Terms on the beginning page of the platform so that Users may easily view the contents thereof.
2 Company reserves the right to make revisions to these Terms to the extent such revisions do not violate the Act on the Regulation of Standard Terms and Conditions, Cybersecurity Act, Computer Misuse and Cybersecurity Act, Monetary Authority of Singapore act, and other relevant laws and regulations.
3 In cases where Company revises these Terms, Company shall specify the existing terms, revised terms, the effective date of the revised terms, and the reasons for such revisions. Company shall then provide notice of such revisions at least seven (7) days prior to their scheduled effective date and maintain notice for a considerable period of time following the effective date. If any revisions are disadvantageous to User, Company shall provide notice of such revisions on the Platform at least thirty (30) days prior to their scheduled effective date and maintain notice for a considerable period of time following the effective date. Further, separate notice of disadvantageous revisions shall be provided individually to User via electronic form (e.g., electronic mail). Users shall notify the Company of any change in their email addresses at which they can be contacted. If the amended Terms which the Company forwards to their email addresses in its possession arrive in the corresponding email servers, the amended Terms shall be deemed to have been duly delivered to such Users.
4 If User, after having received notice in accordance with the preceding Paragraph ③, fails to communicate his/her objection to such revisions within seven (7) days after their effective date, User shall be deemed to have agreed to such revisions. User shall be entitled to terminate these Terms in accordance with Article 8 if he/she objects to any proposed revisions.
Chapter 2 Service Agreement
Article 4 Application for Service Use and Effectuation of Service Use Agreement
1 Any person who wishes to use the Services provided by the Company under these Terms shall obtain eligibility therefor by entering into an Agreement with the Company.
2 When a person who seeks to use the Services ("Applicant") applies for membership by entering required information in a form provided by the Company, giving consent to these Terms, and completing identification procedures, an application for use of the Services ("Application") shall be deemed to have been made. An Agreement shall enter into force when the Company accepts such Application.
3 If the Applicant is an individual, he/she must be at least nineteen (19) years of age and hold a passport issued by at least one (1) sovereign country. The process and method of an Application may differ, depending on whether User is an individual (natural person) or juridical person.
4 The Company may request an Applicant to submit evidentiary documents if they are necessary to verify the information entered by Applicant in accordance with the preceding Paragraph ②. In such case, Applicant shall submit such evidentiary documents accordingly.
5 The Company may not accept an Application if any of the following has occurred or is reasonably suspected to have occurred:
i. Applicant has previously had his/her User status revoked pursuant to these Terms;
ii. Applicant re-submits an Application after terminating an Agreement while being subject to the Company's use restriction measures pursuant to these Terms;
iii. An existing User re-submits an Application by using another ID, without terminating the existing Agreement;
iv. Applicant submits an Application by using a false name or any other person's name;
v. Applicant fails to enter mandatory information or provides false information when submitting an Application;
vi. Applicant fails to submit evidentiary documents for verification requested in accordance with the preceding Paragraph ④;
vii. Applicant is likely to disrupt social stability and order or public morals;
viii. Applicant is likely to threaten the order of commercial transactions including interrupting use of the Services by any other person, illegally using any information thereof, or submitting an Application for an illegal or improper purpose;
ix. Applicant submits an Application in violation of these Terms.
6 In any of the following cases, the Company may withhold its approval for an Application or limit Users' use of the Services, wholly or partially, until such situation is remedied:
i. Capacity shortage in connection with the Services;
ii. Technical failure;
iii. Other any circumstances substantially similar to any of the foregoing cases.
Article 5 Service Provision
1 Types of the Services provided by the Company under these Terms are as follows:
i. Services related to Project undertaking: Undertaking and posting of a Project, etc.
ii. Services related to sponsorship: Receipt of an application for sponsorship, notification of sponsorship results, etc.
iii. Services necessary for or incidental to provision of such Services as set forth in the preceding Subparagraphs 1 and 2;
iv. Other Services provided by the Company.
3 Services shall be, in principal, provided 24 hours a day and 365 days a year. The Company may temporarily suspend provision of the Services or change the time during which the Services are available if there exists a technical reason or justifiable operational cause including repair, inspection, replacement, failure, or interruption of information and communications equipment such as computers. In this case, the Company shall announce such change on its webpage in advance and give notice thereof to Users; provided that if unavoidable circumstances prevent the Company from making announcement and giving notice in advance, ex post facto announcement and notice may be made.
4 If necessary for provision of the Services, the Company may conduct regular maintenance inspections in accordance with notice provided on the Service provision screen.
5 The Company may change the details of the Services for certain reasons including a technical reason or modification of its business policy. In this case, the Company shall promptly announce such change on its webpage.
Article 6 Service Fees
The Company may collect fees from Users using its Services. Users shall directly pay the charges for communication network connections necessary for use of the Services. Each project's services fee rate will be announced separately in every project page.
Article 7 Company's Restrictions on Use of Services and Termination of Agreement
1 In any of the following cases, the Company may temporarily or permanently suspend User's use of the Services or terminate an Agreement if it requests the User to remedy any of the following events within a set period of at least  days, but the User fails to do so by such deadline:
i. It is confirmed or reasonably suspected that there exists a reason for refusal of consent set forth in any Subparagraph of Article 4 Paragraph ⑤;
ii. User carries out or attempts any transaction against public order and good morals;
iii. User breaches these Terms, violates any applicable law in the course of using the Services, or interrupts the Company's operation of the Services;
iv. User illegally uses a third party's means of payment, coin/token, or personal information;
v. User infringes upon intellectual property rights, including copyrights, of the Company or any other third party;
vi. User violates the rights, reputation, reliability, or other legitimate rights of the Company or any other third party;
vii. User discloses or posts any obscene or violent message, image, voice, or other information against public order and good morals on the Company's webpage;
viii. User uses the Services for a profitmaking purpose without the Company's consent;
ix. User otherwise uses the Services for any illegal or improper purpose.
2 Users may raise objection to restrictions on their use of the Services or termination of an Agreement. In such case, the Company shall resume provision of the Services if it acknowledges in its reasonable discretion that such objection is justifiable.
Article 8 User Cancellation
1 User may request the Company to cancel his/her User status at any time. Upon such request by User, the Company shall promptly undertake cancellation procedures. Upon cancellation, User may no longer use the Services provided by the Company.
2 User cancellation shall not affect the validity of agreements concluded by User by using the Services provided by the Company, including an investment agreement. User shall be responsible for any disadvantage arising from cancellation of User status in connection with said agreements including an investment agreement.
Chapter 3 User Information Protection and Management
Article 9 Collection and Protection of User Information
2 In the event there is any change in information entered into an Application, such Users shall make online modification or inform the Company of such change by email or any other means. The Company shall not be liable to Users for any disadvantage caused by their failure to notify the Company of such change.
Article 10 Obligations Regarding Means of Access Including User ID and Password and Related Information
1 Users shall exercise due care in managing their means of access including IDs and passwords as well as related information.
2 Users shall be responsible for managing their means of access including IDs and passwords as well as related information. They shall be liable for any damage arising from their negligence in management thereof or their consent to the use thereof by any third party.
3 If Users become aware that their means of access including IDs and passwords or related information has been stolen or used without authorization by a third party, they shall give notice thereof to the Company without delay and comply with instructions from the Company, if any. The Company shall not be liable for any damage arising from such Users' failure to give notice thereof to the Company or to follow the Company's instructions after giving notice thereof.
Chapter 4 Crowdfunding Services
Article 11 Project Undertaking
1 Projects shall only be posted on the Platform in cases where a Creator applies for Project undertaking in accordance with the process determined by the Company and where the Company examines and approves the Project based on each of the following criteria:
i. Compliance with the Company's policy and procedures concerning Project undertaking;
ii. Preparation of a Project undertaking form provided by the Company and submission of documents requested by the Company;
iii. Provision of files requested by the Company in connection with the Project (image, video and voice files, etc.);
iv. Violation of applicable laws or disruption of public order or public morals;
v. Intention to defame or give disadvantage to any other person;
vi. Satisfaction of other standards determined by the Company including authenticity of the Project.
2 An application for examination of a Project shall not include any falsity, omission, or error. A Creator shall be solely liable for any disadvantage (including disadvantages suffered by the Company and a third party) caused by its failure to meet said requirement. A Creator shall be solely liable for Project details and documents which he/she prepared and submitted.
Article 12 Posting of Project Information
1 A Creator may post on the Platform such Project information that can help Sponsors make a decision on possible sponsorship. Such information may be posted on the Platform or a website related to the Platform even after the deadline for sponsorship solicitation has passed. A Creator may not delete or modify such information without the Company's consent.
2 Any Creator who wishes to change Project information posted on the Platform shall notify Users of such change in compliance with a process determined by the Company.
3 A Creator shall be solely liable for any dispute, legal issue, and disadvantage arising in connection with the details of its posted Project.
Article 13 Project Cancellation
1 After posting of a Project, no Creator may cancel sponsorship solicitation for the Project.
2 If it is reasonably believed that the Project posted by a Creator falls under any of the following, the Company may cancel the Project without any prior notice and delete posted Project information. The Company shall not be liable in such cases in any way:
i. Project information provided by the Creator turns out to be false or any detail not approved by the Company is posted;
ii. Details of the Project infringe upon a third party's property or other rights, disrupt public order or public morals, or are in violation of applicable laws.
Article 14 Sponsorship
1 Sponsors may engage in sponsorship activities by registering their virtual currencies (cryptocurrencies) on the Platform and transferring them to a Creator according to a process determined by the Company. Matters pertaining to registration and transfer of virtual currencies (cryptocurrencies) shall be stipulated by the Company.
2 Sponsors shall fully understand the details of a Project available on the Platform before applying for a sponsorship under these Terms.
3 Sponsors may exchange opinions with a Creator by posting Project-related questions or answers on bulletin boards created on the Platform. The Company, in its sole discretion, shall not delete or modify Sponsors' opinions posted on the Platform, with the exception of such cases as provided in Article 18 of these Terms.
4 Sponsors may cancel their sponsorship applications by the end of the funding period according to a process determined by the Company.
Article 15 Funding Results
1 Upon receipt of sponsorship applications, the funding target attainment ratio shall be posted on the Company's webpage; provided that such ratio is subject to change in the event of sponsorship cancellation or invalidation of sponsorship applications under these Terms.
2 With respect to undertaking of a Project that allows receipt of funds only when a targeted funding amount is reached, the Company shall post funding results on its webpage according to the following standards (classification into "success" or "failure") at the end of the funding period:
i. "Success": The amount of payments under the sponsorship of Sponsors equals or exceeds the amount targeted by the Creator;
ii. "Failure": The amount of payments under the sponsorship of Sponsors is less than the amount targeted by the Creator.
3 If the funding results fall under "success," the Company shall deliver the sponsorship payments offered by Sponsors to the Creator without delay after the funding period ends; provided that if it is evident that the Creator cannot perform the sponsored Project or provide Reward Tokens to Sponsors, the Company may reserve payment of, or may not deliver, such sponsorship amount.
4 In any of the following cases, applications for sponsorship made until the end of the funding period shall be cancelled without delay and the sponsorship payments thereunder shall not be delivered:
i. An application for sponsorship is cancelled in accordance with Article 14 Paragraph ④;
ii. Funding results fall under "failure" under Paragraph ② of this article.
5 In case of the preceding Paragraph ①, a Creator shall not claim any rights to the sponsorship payments offered during the funding period for the Project.
Article 16 Application of Sponsorship Payments and Reward Tokens
1 A Creator shall exercise all reasonable efforts to ensure that sponsorship payments will be used in accordance with the purpose of sponsorship. A Creator shall apply sponsorship payments delivered under these Terms only for the purpose of Project implementation and completion, provision of compensation based on Reward Tokens, disbursement of related expenses and the like as promised by the Creator for the Project. A Creator shall be solely liable for any disadvantage and liability arising from the non-performance of the foregoing requirements.
2 A Creator shall provide Sponsors with Reward Tokens as specified in Project information if funding results turn out to be a "success." If any Creator intentionally or negligently fails to grant Reward Tokens, provide compensation to be offered through Reward Tokens, or performs said obligation incompletely or differently from the Project information, the Creator shall assume sole liability therefor (including claims by Sponsors).
3 Reward Tokens shall be used only as a token of Sponsors' right to receive complimentary goods upon the completion of a Project. Sponsors shall not trade in Reward Tokens with any other Users or third parties.
Chapter 5 Miscellaneous
Article 17 Rights Related to the Platform and Assignment of Rights to Use the Service
1 The Company shall retain rights to any Services provided by the Company (copyrights in data, software, Postings, and the like).
2 Users shall not assign, donate, or collateralize their right to use the Platform and their status under an Agreement to any third party without the Company's prior consent.
Article 18 Management of Postings
1 Copyrights in Postings by Users shall belong to the authors of such Postings.
2 Postings may be exposed through the Platform, search results, or related promotions. Postings may be partially modified, reproduced, or edited to the extent necessary for such exposure. In such case, the Company shall comply with the Copyright Act and Users may request measures, such as deletion, exclusion from search results, or non-disclosure of Postings, at any time through the customer center or the control function for each Service.
3 If the Company wishes to use a User's Posting in a manner other than that provided in the preceding Paragraph ②, it shall obtain prior consent of the User by telephone, facsimile, or email.
4 If a User's Posting contains any detail violating the Cybersecurity Act, Computer Misuse and Cybersecurity Act, Monetary Authority of Singapore act, and other relevant laws and regulations, the Copyright Act, and other applicable laws, infringing upon any other person's rights, or breaching the Company's policy, the Company may take such measures as deletion or non-disclosure of such Posting. User shall assume sole liability related to such Posting.
Article 19 Notice to Users
1 Notice to Users shall be given to the email addresses and mobile phone numbers (SMS) registered by them. The Company shall not be liable for non-delivery of such notice to Users due to their failure to modify User Information.
2 In case of notice to all Users, the Company may replace such notice as provided in the preceding Paragraph ① with an announcement on the Company's bulletin board for at least seven (7) days.
Article 20 Information Provision and Advertisement
1 The Company, by such means as an announcement or email, may provide Users with various information deemed necessary in connection with the use of the Services.
2 The Company may post advertisements of the Company or its partner companies on the Service screen, its webpage, or in emails; provided that the Network Act shall apply if advertisements for a profitmaking purpose are forwarded via electric transmission media.
Article 21 Limitation of Liability
1 If the Company is temporarily or conclusively unable to provide the Services through the Platform for such reasons as repair, inspection, replacement or failure of information and communication equipment, or interruption of communication due to an act of God or any other force majeure event equivalent thereto, the Company shall be exempted from liability for provision of the Services and shall not be responsible for any damage incurred by Users as a result thereof. In such case, the Company shall give notice thereof to Users by making an announcement on the Platform or by other means. Said notice may be replaced with an ex post facto notice under unavoidable circumstances.
2 Although the Company may provide information on Projects, it shall assume no legal liability for any damage incurred in connection with the details of a Project posted by a Creator and sponsorship by Sponsors, unless specifically provided otherwise under applicable laws.
3 The Company provides no warranty as to the accuracy and reliability of information posted by Users on the Platform. Therefore, the Company shall not be liable for any damage or loss of whatever nature suffered by Users due to their use of such information, unless specifically provided otherwise under applicable laws.
Article 22 Dispute Resolution
1 Any matter or interpretation not specifically provided herein shall be subject to applicable laws and commercial practices.
2 Any legal action instituted either by the Company or User against the other party shall be governed by the laws of the Republic of Singapore.
3 Any dispute between the Company and User shall be subject to the jurisdiction as provided by under the Civil Procedure Act of the Republic of Singapore.