05 Disclaimer

Disclaimer

This Disclaimer has been updated as of April 5, 2018.

Please read this Disclaimer carefully. By accessing or using the Golem Network or Golem Website, you agree to be bound by the terms described herein and all terms incorporated by reference. If you do not agree to these terms, do not use the Golem Network or the Golem Website.

I. The Golem Project

Golem Factory GmbH (the “Company”) has conceptualized and developed a global, open source, decentralized supercomputer that anyone can access (the “Golem Network”). The Golem Network enables users, who are seeking additional computing power (“Requestors”) to rent it from users with idle resources (“Providers”; together the “Users” and/or “You”). The contractual relationship arises only between the Provider and the Requestor and the Company does not form any part of such relationship. The underlying software protocol (the “Software”) that governs the Golem Network is developed and published under the GNU General Public License version 3 which forms an integral part of this Disclaimer (https://www.gnu.org/licenses/gpl.html). You understand and accept that the Software is provided “as is” and any expressed or implied warranties of merchantability and fitness for a particular purpose are disclaimed. In no event shall the Company be liable of any direct, indirect, incidental, special, exemplary, or consequential damages (including, but not limited to, procurement of substitute goods or services; loss of use, data, or profits; or business interruption). As the Software is of experimental nature and deployed for testing purposes only, you acknowledge that this Beta Version of the Software, even though developed in accordance to state of the art, is likely to: (i) contain bugs, defects, or errors (including any bug, defect, or error relating to or resulting from the display, manipulation, processing, storage, transmission, or use of data) that materially and adversely affects the use, functionality, or performance of the Golem Network or any product or system containing or used in conjunction with Golem. Also, core to Golem’s built-in feature set is a dedicated Ethereum-based transaction system, which enables direct payments between Requestors and Providers. All payments in the Golem Network are made in GNT and require ETH as gas. With the aim of reducing the costs for the Users, the individual payment transactions are bundled and carried out jointly as a bundle (“batching”). You hereby acknowledge that it may therefore take up to 30 business days until payment transactions are executed. GOLEM NETWORK IS HIGHLY EXPERIMENTAL AND ANY REAL ETH OR GNT SENT TO A LIKELY INSECURE SOFTWARE ARE AT RISK OF BEING LOST INDEFINITELY. YOU ACKNOWLEDGE THE RISK OF A NON-PAYMENT EVEN AFTER 30 BUSINESS DAYS. YOU ACKNOWLEDGE THAT GNT IN TESTNET (“tGNT”) DO NOT CARRY ANY VALUE.

II. Disclaimer of Warranty

THERE IS NO WARRANTY FOR THE SOFTWARE, TO THE EXTENT PERMITTED BY APPLICABLE LAW. EXCEPT WHEN OTHERWISE STATED IN WRITING THE COMPANY PROVIDES THE SOFTWARE “AS IS” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE SOFTWARE IS WITH YOU. SHOULD THE SOFTWARE PROVE DEFECTIVE, YOU ASSUME THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.

III. Limitation of Liability

IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW OR AGREED TO IN WRITING WILL THE COMPANY, OR ANY OTHER PARTY WHO MODIFIES AND/OR CONVEYS THE SOFTWARE AS PERMITTED ABOVE, BE LIABLE TO YOU FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE SOFTWARE (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A FAILURE OF THE SOFTWARE TO OPERATE WITH ANY OTHER SOFTWARE OR THE NON-PAYMENT OF A FEE ), EVEN IF SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

IV. Account Password and Security

When setting up an account within the Golem Network, it is your sole responsibility to keep your own account secrets, in particular the password you set during at the first launch of the application. You agree to (a) never use the same password for the Golem Network that you have ever used outside of this service; (b) keep your secret information and password confidential and do not share them with anyone else. The Company cannot and will not be liable for any loss or damage arising from your failure to comply with this section. There is no possibility for the Company to recover your private password.

V. Assumption of Risks of Cryptographic Systems and Currencies

By using the Golem Network in any way, you acknowledge the inherent risks associated with cryptographic systems; and warrant that you have an understanding of the usage and intricacies of native cryptographic tokens, like GNT or ETH, smart contract based tokens such as those that follow the Ethereum Token Standard and blockchain-based software systems. You understand that Ethereum and other blockchain technologies and associated currencies or tokens are highly volatile due to many factors including but not limited to adoption, speculation, technology and security risks. You also acknowledge that the cost of transacting on such technologies is variable and may increase at any time causing impact to any activities taking place on the Ethereum blockchain. You acknowledge these risks and represent that the Company cannot be held liable for such fluctuations or increased costs. You acknowledge that you are solely responsible for the process of selling and buying GNT or ETH and that the Company does not offer any such service. The Company cannot be held liable for any losses or damages of GNT, ETH or other Cryptocurrencies resulting from the use of services of any third-party provider (i.e. exchanges).

VI. Assumption of Risk of Regulatory Actions in One or More Jurisdictions

The Golem Network and Ethereum could be impacted by one or more regulatory inquiries or regulatory action, which could impede or limit the ability of the Company to continue to develop, or which could impede or limit your ability to access or use the Golem Network or Ethereum blockchain. The Company endeavours to comply with all applicable laws, i.e. all legal requests for information, and reserve the right to provide information, including Project Information, to law enforcement personnel and other third parties to answer inquiries, to respond to legal process, to respond to the order of a court of competent jurisdiction and those exercising the court’s authority and to protect the Golem Network and its Users.

VII. Services and Availability

All Users acknowledge that the Company only provides the technical applications to enable the contact between the Requestors and Providers. The Company is not liable for any contact between the Users. The Company is not liable for any breach of duty arising from the contracts concluded between the Users (including non-fulfillment of a contract) and the Company can not be held responsible for the quality of any work results / computations ordered by a Requestor through the Golem Network. The Users are solely responsible for the execution and fulfilment of the contracts between Requestors and Providers. The Users acknowledge that a 100% availability of the Golem Network is technically not possible. Events beyond the Company’s control can lead to short-term disruptions or temporary suspension of the Golem Network. The Company excludes, as far as legally permissible, liability for all damages in connection with service interruptions.

VIII. Indemnification

You agree to release and to indemnify, defend and hold harmless the Company and its parents, subsidiaries, affiliates and agencies, as well as the officers, directors, employees, shareholders and representatives of any of the foregoing entities, from and against any and all losses, liabilities, expenses, damages, costs (including attorneys’ fees and court costs) claims or actions of any kind whatsoever arising or resulting from your use of the Software, your violation of this Disclaimer, and any of your acts or omissions that implicate publicity rights, defamation or invasion of privacy. If you are obligated to indemnify the Company, Company reserves the right, at its own expense, to assume exclusive defense and control of any matter and, in such case, you agree to cooperate with the Company in the defense of such matter.

IX. Jurisdiction and Governing Law

Any dispute between the Users and the Company shall be submitted to the exclusive jurisdiction of the competent Courts of Zug, Switzerland, with the exclusion of any other jurisdiction or arbitration. This Disclaimer shall be governed by and construed and interpreted in accordance with the substantive laws of Switzerland, excluding the Swiss conflict of law rules. The United Nations Convention for the International Sales of Goods ("Vienna Sales Convention") is excluded.