Ownership & License Terms
NFT Ownership and License Terms
Bonzo Finance Foundation has created and issued various NFTs to the public (“Bonzo NFTs”). Unless otherwise stated, the following terms and conditions (these “Terms”) apply to each Bonzo NFT.
BY PURCHASING OR OTHERWISE TAKING POSSESSION OF ANY BONZO NFT, YOU HEREBY AGREE TO THESE TERMS. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT PURCHASE OR OTHERWISE TAKE POSSESSION OF ANY BONZO NFT. BONZO FINANCE FOUNDATION RESERVES THE RIGHT TO MODIFY THESE TERMS AT ANY TIME WITHOUT PRIOR NOTICE TO YOU.
Definitions.
“Art” means any art, design, and drawings that may be associated with an NFT that you Own.
"NFT" means any blockchain-tracked, non-fungible token, such as those conforming to the Hedera Token Service standard, including Bonzo NFTs.
“Own” means, with respect to an NFT, an NFT that you have purchased or otherwise rightfully acquired from a legitimate source, where proof of such purchase is recorded on the relevant blockchain.
“Purchased NFT” means an NFT that you Own.
Ownership. You acknowledge and agree that Bonzo Finance Foundation (or, as applicable, its licensors) owns all legal right, title and interest in and to the Art, and all intellectual property rights therein. The rights that you have in and to the Art are limited to those described in this License. Bonzo Finance Foundation reserves all rights in and to the Art not expressly granted to you in this License.
Utility. Owners may be offered utility, benefits, or entitlements (collectively, “Utility”) from time to time, but these Terms do not confer any Utility except as granted by the License. Bonzo Finance Foundation makes no assurances of any Utility. Any Utility may be subject to other terms and conditions. Bonzo Finance Foundation shall not be responsible in any manner for any Utility offered by any third party.
License. Subject to your continued compliance with the terms of this License, Bonzo Finance Foundation grants you a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy, and display the Art for your Purchased NFTs, solely for the following purposes: (i) for your own personal, non-commercial use; (ii) as part of a marketplace that permits the purchase and sale of your NFTs, provided that the marketplace cryptographically verifies each NFT owner’s rights to display the Art for their Purchased NFTs to ensure that only the actual owner can display the Art; or (iii) as part of a third party website or application that permits the inclusion, involvement, or participation of your NFTs, provided that the website/application cryptographically verifies each NFT owner’s rights to display the Art for their Purchased NFTs to ensure that only the actual owner can display the Art, and provided that the Art is no longer visible once the owner of the Purchased NFT leaves the website/application.
Restrictions. You agree that you may not, nor permit any third party to do or attempt to do any of the foregoing without Bonzo Finance Foundation’s express prior written consent in each case: (i) modify the Art for your Purchased NFT in any way, including, without limitation, the shapes, designs, drawings, attributes, or color schemes (your use of Extensions will not constitute a prohibited modification hereunder); (ii) use the Art for your Purchased NFTs to advertise, market, or sell any third party product or service; (iii) use the Art for your Purchased NFTs in connection with images, videos, or other forms of media that depict hatred, intolerance, violence, cruelty, or anything else that could reasonably be found to constitute hate speech or otherwise infringe upon the rights of others; (iv) use the Art for your Purchased NFTs in movies, videos, or any other forms of media, except to the limited extent that such use is expressly permitted in Section 3(b) above or solely for your own personal, non-commercial use; (v) sell, distribute for commercial gain (including, without limitation, giving away in the hopes of eventual commercial gain), or otherwise commercialize merchandise that includes, contains, or consists of the Art for your Purchased NFTs; (vi) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Art for your Purchased NFTs; or (vii) otherwise utilize the Art for your Purchased NFTs for your or any third party’s commercial benefit.
Royalties. In addition to any Hedera network transaction fees, each time an NFT is transferred via a network transaction to another network account, Bonzo Finance Foundation shall collect a commission of 5% of the total value of that transaction (each, a “Commission”). You acknowledge and agree that the Commission will be transferred directly to Bonzo Finance Foundation through the Hedera network as part of the network transaction.
Terms of License. The license granted in Section 3 above applies only to the extent that you continue to Own the applicable Purchased NFT. If at any time you sell, trade, donate, give away, transfer, or otherwise dispose of your Purchased NFT for any reason, the license granted in Section 3 will immediately expire with respect to those NFTs without the requirement of notice, and you will have no further rights in or to the Art for those NFTs.
Disclaimer of Risks. You accept and acknowledge each of the following:
The value of an NFT is subjective and volatile. Bonzo Finance Foundation does not guarantee the future value of any Bonzo NFTs. You accept and acknowledge that the Bonzo NFTs do not represent investment contracts or any other investment vehicle, and the purchaser of any Bonzo NFT may lose money.
The Bonzo NFTs are recorded on the Hedera network, and Bonzo Finance Foundation is not responsible for any issues associated with the risk of hardware, software and internet connections, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to information stored within your wallet, and any other technical risks associated with the underlying Hedera network, including network forks, upgrades, or outages that have unintended consequences for the Bonzo NFTs. You accept and acknowledge that Bonzo Finance Foundation will not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the Hedera network, however caused.
The regulatory regime governing blockchain technologies, cryptocurrencies, and tokens is uncertain, and new regulations or policies may materially adversely affect the Bonzo NFTs and their potential utility or value. You accept and acknowledge that Bonzo Finance Foundation is not responsible for your compliance with your local laws and regulations applicable to NFTs.
Indemnification. You agree to indemnify and hold harmless Bonzo Finance Foundation from and against any and all claims, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or in connection with any breach of your rights and obligations under these Terms.
Limitation of Liability. In no event shall either party be liable to the other party for any indirect, incidental, consequential, special, punitive, or exemplary damages (including, without limitation, damages for loss of profits, revenue, business, data, or use), even if such party has been advised of the possibility of such damages. Except for liability arising from a breach of Section 5 (Indemnification) or a party's gross negligence or willful misconduct, each party's total cumulative liability to the other party for any and all claims and damages arising out of or relating to this Agreement shall not exceed the greater of the total amount of the purchase price paid by you to Bonzo Finance Foundation or $100 USD in the event you did not acquire the Purchased NFT from Bonzo Finance Foundation.
Dispute Resolution. These Terms shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles. Any dispute, controversy, or claim arising out of or relating to this Agreement, or the breach, termination, or validity thereof, shall be resolved by final and binding arbitration administered by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures (the "JAMS Rules") then in effect. The arbitration shall be conducted in New York City, New York. The arbitration shall be conducted by a single arbitrator selected in accordance with the JAMS Rules. The arbitrator shall be experienced in commercial transactions involving intellectual property. The arbitrator shall award the prevailing party, if any, its costs and reasonable attorneys' fees. If no party is deemed to be the prevailing party, each party shall bear its own costs and attorneys' fees.
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