1.1. The Flits Fund will be used to a certain extent, for the provisioning of a ‘crypto asset backup’ for potential reimbursement purposes. This will be limited to specific scenarios experienced by investors/users of the Flits wallet.
1.2. The Flits fund will come into play, as and when the Flits project sees fit.
2.1. The Flits Fund is part of the Flits project, being a registered company under Blockworks B.V.
2.2. Flits bears minimal accountability over this fund and the utilization of crypto assets within.
2.3. The Flits Fund will solely consist of the Flits coin (FLS). No other crypto assets are registered or included in this fund.
2.4. Third parties not meeting eligibility criteria, are not able to rely on or appeal to this fund. Only Flits is the rightful and legitimate owner of such, and will create the framework on exactly how it can or will be utilized.
2.5. At all times, Flits retains the right to make use of (or remove from) this fund. There is no requirement for Flits to justify such actions to any Flits users.
2.6. Flits will be the only decisive party in determining how exactly this fund will be utilized.
3.1. Payment intervals may differ per specific case, and are subject to change.
3.2. Payments will be automated both through and on the Flits app.
3.3. Where possible, payment will usually be made in FLS. This is, however, subject to change. Flits may cooperate with involved third parties, in an effort to provide an optimal solution for Flits users and project investors.
3.4. Flits is not obligated to make use of the fund for the sole purpose of reimbursing users and investors.
4.1. Flits (Blockworks B.V.) is the only entity that can initiate the usage of this fund, after conducting prior research and taking into consideration external factors. Flits is not compelled to provide any information regarding this process, and may make such decisions at its own discretion.
4.2. Under no circumstances, can Flits be held responsible for any form of wrongfully conducted payments from the Flits fund.
4.3. The Flits Fund will not be used for the reimbursement of services used within the Flits app.
4.4. Flits does not have to take into account any volatility with regards to a project and the prices of crypto assets.
4.5. There are no set times for reimbursement. Users permitted to make use of the Flits Fund do not have any involvement in the payment terms.
4.6. Flits cannot be pressured to make use of the Flits Fund for the reimbursement or covering of costs not related to the Flits app.
4.7. Flits is not obligated to provide 100% reimbursement for any losses incurred. Flits may determine the reimbursement rate based on our own view and research.
4.8. This fund will only be initiated for costs/damage exceeding a total amount of €1500 (one thousand five hundred EUR).
4.9. Flits retains the right to revoke any promised reimbursement contribution. This includes after any official statement is released.
4.10. Additional terms of agreement may be required in specific scenarios. In such instances, users will need to accept these additional terms should they desire the offered assistance.
4.11. Flits retains the right to opt for other forms of reimbursement as and when they see fit (other than making use of the Flits Fund).
4.12. When usage of the Flits Fund comes into play, other agreements and commitments previously stated by the Flits project will no longer be valid.
4.13. Flits retains the right to refuse the appeals of users/investors wishing to make use of the Flits Fund.
4.14. Apart from Flits users, no one else may make use of the the Flits fund.
4.15. Only Flits app users who were registered during the affected period - and had a wallet balance > 0 (for the affected project), may be deemed eligible.
4.16. Flits retains the right to add specific requirements per each individual case to prevent any misuse and fraudulent behaviour.