Terms & Conditions Governing Icecap Diamond Tokens
Version: March 1, 2023
NOTICE: NO SALES WILL BE MADE WITHOUT ICECAP COLLECTING FULL KYC (KNOW YOUR CUSTOMER) INFORMATION IF APPLICABLE, AND ANY OTHER INFORMATION REQUIRED BY STATUTES OR REGULATIONS APPLYING AT THE TIME.
These Terms and Conditions (“Terms and Conditions” or “Agreement”), and as may be amended, set forth the legal relationship between Icecap, LLC, (“Icecap”) and the purchaser of a diamond (“Owner”).
- GENERAL DESCRIPTION OF ICECAP’S BUSINESS MODEL
Icecap buys diamonds on the wholesale market and offers them for sale at generally 10% above the diamond’s wholesale purchase price (the price Icecap paid for the diamond), which is similar to, or lower than, most popular diamond e-tail sites. After purchase, the diamond is either (a) stored in a vault in an insured facility under Icecap’s control, or (b) delivered to an address of the Owner’s choice, after payment of any applicable taxes, shipping, or duty fees.
- STORAGE FEES
- The costs of storage are currently 75 basis points (3/4ths of one percent of declared value), per year.
- A shipping fee is charged to move the diamond to the Delaware vault.
- Fees can change without notice. Please contact Icecap for latest fee schedule.
- At anytime, a vaulted diamond can be shipped to most anywhere in the world, if requested by the Owner, and with the payment of applicable fees/taxes/customs.
OTHER THAN A COMMITMENT TO PERFORM THE SERVICES AS DESCRIBED WITHIN THIS TERMS AND CONDITIONS DOCUMENT, ICECAP MAKES NO WARRANTIES OR REPRESENTATIONS EXPRESS, IMPLIED OR STATUTORY; INCLUDING, WITHOUT LIMITATION, WARRANTIES OF QUALITY, PERFORMANCE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY AND ALL SUCH WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED. ANY WARRANTIES THAT MAY OTHERWISE RESULT BY A COURSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE ARE ALSO EXPRESSLY DISCLAIMED. ICECAP DOES NOT WARRANT THAT THE SERVICES IT PERFORMS, OR THE TOKENS IT SELLS, WILL MEET CLIENT’S NEEDS. The foregoing exclusions and disclaimers are an essential part of these Terms and Conditions and form the basis for determining the price charged for Icecap’s diamonds.
- LIMITATION OF LIABILITY
- In no event shall either party (Icecap or Owner) be liable to the other party for lost profits, or incidental, exemplary, special or consequential damages, even if the party has been advised of the possibility of such damages.
- Icecap shall not be liable for any claim or demand made against Owner by any third party except to the extent such claim or demand relates to rights conferred to Owner under these Terms and Conditions.
- TERM AND TERMINATION
These terms shall continue indefinitely unless Icecap notifies Owner, to their address of record, of a change.
- RESOLVING DISPUTES
If a dispute arises under this Agreement the parties agree to first try to resolve the dispute with the help of a mutually agreed-upon mediator in Denver County, State of Colorado, USA. Any costs and fees other than attorney fees associated with the mediation shall be shared equally by the parties. If the parties are unable to arrive at a mutually satisfactory solution through mediation within 90 days, the parties may pursue any unresolved claims in court or through any other mutually agreed dispute resolution mechanism.
- ENTIRE AGREEMENT
These Terms and Conditions (“Agreement”) is the sole and entire Agreement between the parties relating to such subject matter, and supersedes any prior agreements.
- MODIFICATION TO TERMS AND CONDITIONS
Icecaps fees, business processes, and standard policies may evolve over time. Icecap has a positive obligation to communicate these to Owner, via the address of record. Icecap reserves the right to change these at any time, subject only to such notice.
If a court finds any provision of these Terms and Conditions invalid or unenforceable, the provision will be restated so as best to carry out the parties’ intent.