General terms and conditions of use of CroFun.be

PLEASE READ THESE GENERAL TERMS AND CONDITIONS CAREFULLY BEFORE MAKING USE OF CROFUN.BE.

THE USE OF CROFUN.BE AUTOMATICALLY IMPLIES THAT YOU READ THESE GENERAL TERMS AND CONDITIONS AND ACCEPT THESE GENERAL TERMS AND CONDITIONS.

 

In the context of the services offered to the users of the internet platform by CroFun.be the consumer is not entitled to decide not to go ahead with the purchase.

The following terms and conditions and the articles specified below are applicable to the access to and the use of http://www.CroFun.be.

CroFun.be is an internet platform where companies, associations an self-employed people (the “project providers”) can offer projects to possible buyers and sponsors / donors exclusively for professional purposes for advance sale and sponsoring or can offer standardised investment instruments to possible investors in the form of “revenue sharing” or in the form of a loan with monthly or annual repayment or repayment at the end date.

CroFun.be also offers consumers the possibility of making use of the internet platform as a project provider, the latter exclusively for offering advance sale and sponsoring / donation projects to possible buyers and sponsors / donors.

The investments instruments are exclusively offered on the basis of a private placement in conformity with article 3 §2 of the Belgian Act of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to the marketing on a regulated market. CroFun.be wishes to draw the attention of both the project providers and the (possible) investors to the fact that considerable risks are associated with the investment instruments that are offered by project providers. The investors declare to agree with the fact that no form of capital guarantee or even capital protection whatsoever is offered by the project providers and that they therefore run the risk of losing their entire investment.

The project providers of standardised investment instruments declare that they shall exclusively use the available amounts for the professional purposes outlined in the project. The project providers who are engaged in advance sale, donation projects declare that they shall exclusively use the available amounts for the purposes outlined in the project. The investors, sponsors, donors and buyers declare and acknowledge that they conclude the agreement(s) in full knowledge of the facts after they have obtained all relevant information from the project provider. They expressly acknowledge that the risk exists that the project provider cannot reimburse the available amounts or cannot deliver the proposed goods or supply the proposed services.

CroFun.be only manages the internet platform and does by no means personally offer securities, investment instruments, funds, loans, credits, goods or services, apart from the services for the management and promotion of the internet platform. Nor does it carry on the activity of a credit or insurance intermediary or intermediary in bank and brokerage services. CroFun.be is by no means a party to sponsoring, advance sale, donation or investment agreements that could be concluded between the parties. CroFun.be can by no means be held liable for the content of the standard agreements or the investment instruments. CroFun.be shall not be liable for the consequences that could derive from non-compliance by the project provider with its obligation to reimburse or deliver or supply goods or services. CroFun.be does otherwise not accept any liability whatsoever for the content of the emails sent to the contact persons of the project provider, according to the procedure as outlined in Chapter 6.

CroFun.be cannot be held liable for any infringements whatsoever of possible copyrights, trademark rights or other rights that are assumed by the users of the website.

Each and every member / user of CroFun.be who uses the platform and each and every party who concluded an agreement via CroFun.be agrees with the terms and conditions as set forth below and jointly and severally commits in a personal capacity to the proper implementation of these general terms and conditions.

The present general terms and conditions of use as well as the website and the standard investment agreement made available to you are available in the Dutch, the French and the English language. The internet platform can exclusively be used by project providers to the extent that they are established in Belgium, i.e. their registered office (in case of a legal person) or their permanent address (in case of a naturel person) must be located in Belgium.

The General Terms and Conditions have been divided into 6 chapters.

Chapter 1: General part (for each and every visitor / user of this website)

Chapter 2: Part for “project providers”

Chapter 3: Part for “investors / sponsors / donors / (advance) buyers”

Chapter 4: The investment and sponsor agreement

Chapter 5: Donation agreement, whether or not linked to the possibility of (advance) sale

Chapter 6: Costs for the use

Chapter 7: Privacy agreement

Chapter 1: General part (for each and every visitor / user of the platform)

Article 1.1. Holder of the website and of the CroFun.be platform

The website as well as the CroFun.be platform were established and are managed by CroFun BVBA.

Address: Kapellei 24 – 2900 Schoten – Belgium

Company registration number: BE 0515.983.976

Email: info@crofun.be or administrator@crofun.be

Telephone: 0475/307.864

Article 1.2. Objective of the website and function of CroFun.be

CroFun.be is an internet platform where companies, associations and self-employed persons (the “project providers”) can exclusively for professional purposes offer advance sale and sponsoring projects to possible buyers, sponsors / donors or can offer standardised investment instruments to possible investors, in the form of “revenue sharing” or in the form of a loan with monthly or annual repayment or repayment at the end date.

CroFun.be also offers the possibility for consumers to make use of the internet platform as a project provider, the latter exclusively for offering advance sale and sponsoring / donation projects to possible buyers and sponsors / donors.

CroFun.be only manages the internet platform and does by no means personally offer securities, investment instruments, funds, loans, credits, goods or services, apart from the services for the management and promotion of the internet platform. Nor does it carry on the activity of a credit or insurance intermediary or intermediary in bank and brokerage services. CroFun.be is by no means a party to sponsoring, advance sale, donation or investment agreements that could be concluded between the parties. CroFun.be can by no means be held liable for the content of the standard agreements or the investment instruments. CroFun.be shall not be liable for the consequences that could derive from non-compliance by the project provider with its obligation to compensate for or deliver or supply goods or services.

Neither CroFun.be nor the offer of investment instruments or agreements by project providers fall under the supervision of the National Bank of Belgium or the Belgian Financial Services and Markets Authority. The investment instruments are exclusively offered on the basis of a private placement in conformity with article 3 §2 of the Belgian Act of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to the marketing on a regulated market.

Article 1.3. Obligations of CroFun.be

CroFun.be composed the content of this site with the utmost care. All information on the website with regard to the project proposals does, however, fully originate from information of the project providers. The project providers are responsible for the correctness and completeness of the supplied information and CroFun.be cannot be held liable for this information. With regard to the other information (that is not directly related to the projects) CroFun.be commits to correct possible errors or inaccuracies within a reasonable time limit after the date that they have been reported. Each and every inaccuracy can be reported via administrator@crofun.be.

CroFun.be shall make every reasonable and fair effort to ensure optimal user convenience and continuity of the site.

CroFun applies a specific programme for the identification and correction of errors in the data entry (for instance, a message appears on screen if certain fields have not been completed).

Article 1.4. Conditions to become a user of this website

In order to use CroFun.be you must comply with the following conditions:

- the user must first register via foreseen registration possibilities;

- the user confirms to act in his own name and at his own expense;

- the user confirms to be at least 18 years old and to be sound of mind.

If you register on the website then you expressly confirm that you comply with all these conditions.

Article 1.5. Obligations of the user of the website

The users hereby declare to use the site in good faith and the latter in conformity with the General Terms and Conditions and each and every applicable statutory or regulatory provision (including – but not limited to – the rules concerning money laundering, privacy protection, intellectual property or terms and conditions in the area of fair competition, etc.).

The users expressly confirm that the data entered during the registration as a CroFun user are correct and complete and commit to immediately inform CroFun of each and every change thereof. Without prejudice to article 2.2 and the provisions set forth in Chapter 7 about privacy protection these data shall be used to enable interested parties to contact you. In case of any doubt about the correctness of the data or about the identity of the user CroFun.be can withhold the data and temporary exclude the user pending an investigation. In case of abuse of the transfer of information a financial compensation can be claimed for possibly incurred damages. CroFun.be cannot be held responsible for this kind of abuse / fraud.

During your registration you personally pick your password, you are personally responsible for this. You commit to take all necessary measures in consideration of the confidentiality and to in case of unauthorised use immediately contact CroFun in order to deactivate and/or change the data. CroFun cannot be held liable for the consequences that derive from unauthorised use of the login data and/or the password.

CroFun.be refers to other websites (e.g. by means of a hyperlink, banner of button). On these websites you are subject to the privacy rules and the General Terms and Conditions of the relevant site. You therefore acknowledge that CroFun.be does not have any influence on the content and the policy of these kinds of sites. Hence CroFun.be is by no means liable for the same.

You fully indemnify CroFun.be against any and all possible claims of yourself and third parties in connection with the use of this site.

The users of the CroFun platform commit to act in a permitted fashion, honestly and with respect for CroFun, the other users, third parties, and their rights.

The users are not allowed to:

send or publish or distribute on or via the website, in any way whatsoever, unlawful, unauthorised, prohibited, racist, xenophobic, libellous, obscene, offensive, insulting, inappropriate or discriminating subject matters or expressions;

incite other users to act in that way, or to stimulate these kinds of acts;

imitate or assume the identity of a third party, infringe his image rights or, in general, his privacy;

disrespect the intellectual property rights of other persons and of the projects.

The user of the CroFun.be platform acknowledges to be liable for each and every subject matter that is sent to, published on or distributed via / through means that were available to the same on the website and the platform of CroFun.be, and to accept any and all consequences that can derive from his acts or from the acts of persons for whom he is responsible.

Article 1.6. Duration and termination of the registration in the capacity of user of the platform

a. A CroFun user who completed the registration did this for an indefinite period of time. His account shall only be closed if expressly requested.

b. A CroFun user who has an investment agreement in place as a project provider, investor cannot cancel the registration for as long as the agreement remains in effect.

c. A CroFun user who has an advance sale, sponsoring or donation agreement in placed as a project provider, sponsor / donor, cannot cancel the registration for as long as the agreement remains in effect.

d. CroFun.be reserves the right to remove and exclude any party from the continued use of the website if you act, in any way whatsoever, in breach of these General Terms and Conditions, without prejudice to the right of CroFun.be to take additional legal measures against you and to claim appropriate compensation.

Article 1.7. Intellectual property

The (intellectual property) rights with regard to the site, including the rights in respect of the texts, images, designs, databases, pictures and other (stationary and/or moving) visual material, audio material, formats, software, brands (including domain names) and other materials are vested in CroFun.be and, where applicable, its licensors and/or advertisers.

You are by no means allowed to make the site, in any way whatsoever, available to third parties and/or to reproduce the same, other than by looking at it from one single computer, downloading and/or printing a hard copy for personal use.

The intellectual property rights with regard to the subject matters posted by the users (in particular within the framework of the proposal of the project) remain the property of these users. By posting these subject matters they do, however, accept that they are posted online on the site and are thus accessible to the other users.

Article 1.8. Liability of CroFun

Within the framework of the services offered by CroFun via the platform CroFun limits itself to storing the information supplied by the users. Hence CroFun cannot be held liable – either under civil or under criminal law – for any part of the subject matter sent or distributed via the site or placed on the site by one of the users. This exclusion of liability also extends to the consequences that could occur due to non-compliance by the project provider with its obligations vis-à-vis the investor / sponsor / donor / advance seller / buyer.

If CroFun actually takes note of an unauthorised activity or information that takes place or is distributed via or through the platform then CroFun commits to render the relevant data inaccessible and to immediately inform the King’s Public Prosecution Service of the unauthorised activities or information.

CroFun reserves the right to block the access to subject matter data if they – even if they are not necessarily unauthorised –still appear to be offensive, bothersome or inappropriate to certain users of the site or to third parties.

CroFun does not carry out any form of supervision on the subject matters sent or distributed via the site or placed online on the site by the platform user, including the eventual agreement concluded by and between the project provider and the investor / sponsor / donor / buyer or the email automatically generated and sent to the contact persons of the project provider.

CroFun.be shall never be liable for any direct, indirect, special, incidental, immaterial or consequential damages (including lost profit) regardless of the fact as to whether CroFun.be has been pointed to the possibility of these damages that derive from, in any way whatsoever, but are not limited to:

defects, viruses or other imperfections of the equipment and other software in connection with the access to or the use of this internet site;

the interception, change or improper use of information that is sent to you or to CroFun.be;

the operation or unavailability of this internet site, in case of delays in the supply of the services;

abuse of this internet site, loss of data, downloading or use of software that is made available via this internet site;

claims of third parties in connection with the use of this internet site;

hyperlinks placed on the website that link to other internet sites if these hyperlinks are not (no longer) active or, barring deceit or gross negligence, if the information to which they provide access is unauthorised or offensive;

non-compliance by the project provider with its obligation to provide reimbursement to the investor / sponsor / donor / buyer.

The exclusion of liability also applies to the directors and employees of CroFun.be.

Article 1.9. Miscellaneous

If and to the extent that any provision of these General Terms and Conditions is declared null and void or cancelled the other provisions of these General Terms and Conditions shall remain in full force and effect. CroFun.be shall then establish a new provision in replacement of the null and void / invalid provision in the course of which the scope of the null and void / invalid provision shall be taken into account as much as possible.

All financial transactions are organised by an official payment provider. It is recommended to open a separate account for this via your banking institution.  Repayments and payouts will always take place in 10 days.

Regardless of the performances of each and every project, provided in the language in which it had originally been offered, the different pages of the platform as well as the present contractual terms and conditions can be consulted in the French, the Dutch and the English language.

Each and every user who has accepted the terms and conditions of use is jointly and severally liable in a personal capacity for the correct compliance with the General Terms and Conditions. CroFun recommends that you keep a copy of the contractual terms and conditions for reference by printing the same or by storing the same on the hard disc of your computer. CroFun recommends that you do the same with the agreement that is concluded by and between the project provider and the investor.

CroFun reserves the right to unilaterally change the present general terms and condition of use without a notice period.

With each and every important change of these terms and conditions a message will be published for the information of the users on the internet site.

If so requested by the users they shall be informed digitally about the changes of the general terms and conditions. The previous versions of the general terms and conditions of use shall be archived by CroFun and can be consulted via the internet site.

Belgian law is applicable to the CroFun.be internet site and the General Terms and Conditions. In case of disputes the court in the district where CroFun BVBA holds its registered office shall exclusively be competent.

The implementation of this agreement starts immediately after the conclusion, confirmation thereof.

Chapter 2: Part for “project providers”

Article 2.1. Conditions to become a project provider

To make use of the internet platform as a project provider you must first register on the website. By completing the registration you can present your project on CroFun.be. Your project is activated as soon as the CroFun score has been checked.

The internet platform can exclusively be used by project providers who are established in Belgium, i.e. their registered office (in case of a legal person) or their permanent address (in case of a natural person) must be located in Belgium.

Only professionals are authorised to register as a project provider for investments. This implies that only investment projects in connection with these activities can be offered on the CroFun platform. The investment projects that are offered by consumers with regard to non-professional activities are therefore not taken into account.

Consumers can only and exclusively register as a project provider for donations, whether or not linked to a reward (advance purchases). If you offer a project as a natural person then you must be at least 18 years old and be sound of mind.

By registering as a project provider you expressly acknowledge that the aforementioned conditions are met and you commit to compensate CroFun and third parties for all damages that could originate from the non-compliance with these conditions.

Article 2.2. Obligations of the project provider

Without prejudice to article 1.1 of the present part of the general terms and conditions of use each and every project provider acts as a private person, in a personal capacity, and remains jointly and severally liable vis-à-vis the investors / sponsors / donors / buyers and CroFun.be.

Each and every project provider must see to it that the description of the project proposal placed by him is as correct and complete as possible. In accordance with the provisions of the present general terms and conditions with regard to privacy protection (reference is made to Chapter 7 of the general terms and conditions) you authorise CroFun.be through publication of a project proposal to store and process your personal data in a personal digital file. Your data can in addition be used for other activities that are set up by CroFun or by a subsidiary or sister company.

Article 2.3. Process of acceptance and online publication of projects

Projects can only consist of (a) requests for sponsoring / donation, or (b) donations linked to a reward (form of advance purchases), (c) standardised investment instruments. In the latter instance the amount, the term and the return (e.g. interest) must previously be determined by the project provider.

After establishment of the CroFun score a project proposal can be posted by the project provider. The project proposal remains active during a period of at most 3 months; depending on the funding type the project provider will receive the requested crowd funding capital within a period of 5 working days. 

The CroFun score is calculated automatically by programmes installed on the website, without any human assessment. This system aims to reject all projects of which the level is insufficient and to provide potential investors / sponsors / donors / buyers with a valuation instrument. The process is carried out in consideration of the provisions of the Belgian Act of 8 December 1992 on privacy protection with regard to the personal data processing.

The CroFun score is calculated in consideration of a number of parameters: (a) quality score, which is automatically generated on the basis of the completeness of your project description; (b) credit score, only compulsory for project providers who want to offer an investment project, this score is automatically generated on the basis of your personal financial situation; (c) solvability score, only compulsory for project providers who want to offer an investment project, this score is automatically generated on the basis of the completion of a financial plan for your project.

If you, as a project provider, do not agree with the CroFun score that has been allocated to you then you can always request additional information or a revision via administrator@crofun.be.

Article 2.4. Deletion of information or cancellation of a project

CroFun.be reserves the right to, on justified grounds, in particular in connection with a breach of the present contractual terms and conditions or any applicable statutory or regulatory provision, and without prior notice and with immediate effect, abbreviate or expand the texts and information of project proposals. CroFun.be also reserves the right to, on justifiable grounds, in particular in connection with a breach of the present contractual terms and conditions or any statutory or regulatory provision, and without prior notice and with immediate effect, remove project proposals from CroFun.be.

Chapter 3: Part for “investors / sponsors / donors / (advance) buyers”

Article 3.1. Conditions to become an investor / sponsor / donor / buyer

a. To make use of the internet platform as an investor / sponsor / donor / buyer you must first register on the website. By registering you are given the opportunity to contact project providers.

b. Irrespective of the obligation to register on the website, if you offer to invest / sponsor / donate in or to a project or participate in an advance purchase then you have the option of being mentioned on the site with your personal data or not. As the occasion arises, in case of investing / sponsoring / donating or participating in advance purchases you are offered the possibility of staying anonymous on the website. If you do not make a specific choice then you are by default identified with your personal registration data.

Article 3.2. Investment / donation / advance sale / sponsoring offer and conclusion of the agreement

As an investor you have the possibility of endorsing an investment instrument for a maximum period of 3 months. If a minimum of 90% of the offered investment instrument has been endorsed after this period then the agreement is concluded irrevocably. Both the project provider and the investors are informed accordingly by email as soon as possible. The agreement that is concluded falls under the General Terms and Conditions as described here.

CroFun offers two types of funding principles to raise funds:

a) Flexible funding: In these projects, the project promoter always gets the raised funds. As soon as the payment is registered, the agreement is closed. The reached agreement is subject to the general conditions as described here.

b) All or nothing: In these projects, the project promoter only gets the raised funds when the target has been reached one hundred percent or more. As soon as the target is reached one hundred percent, the agreement is closed. The reached agreement is subject to the general conditions as described here. 

Article 3.3. Risk

If you, as an investor / sponsor / donor / buyer, offer to invest / sponsor / donate / purchase then you acknowledge that you were informed of all aspects of the projects as well as the risks associated with the investment / sponsoring / donation / purchase. CroFun draws your attention to the fact that your investment / sponsoring / donation / purchase is not risk-free and that the possibility exists that you do not receive anything back. You must also be aware of the fact that the CroFun score made available to you is an automatic process without any human intervention / assessment by CroFun or its members of staff and that it is basically based on information supplied by the project provider himself (this information can therefore be incorrect). This programme can therefore not be considered to represent advice on the part of CroFun.

Chapter 4: The investment and sponsor agreement

Article 4.1. Conclusion of the agreement

According to the funding principle, an agreement between a project promoter and investors/sponsors is reached when:

CroFun offers two types of funding principles to raise funds:

a) Flexible funding: In these projects, the project promoter always gets the raised funds. As soon as the payment is registered, the agreement is closed. The reached agreement is subject to the general conditions as described here.

b) All or nothing: In these projects, the project promoter only gets the raised funds when the target has been reached one hundred percent or more. As soon as the target is reached one hundred percent, the agreement is closed. The reached agreement is subject to the general conditions as described here. 

Projects can only consist of (a) requests for sponsoring, or (b) standardised investment instruments. In the latter instance the amount, the term and the return (e.g. interest) must previously be determined by the project provider.

The investment or sponsor agreement within the meaning of the General Terms and Conditions as concluded by the project provider is also indivisible for his legal successors and heirs.

The parties accept that the digital PDF file that contains the standard investment agreement, in the form changed by the parties, and that was sent to them via email by CroFun corresponds with a signed written document in accordance with article 1341 of the Belgian Civil Code. The project provider hereby acknowledges that he was informed sufficiently of his reimbursement obligation and he accepts, as well as the investor / sponsor, that the formalities laid down in article 1326 of the Belgian Civil Code are not applicable in the case at hand.

This agreement is also archived by CroFun and can on request be consulted by the parties.

Article 4.2 . Term of the investment

a. The minimum term amounts to 12 months. The maximum term can never exceed 120 months.

b. The interest rate that is determined by and between the project provider and the investors is a fixed interest rate.

c. The profit sharing that is stipulated is fixed and linked to a proposed revenue increase that is realised through realisation of the project.

Article 4.3. Amount

A project proposal that is placed as an investment via Crofun.be amounts to a minimum of EUR 2,500.00 and cannot exceed EUR 100,000.00. Each and every project proposal for an investment can exclusively be made on the basis of a private placement, in conformity with article 3 §2 of the Belgian Act of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to the marketing on a regulated market.

Article 4.4. Immediate repayment obligation

The private placement agreement in the form of a loan is by operation of law deemed to be dissolved and the total amount of the investment and the contractually determined return can in the following instances immediately be claimed by the investor without warning or notice of default:

a) if the project provider fails to comply with his payment obligations during a period of 3 months;

b) if and as soon as the project provider is declared insolvent;

c) if the project provider is subject to a wage garnishment;

d) if the project provider loses the power of disposition of his assets or a part thereof as a result of which he is no longer able to comply with his payment obligations.

Article 4.5. Dissolution of the agreement and consequences

If one of the circumstances as described in article 4 of this chapter would occur then the full investment, including the stipulated interest and costs, can immediately be claimed in full by the investor without any notice of default or warning being required. All judicial and extrajudicial costs associated, or connected, with the dissolution are at the expense of the project provider. The payments already effectuated are deducted from the payable return and costs and then from the payable principal amounts.

Article 4.6. Accelerated repayment

The project provider is at all times allowed to repay the investment on the basis of a loan in an accelerated manner for 100%, without any default fee. (Partial accelerated repayments are not possible.) To accomplish accelerated repayment the project provider must report this to CroFun.be by registered post and by email, stating the data of the project proposal.

Article 4.7. Repayment scheme

The return (interest) in case of a loan on the basis of a private placement with a monthly repayment is calculated monthly over the outstanding capital up to full repayment of the invested amount. The repayment scheme is sent to you by email together with the investment agreement at the moment the investment is realised.

The return (interest) in case of a loan on the basis of a private placement with annual interest payment is calculated over the outstanding capital up to full repayment of the invested amount. The repayment scheme is sent to you by email together with the investment agreement at the moment the investment is realised.

The return (interest) in case of a loan on the basis of a private placement with once-only repayment of both the capital and the interest is calculated over the outstanding capital up to full repayment of the invested amount, according to a simple interest rate. The repayment scheme is sent to you by email together with the investment agreement at the moment the investment is realised.

Chapter 5: Donation agreement, whether or not linked to the possibility of (advance) sale

Article 5.1. Subject matter of the donation agreement, whether or not linked to the possibility of advance sale of the good

Via the CroFun.be platform the project providers can request donations from sponsors / potential donors in view of the financing of a specific project. In that case a donation agreement is concluded by and between the project provider and the donor via the CroFun.be platform. CroFun.be is not a party to this donation agreement. The donors are familiar with the fact and expressly accept that this donation does not entitle them to any reimbursement in respect of the project provider. The project provider commits to exclusively use the funds for realising the objectives that are described in the presentation of the project in consideration of the present general terms and conditions and all applicable statutory rules and regulations.

Within the framework of the projects for which donations as intended in this chapter are requested the project providers can also offer the movable goods that are fully or partly realised in the context of the project by way of advance sale. In that case an advance sale and purchase agreement is, in addition to the donation agreement, concluded by and between the project provider and the donor via the CroFun.be platform. CroFun.be is not a party to this sale and purchase agreement. The buyers are familiar with the fact and expressly accept that at the time of signature of the agreement the good does not exist yet or not in its ultimate version. They also accept that the realisation of the good is subject to considerable unforeseeable circumstances, which implies that the good can equally never be realised or that the realisation can take place slowly, defectively or not in accordance with the expectations. The project provider commits to make every effort to ensure that the good is realised in accordance with the description of the project, in consideration of the present general terms and conditions and all applicable statutory rules and regulations.

The present contractual terms and conditions do not affect the discretionary power of the parties to determine the special contractual terms and conditions that they wish to apply, taking the special objective of the agreement or any other circumstance into account. The parties commit to ensure that the special contractual terms and conditions correspond with the statutory rules and regulations that are applicable to the agreement.

Article 5.2. Conclusion of the agreement

According to the funding principle, an agreement between a project promoter and investors/sponsors is reached when:

CroFun offers two types of funding principles to raise funds:

a) Flexible funding: In these projects, the project promoter always gets the raised funds. As soon as the payment is registered, the agreement is closed. The reached agreement is subject to the general conditions as described here.

b) All or nothing: In these projects, the project promoter only gets the raised funds when the target has been reached one hundred percent or more. As soon as the target is reached one hundred percent, the agreement is closed. The reached agreement is subject to the general conditions as described here. 

Article 5.3. Rules that are specifically applicable to agreements concluded by and between an entrepreneur (project provider) and a consumer

If the sale and purchase agreement is concluded between a company and a consumer as a distance sale and purchase agreement in accordance with the Belgian Act of 6 April 2010 on market practices and consumer protection then the entrepreneur commits to respect the provisions laid down in this Act and, in particular, the provisions of the part dedicated to distance agreements.

In case of a sales offer, or in other words during the presentation of the project, the company (project provider) commits to provide at least the following information to the consumer:

1° the identity of the company and its geographic address;

2° the most important features of the good;

3° the price of the good;

4° as the occasion arises, the delivery costs;

5° the payment method, delivery method or implementation of the agreement;

6° the existence of a right of withdrawal or not;

7° the manner how the good is taken back or returned, including the relevant costs;

8° the costs for the use of the technique for distance communication, if they are calculated on a basis other than the basic fee;

9° the validity of the offer or of the price;

10° where appropriate, the minimum term of the agreement in case of agreements for continuing or periodic delivery of goods.

At the latest at the time of delivery of the good shall the company (project provider) commit to provide the following elements to the consumer, in writing or on another durable carrier:

1° confirmation of the information as intended in article 5.3.b under 1°, 3° up to 6° and 10°, as well as the identification of the good;

2° as the occasion arises, the conditions of and the manner how to exercise the right of withdrawal as well as the following stipulation, in bold letters and in a text box separate from the text on the first page:

“The consumer is entitled to inform the company that he decides not to go ahead with the purchase, without payment of a penalty and without stating reasons within … calendar days as from the day following the day of the delivery of the good.”

This stipulation is supplemented with the number of calendar days, which cannot be less than 14.

Failing the latter stipulation the good is deemed to have been delivered to the consumer without prior request on his part and the latter shall not be held to pay for the good or to return the same;

3° failing the right of withdrawal, in the assumptions outlined in article 5.3.e, the following stipulation, in bold letters in a text box separate from the text on the first page:

“The consumer is not entitled not to go ahead with the purchase.”;

4° the geographic address of the establishment of the company that the consumer can revert to with his complaints;

5° the information concerning the existing services after the sale and commercial warranties;

6° the conditions for termination of the agreement, if the agreement has been concluded for an indefinite period of time or for a term exceeding one year.

The company (project provider) commits to permit the consumer a time limit of at least 14 calendar days to withdraw the agreement, without penalty and without stating reasons. The only costs that can be charged to the consumer on account of the fact that he exercises his right of withdrawal are the direct costs for the return shipment. If the right of withdrawal is exercised then the company is held to repay the amounts paid by the consumer, without costs. This repayment must take place within at the latest thirty days following the withdrawal.

In the following instances the company (project provider) shall not be held to grant the consumer the right of withdrawal:

in case of a delivery of goods that were manufactured according to the specifications of the consumer or that clearly have a personal character or that cannot be returned due to their nature or that quickly perish or age;

in case of delivery of audio and video recordings and computer software of which the seal has been broken by the consumer;

in case of the delivery of newspapers, journals and magazines;

in case of services for betting and lotteries;

in case of the delivery, at the permanent or temporary residence or at the work location of the consumer, of food products, beverages or other goods for current domestic use by deliverymen frequently arriving at fixed times.

Article 5.4. Amount

A project proposal for sponsoring / donation / advance sale that is placed via CroFun amounts to a minimum of EUR 250.00.

Article 5.5. Dissolution of the sale and purchase agreement before the end of the term

If the good is not delivered within the time limit that was announced by the project provider then the buyer can dissolve the agreement without being liable to pay costs or compensation. He only needs to notify the project provider of his intention to proceed with dissolution of the sale and purchase agreement. The latter commits to repay the buyer within thirty days after the notification.

Chapter 6: Costs for the use

Article 6.1. Costs for the use of the website services

To offer and launch a project via CroFun as a project provider you pay a once-only advertising fee. Apart from the advertising fee you pay the additional success fee if your project is endorsed within the anticipated time limit. 

Advertising fee = EUR 181.00 including VAT

Success fee = 5% including VAT of the collected capital

The advertising fee must be paid in advance otherwise your project shall not be published.

The success fee is directly deducted from the collected capital if a project is financed.

Article 6.2. Change of the costs for use

CroFun.be is at all times entitled to change the costs for the use of the website; the user is informed accordingly by email. Changes shall not affect existing investment, sponsor, donation and/or (advance) sale and purchase agreements.

Article 6.3. Costs of electronic payments

The electronic payments via the CroFun platform that run via PayPal include an additional fee between 1,5% and 3,4% + EUR 0,35 per transaction. These costs are borne by the project provider.

The electronic payments via the CroFun platform that run via Ogone include an additional fee between 0,80% and 2,5% + EUR 0,25 per transaction. These costs are borne by the project provider.

Article 6.4. Payment

Under certain conditions CroFun.be can receive amounts from the investor / sponsor / donor / buyer. In that case CroFun.be exclusively acts for the investor / sponsor / donor / buyer and in no instance at the expense of the project provider or other third parties and such with different objectives, e.g. the verification and aggregation of the investments / sponsoring / donations / advance purchases, the inspection as to whether the 90% quorum was reached and the direct receipt of the aforementioned costs. In no instance whatsoever shall CroFun.be intervene in the implementation of payments that pertain to Ogone or PayPal or other correspondingly authorised service providers.

Chapter 7: Privacy agreement

CroFun.be sees to it that the Belgian Act on the privacy protection with regard to personal data processing is at all times applicable. Under proviso of the data indicated below, CroFun is responsible for the processing of your personal data with regard to the programme with which your contact details are offered. The identification and contact details of CroFun are outlined in the present general terms and conditions.

First of all, the collection of your personal data takes place to offer efficient and fast services that correspond with your needs and can help you to use our services faster and more smoothly. Your identity details can be processed by CroFun-be in view of the management of the customer base. By supplying your personal data you expressly acknowledge that these shall be processed in view of this objective.

On account of the contractual relationship with you and with your consent CroFun.be can use your personal and application data for prospecting and promotion purposes within the framework of its activities or ancillary activities. If you do not wish your personal data to be used for this purpose then we kindly request you to inform us accordingly via adminstrator@crofun.be.

Your personal data shall not be provided or sold to third parties, unless this would be required in order to carry out the requested service or for CroFun to comply with statutory or regulatory obligations. Should this be the case then CroFun commits to take all reasonably possible measures to guarantee the security and the confidential character of the data, all in accordance with the applicable law.

During your registration or afterwards you are entitled to refuse that data stored in the database are processed to provide you with advertising expressions related to CroFun products or services by post or email.

You can consult and change these data at any time. In order to do so you only need to address a written, dated and signed request to the Head of the Data Processing Department of CroFun [enter address] (or by email [enter email]); the request must be accompanied by a copy of your proof of identity.

In accordance with the Belgian Act of 8 December 1992 you can obtain additional information from the Committee for the Personal Data Protection, Rue de la Presse 35, B – 1000 Brussels, Belgium.

You can request CroFun to send emails where your contacts are asked to look at the webpage where your project is presented and to invest in your project. As the occasion arises CroFun can act on the basis of your instructions in order to collect your contact details and to automatically produce email proposals. You are, of course, free to change the content of these emails prior to being sent. CroFun acts in the capacity of supplier and you are qualified as the processor of the thus processed personal data. This implies that within the framework of the processing of the data you are held to observe the applicable statutory and regulatory provisions and, in particular, the provisions of the Belgian Act on privacy protection with regard to personal data processing and the Belgian Act of 11 March 2003 on specific legal aspects of the services on the information company (in particular in the area of spamming).

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