WorldGilt welcomes you to our World and we trust we can be of assistance. Our services are provided by Capital One Properties Ltd (Singapore), a wholly owned subsidiary of Banc Roche Ltd.
By using our services, you are agreeing to be bound by the following Terms of Service. Please read them carefully and obtain legal advice should you so require it. If you view and login to our services, it is deemed that you have read and agreed to these Terms of Service.
‘Agreement’ means this agreement as published on the WorldGilt.com website, and modified from time to time.
‘BMT’ means Bitcoin mining target as defined in Clause 2.1 hereto.
‘Client’ means the individual or Company who accepted this agreement through the “acceptance of the terms of service” option selected when activating the service with WG.
‘Contract Commencement’ means that the contract starts on the day when the client funds have been received by WG.
‘Contract Term’ means as defined in Clause 2 hereto.
‘Party’ means that each of the Client or WG is sometimes referred to herein individually as a ‘Party’ and the Client and WG are sometimes referred to herein collectively as the ‘Parties’.
‘Services’ means as defined in Clause 1 hereto.
‘WG’ means WorldGilt, a trading enterprise of Capital One Properties PTE limited, a company duly incorporated in Singapore.
WG agrees to provide to the Client the services of its mining capacity output with the available technology of SHA-256 Hashing. The hashing power purchased by the client will be set as selected by the Client, with a daily payout frequency.
A daily hosting and management fee due to WG will be deducted from the Bitcoin payouts to the client, which will be in the region of US$0.00032 to US$0.00035 per Ghs purchased per day, but never less than 0.000011 BTC per 100 Ghs per day.
2. Contract Term
The contract term will be for a period determined as the earlier of (i) 18 months from the contract commencement or (ii) the achievement of the Bitcoin Mining Target (BMT). By way of example, if the BMT is achieved on day 5 of month 16, then the contract term will end on day 5 of month 16. However, if the BMT is not achieved within 18 months from the contract commencement, then the contract term will end at the expiry of the 18th month.
2.1 Bitcoin Mining Target
WorldGilt contracts are specifically aligned with Bitcoin mining targets (BOT), which means that when a BOT of 29.1% internal rate of return (the globally termed IRR) in US$ is achieved on mining outputs, then the contract will terminate on such, or such later date at the discretion of WorldGilt, with BTC automatically converted to US$. Contract payments are received in US$, so the IRR is based on US$.
The IRR is not calculated annually but over the contract term. The WorldGilt mathematicians determine the IRR, and their decision is final and binding on the parties. The inputs to calculate the IRR will include all daily bitcoin outputs sent to the client statement, plus all bitcoin bonuses paid, plus any other bitcoins sent to the client, less the mining expenses contributed by the client.
The bitcoin price is determined daily (and that sum is inserted to the IRR calculations determined on the abovementioned IRR client inputs) as determined by the bitcoin price index of www.coindesk.com or any other suitably qualified third party price index site.
3. Contract Price
As the remuneration for its Services, the Client agrees to pay to WG the upfront fee as electronically set on the WG website and accepted by the Client at the time.
A mining day usually starts at 00:00 SGT and ends at 23:59:59 SGT. As at the day the Client purchased the lease (“the start date”), the Client will receive daily payouts, with the mining commencing on the day following the start date, and the first payout (for the previous day’s mining) reflecting on the Clients’ WorldGilt account the day after the first mining date (i.e. 48 hours after the start date).
At the end of each 24 hours mining day, the mining outputs for the client is paid out the following day.
If a Client has purchased via a credit card, the Clients payouts will still reflect in his/her WorldGilt account but cannot be transferred to a third party Wallet for a period of 35 days (but can be transferred thereafter). This is a security measure to protect WorldGilt from credit card charge backs.
5. Acceptance of Terms
The Client accepts this agreement through the “acceptance of the terms of service” option selected when activating the service with WG.
When Client accepts, he/she represents that he/she is legally able to enter into a contract. If Client accepts for an organization, Client represents that he/she is authorized to bind that organization, and where the context requires, ‘he/she’ means the applicable organization. By accepting, Client agrees to every provision of this Agreement whether or not he/she has read it.
Once you have accepted this Agreement, we will process your acceptance as an offer to commence the Service, and forthwith proceed with the Service constituting our acceptance of your offer.
Client agrees to notify WG immediately if he/she discovers or suspects any security vulnerability on the site. Users who misuse or attempt to exploit any security vulnerability, or suspected security vulnerability, or users who publicly reveal the personal information of any WG user will be banned from WG, and earnings forfeited.
Under no circumstances does WG allow botnets. Clients or users suspected of running a botnet will be banned from WG.
This Agreement does not transfer to the Client any ownership or proprietary rights in the Technology or any work or any part thereof, and all right, title and interest in and to the Technology will remain solely with WG and its partners.
The Client is not purchasing title or rights to any technology. If the Client is approved to use WG’s services, the Client is permitted to use WG technology only as enabled and attended through its WG account through the website and only during the Contract Term. That permission is for the sole purpose of enabling the Client to use WG’s services in the manner permitted by this Agreement.
Your rights under this Agreement are not transferable to any other person without WG’s prior express written consent.
The Client agrees to indemnify, defend and hold harmless WG and its holding companies from and against any third party claims, liability, damages or costs (including reasonable attorneys’ fees) arising from the Clients’ negligence; or any claim by a third party alleging that Clients’ use of our Services violates the rights of any third party, or violates any Law; the Clients’ failure to comply with the terms of this Agreement; the Clients’ violation of any applicable law; the Clients’ violation of any rights of a third party; or the Clients’ use of our Services.
10. Service Liability
Except where permitted by Singaporean law, WG will not be responsible for the Clients’ loss of profits and revenues or any indirect, special, consequential, exemplary, incidental or punitive damages.
To the extent permitted by Singaporean law, the total liability of WG for any claims under this Agreement including for any implied warranties, is limited to the amount the Client paid WG to us its Services.
In all cases, WG will not be liable for any loss or damage to the Client that is not reasonably foreseeable.
If one or more provisions of this Agreement are held to be unenforceable under Singaporean law, the Parties agree to renegotiate any such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded, and (c) the balance of this Agreement shall be enforceable in accordance with its terms.
12. Governing Law & Jurisdiction
The Parties agree that the laws of Singapore shall govern the validity and interpretation of this Agreement and all acts and transactions pursuant hereto and all rights and obligations of the Parties, and that jurisdiction and/or venue of any action involving the validity, interpretation or enforcement of this Agreement or any of its terms, provisions or obligations, or claiming any breach hereof or thereof, shall exist exclusively in Singapore’s court(s).
The aforementioned choice of venues is intended by the Parties to be mandatory and not permissive in nature, thereby precluding the possibility of litigation between the Parties with respect to or arising out of this Agreement in any jurisdiction other than that specified in this clause.
Each Party hereby waives any right it may have to assert the doctrine of forum non conveniens or any similar doctrine or to object to venue with respect to any proceeding brought in accordance with this clause, and each Party stipulates that the aforementioned courts shall have in personam jurisdiction and venue over the Parties for the purpose of litigating any dispute, controversy, or proceeding arising out of or related to this Agreement.
The Parties hereby submit to the jurisdiction and venue of such courts and waive any right to challenge or otherwise object to personal jurisdiction or venue in any action commenced or maintained in such courts.