TERMS OF USE

THIS DOCUMENT AND ANY OTHER DOCUMENTS PUBLISHED IN ASSOCIATION WITH THESE TERMS (SUCH AS THE WHITE PAPER) RELATE TO A HI-TEK TRAVELPAYTM CRYPTO-CURRENCY (HIC) OFFERING, TO PERSONS (PURCHASERS) IN RESPECT OF THE INTENDED DEVELOPMENT AND USE OF THE NETWORK BY VARIOUS PARTICIPANTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES OR A PROMOTION, INVITATION OR SOLICITATION FOR INVESTMENT PURPOSES. THE TERMS OF THE PURCHASE ARE NOT INTENDED TO BE A FINANCIAL SERVICES OFFERING DOCUMENT OR A PROSPECTUS. THE HIC OFFERING INVOLVES AND RELATES TO THE DEVELOPMENT AND USE OF EXPERIMENTAL SOFTWARE AND TECHNOLOGIES THAT MAY NOT COME TO FRUITION OR ACHIEVE THE OBJECTIVES SPECIFIED IN THE WHITE PAPER. THE PURCHASE OF HIC REPRESENTS A HIGH RISK TO ANY PURCHASERS, WHO HAVE NO RIGHT TO A REFUND UNDER ANY CIRCUMSTANCES ONCE THE TRANSACTION IS MADE. THE HIC DOES NOT REPRESENT EQUITY, SHARES, UNITS, ROYALTIES OR RIGHTS TO CAPITAL, PROFIT OR INCOME OR ANY FORM OF OWNERSHIP INTEREST OR LIEN OR SECURITY INTEREST IN THE NETWORK OR SOFTWARE OR IN THE ENTITY THAT ISSUES HIC OR ANY OTHER COMPANY OR INTELLECTUAL PROPERTY ASSOCIATED WITH THE NETWORK OR ANY OTHER PUBLIC OR PRIVATE ENTERPRISE, CORPORATION, FOUNDATION OR OTHER ENTITY IN ANY JURISDICTION. HI-TEKCOINS ARE NOT THEREFORE INTENDED TO REPRESENT A SECURITY OR SIMILAR LEGAL INTEREST AND DO NOT REPRESENT ANY FORM OF DEBT, DEBENTURE, NOTE, OR INSTRUMENT REQUIRING REPAYMENT, NOR IS ANY INTEREST PAYABLE AFTER PURCHASE OF HIC.

  1. Introduction
    1. Your purchase of HI-TEKCoin (HIC) TravelPayTM Token Vouchers during the HIC Sale (as defined below) from HI-TEK.SG Pte. Ltd., (referred to as “HIC issuing entity — TravelPayTM and “Company” in these Terms and Conditions and any related documents is subject to these terms of sale (Terms). You, as a purchaser (referred to as “Purchaser” or “Contributor” and Company) will be referred to as a “Party” or together as the “Parties”.
    2. By purchasing HIC TravelPayTM Token Vouchers during the HIC Initial Sale Offering (ISO), you will be bound by the terms in this document (the “Terms”) and any other provisions incorporated herein by reference. If Purchaser has any questions regarding the Terms or any related documents, please contact us at [email protected]
    3. To be eligible to participate in the HIC ISO and to log into the HIC Sale Portal to make a purchase, Purchaser will have to go to www.HI-TEK.io (website) and provide us with your User Credentials.
    4. Issuing Entity is conducting a sale of HIC utility TravelPayTM token vouchers and the HIC ISO will be made available to a number of participants under the Terms.
    5. The purpose of the HIC project is to help create more efficient payment gateway to a new decentralized customer of the HI-TEK TravelPayTM ecosystem industry. Our goal is to transform the existing Online Travel Agent (OTA) model using a new distributed ledger-based platform network (“Network”), in which Company will provide a number of incentivizationmechanisms. Further information is available in the White Paper.
    6. Once developed and built, the Network is intended to focus on building a network effect between tourism providers and their customers.
    7. The Network project is being made possible by Purchases from the community through purchases of HIC TravelPayTM token vouchers that will facilitate Network development and technical support of the associated ecosystem. The HIC ISO is therefore intended to give Purchasers the ability to support and transact on the Network.
    8. HIC will be an integral part of the Network as a means to support and intermediate services between users.
    9. HIC TravelPayTM Token Sale intended to fulfill the following functions:
      1. Network access
      2. Booking payment
      3. Reputation
    10. HIC burn: that portion of fees collected on the Network used to burn HIC, meaning that it will no longer be available in circulation.
    11. Company intends to use the Network to process registrations for hotels, flights, car rentals, cruises, entertainment, Vietnamese visas registration, and certain membership transactions for tourism suppliers and their customers; however certain information on the Network may also be beneficial to third parties.
    12. HIC TravelPayTM token value will likely reflect the scale and growth potential of the Network and its usability.
    13. This document specifies the terms and conditions applicable to the sale of HIC by HIC issuing entity — Travel to Purchasers.
    14. It is intended that Issuing Entity may join the group of companies that operate the HI-TEK online travel brand and Network.
    15. Company does not control the underlying technological infrastructure for the HIC or the Network protocols (“blockchain”) or any related third-party applications. Company is not responsible or liable for the Blockchain, the operation of the Network or any third-party uses of the Network.
  2. GENERAL
    1. These Terms shall govern Company’s relationship with Purchaser in relation to the HIC ISO and the HIC TravelPayTM tokens and fully possible, modify, replace and supersede any previous terms and conditions in relation to the same. In the event there is a conflict between these Terms and the provisions contained in other documents or agreements, these Terms shall control unless any such additional terms expressly modify these Terms.
    2. Company reserves the right to notify Purchaser of any further using wallet-specific requirements at any time.
    3. Company isnot responsible for any delays, losses, costs, non-delivery of refunds or of HIC tokens, or other issues arising from the failure to provide, or providing an inaccurate Wallet.
    4. By agreeing to purchase HIC TravelPayTM token vouchers during the HIC ISO you are confirming your acceptance of these Terms and your agreement to be bound by them.
  3. DEFINITIONS AND INTERPRETATION
    1. Definitions. As used herein, the following definitions apply:

      PURCHASER(s): the person(s) who make Purchases in accordance with, and who agree to these Terms.

      Contributions: payment in fiat currency or alt coins (including for example Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)…) in return for issuance of HIC TravelPayTM token vouchers in accordance with these Terms.

      Effective Date: the date of sale the HIC to Purchase(s) Group: Company’s ultimate holding company and any subsidiary companies of Company’s holding company.

      Intellectual Property Rights: rights to all existing and future patents, trademarks, design rights, service marks, trade dress, trade or business names(including domain names), registered designs, copyright (including rights in computer software), moral rights, database rights, format rights and topography rights (whether or not any of these is or are registered and including applications for registration), know-how, trade secrets and rights of confidence and all rights and forms of protection throughout the world of a similar nature or with similar effect to any of these for the full unexpired period of any such rights and any extensions and/or renewals thereof. Network: the decentralized HIC TravelPayTM Tokens Platform.

      Company’s Marks: the words “HIC” “TravelPayTM Token Vouchers” “HI-TEKCoin/ Tokens/ HI-TEK BB3…) and/or any logo, mark, domain name or trade name that contains, is confusingly similar to or is comprised of Company’s marks or any other name or mark owned from time to time by Company or any company within the Group. Terms: these terms and conditions.

      HIC or “HIC”: the TravelPayTM Token issued in respect of the development of the Network in return for Purchases by participants including Purchaser and that are intended to be usable as a payment for travel related services on the HI-TEK booking website and a medium of exchange on the Network.

      HIC issuing entity — TravelPayTM: Company, a Group company or any new company established to issue the HIC Travel Token and Vouchers.

      HIC Initial Sale Offering: the utility TravelPayTM token vouchers Sale of HIC in order to provide new secured online payment solutions which is the foundation of introducing the HIC to the worldwide travelers.

      Total HIC: the amount of HIC tokens specified at Paragraph 4.3.

      Released Parties: any of Company’s respective past, present and future founders, employees, officers, directors, contractors, consultants, equity holders, suppliers, advisors, auditors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns.

      Risk Factors: the known material risk factors are listed in Schedule A.

      Sites: the Websites and any other online site, application or platform that are owned, operated or controlled by or on behalf of Company or the Group from time to time and each of its related pages through which a Contributor takes part in the HIC ISO.

      Our Wallet: Company’s HIC TravelPayTM token wallet from which Purchaser’s HIC tokens will be sent.

      Your Wallet: Purchaser’s HIC TravelPayTM token wallet into which Purchasers’ HIC tokens will be deposited.

      Website(s): the HI-TEK website located at the URL www.hi-tek.io and at any URL with which Company replace such URL from time to time (and such other web addresses including RSS feeds that are owned, operated or controlled by or on behalf of Company from time to time and that make available such website) and each of its related pages.

      White Paper: Purchaser can contact us at [email protected] to receive the HI-TEKCoin TravelPayTM Token WhitePaper

      Interpretation of these Terms are subject to the following (unless otherwise required by the context):
    2. The Section headings are included for convenience only and shall not affect the interpretation of these Terms.
    3. Any phrase introduced by the terms "including", "include" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.
    4. Any reference to "persons" includes natural persons, firms, partnerships, companies, corporations, associations, organizations, governments, states, governmental or state agencies, foundations and trusts (in each case whether having separate legal personality and irrespective of the jurisdiction in or under the law of which it was incorporated or exists).
    5. Any reference to a statute, statutory provision, ordinance, subordinate legislation, code or guideline ("legislation") is a reference to that legislation and all other subordinate legislation made under the relevant legislation as amended and in force from time to time and to any legislation that re-enacts or consolidates (with or without modification) any such legislation.
    6. This Agreement was drafted in the English language. If these Terms are translated into another language, the English language text shall prevail.
  4. HIC SALE (ISO) MECHANICS.
    1. In consideration of payment of the Purchases and subject to Company's verification of your KYC Information at Verifyrun.com or HI-TEK.IO or any KYC - AML app (if applicable). The approval process can take up to 48 hours depending on the types of documents you have submitted along with the country you have applied from and the possible additional review that come with this. After your KYC's approval, your HIC TravelPayTM Token will be sent to your wallet.
    2. Availability Period. Company will conduct a public sale at the HIC Initial Sale Offering. An announcement will be published on the www.HI-TEK.io website.
    3. HIC TravelPayTM token vouchers shall be available for purchase during the entire Period of ISO, after which the prices of the HIC TravelPayTM tokens may be increased.
      ISO Total Supply:
      1,000,000,000 HIC (1 billion)
      ISO HARD CAP: 800,000,000 HIC (800 million)
    4. Purchase Failure. If less than the maximum allocation of HIC TravelPayTM tokens for Purchasers is reached, then the number of HIC TravelPayTM tokens that are available but not allocated to Purchasers will revert to Company In the event that Company determines that the HIC Sale should be abandoned, no additional HIC TravelPayTM tokens shall be issued and all payments made for HIC TravelPayTM tokens will be returned to Purchaser in full and final settlement of any obligations related to the HIC Sale.
    5. Company’s Right to Void Purchase. If Company does not receive payment of the full purchase price in accordance with these Terms in Our Wallet within 24 hours of the time that Purchaser receive the payment instructions (i.e. the Payment Date), Company reserves the right to void the purchase request and refuse to accept your purchase of HIC TravelPayTM tokens. To avoid ambiguity, the Price will be deemed to be paid in full once Company has received at least three (3) network confirmations of the transaction. Company reserves the right, in Company’s sole discretion, to modify any of the timelines described herein to account for network congestion or other technical challenges.
    6. Purchaser must pay the Price by sending the correct amount in fiat currency or accepted alt coin to buy HIC Travel to the unique address displayed to Purchaser via the HIC sale portal at HI-TEK.IO. No purchase is guaranteed until Company receives the entire purchase price.
    7. Company will deliver the quantity of HIC TravelPayTM tokens you purchased after the later of 1 (one) busines day after Price Purchase was received.
    8. HIC TravelPayTM token is being created by X13. Company reserves the right to migrate the X13 based to another protocol and to generate replacement HIC TravelPayTM tokens on the new protocol (Replacement HIC) in the future, should Company determine, in its sole discretion, that doing so is necessary or useful to the operation of the Network.
    9. Should Company decide to migrate the HIC TravelPayTM tokens, Company may no longer provide support for the Pre-existing HIC TravelPayTM tokens relating to the Network except with respect to the migration process. Although Company does not at this time anticipate that it will require any Pre-existing HIC token holders to convert their Pre-existing HIC TravelPayTM tokens to Replacement HIC TravelPayTM tokens, Company anticipates there will be significant incentives for Pre-existing HIC token holders to do so, since the practical utility of Pre-existing HIC TravelPayTM tokens will likely diminish rapidly once the Replacement HIC TravelPayTM tokens are created and in use by a significant portion of Network participants. Accordingly, Purchaser acknowledges and agrees that in order to continue to participate in the Network or obtain utility from the HIC TravelPayTM token, Purchaser may need to convert the HIC TravelPayTM tokens purchased during the Sale to Replacement HIC TravelPayTM tokens at some future time.
    10. Should Company decide to migrate the HIC TravelPayTM tokens, Company will notify Purchaser via the email address you provided at the time of the Sale. Purchaser is solely responsible for updating Company should contact information change.
  5. PURCHASE MECHANICS.
    1. Any Purchase made during the Availability Period shall be characterized as a non-refundable and non-redeemable acquisition of HIC TravelPayTM tokens.
    2. Freeze / Abort: During the Availability Period, Company may at any time stop the Purchase function for technical, legal or security reasons. If such Purchase freeze is upheld or if the Availability Period is aborted, no further purchases will be possible.
    3. Functionality: HIC TravelPayTM token is only intended for use as utility tokens towards making online payments for travel related services booking on the Company’s travel portal and in connection with the Network under the various applicable terms.
    4. Ownership of HIC TravelPayTM token carries no rights express or implied other than the right to use HIC TravelPayTM token as a mean to enable usage of and interaction with and within the Network, if the Network is successfully completed and deployed. Beyond this, ownership of HIC TravelPayTM token carries no other rights express or implied. Purchaser understands and accepts that he has no right to claim as a holder of HIC TravelPayTM tokens any intellectual property rights, income, profit, dividend, capital, equity, royalties or equivalent rights or any other form of economic or voting participation in or relating to the Issuing Entity, the Network and any parties related to the Network project.
  6. LEGAL STATUS OF HIC TOKEN ISSUING ENTITY AND NETWORK PROJECT
    1. HIC token is a proprietary blockchain giving HIC token holders the right to make online reservations and payments on the Company’s travel portal and support operations on the Network.
    2. The founders of the Company have established HIC TravelPayTM tokens Issuing Entity to develop the Network and issue the HIC TravelPayTM tokens to Purchasers.
    3. Acquisitions of HIC TravelPayTM tokens are non-refundable. HIC TravelPayTM tokens are not redeemable to other than as specifically advised in the terms herein and any terms applicable to use of the Network.
    4. HIC TravelPayTM tokens can only be acquired and used in connection with the Network with other participants under these Terms, by receiving, using and holding HIC tokens, no form of partnership, joint venture or any similar relationship between purchasers, the Issuing Entity and/or other individuals or entities involved with the Network and the project shall be created or envisaged.
  7. NETWORK LAUNCH
    1. If Company is successful in developing the Network, when it determines that the technology, protocols and ecosystem have been sufficiently developed to allow the Network to be launched, Company will issue a public announcement, including any relevant material information to HIC TravelPayTM token holders.
  8. REPRESENTATIONS
    1. Purchaser has full legal capacity, power and authority to execute and deliver this agreement and to perform its obligations hereunder.
    2. This agreement constitutes valid and binding obligation of Purchaser, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.
    3. Purchaser enters into this agreement for its own account, not as a nominee or agent.
    4. WARNING: THIS DOCUMENT AND ANY OTHER DOCUMENTS PUBLISHED IN ASSOCIATION WITH THESE TERMS (SUCH AS THE WHITE PAPER)RELATE TO A HIC TRAVEL TOKEN VOUCHERS INITIAL SALEOFFERING TO PURCHASERS IN RESPECT OF THE INTENDED DEVELOPMENT AND USE OF THE NETWORK BY VARIOUS PARTICIPANTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES OR A PROMOTION, INVITATION OR SOLICITATION FOR INVESTMENT PURPOSES. THE TERMS OF THE PURCHASE ARE NOT THEREFORE INTENDED TO BE AFINANCIALSERVICES OFFERING DOCUMENT OR A PROSPECTUS. THE HICTOKEN OFFERING INVOLVES AND RELATES TO THE DEVELOPMENT AND USE OF ONLINE TRAVEL PORTAL AND DIGITAL PAYMENT TECHNOLOGIES THAT MAY NOT COME TO FRUITION OR ACHIEVE THE OBJECTIVES SPECIFIED IN THE WHITE PAPER. THE PURCHASE OF HICTOKEN REPRESENTS A RISK TO ALL ANY PURCHASERS. HIC TOKEN PURCHASES DO NOT REPRESENT EQUITY, SHARES, UNITS, ROYALTIES OR RIGHTS TO CAPITAL, PROFIT OR INCOME IN THE NETWORK OR SOFTWARE OR IN HIC TOKENISSUING ENTITY OR ANY OTHER COMPANY OR INTELLECTUAL PROPERTY ASSOCIATED WITH THE NETWORK OR ANY OTHER PUBLIC OR PRIVATE ENTERPRISE, CORPORATION, FOUNDATION OR OTHER ENTITY IN ANY JURISDICTION. HIC TOKENS ARE NOT THEREFORE INTENDED TO REPRESENT A SECURITY OR SIMILAR LEGAL INTEREST.
    5. Purchaser has such knowledge and experience in technology and financial and business matters that Purchaser is capable of evaluating the merits and risks of entering the HIC token vouchers Sale and these Terms, is able to incur a complete loss of any monies or assets involved in the purchase of HIC TravelPayTM tokens without impairing Purchaser’s financial condition and is able to bear the economic risk of such participation for an indefinite period of time.
    6. Purchaser understands and accepts that while the individuals and entities related to the Network, including those involved with the creation and allocation of HIC TravelPayTM tokens and receipt of purchase price (including HIC TravelPayTM token Issuing Entity), will make reasonable efforts to develop and complete the HIC ISO and to develop the Network, it is possible that despite the reasonable endeavors of the Network founders and advisors such development may fail and that the Network, as well as the HIC TravelPayTM tokens will not be created, will become useless and/or valueless including due to technical, operational, commercial, regulatory or any other reasons.
    7. By participating in the HIC TravelPayTM token Sale and/or by receiving, using and holding HIC TravelPayTM tokens, Purchaser represents and warrants that:
      • Purchaser understands and expressly accepts that Issuing Entity will operate under the laws where it is established and any other applicable mandatory laws pursuant to the sovereignty of legal jurisdictions but subject to applicable international conflict of law frameworks and principles;
      • That Purchaser entered into the HIC TravelPayTM token ISO on the understanding that it did not represent the offer of ‘securities’ under generally agreed principles of international law including the laws of the European Union, the United Kingdom, the United States of America and the jurisdiction in which they are established (if different).
      • Purchaser has full understanding of the functionality, usage, storage, transmission mechanisms and intricacies associated with cryptographic HIC TravelPayTM tokens, like Bitcoin (BTC) and Ethereum (ETH), LiteCoin (LTC) and Blockchain-based software systems;
      • Purchaser is legally permitted to receive and hold and make use of HIC TravelPayTM tokens in Purchaser’s jurisdiction;
      • Purchaser will carefully review the code of the HIC TravelPayTM tokens and fully understands and accepts the functions of such digital asset;
      • Purchaser is legally permitted to receive HIC TravelPayTM tokens, to contribute to the Network, and make purchases;
      • Purchaser is of sufficient age to legally acquire HIC TravelPayTM tokens;
      • Purchaser will contribute only from a wallet or wallet service provider that technically supports HIC TravelPayTM tokens. Purchaser acknowledges that their failure to do so may result in Purchaser’s inability to access their HIC TravelPayTM tokens;
      • Purchaser assumes sole responsibility for any restrictions and risks associated with the receiving and holding of HIC TravelPayTM tokens;
      • Purchaser is not contributing to obtain HIC TravelPayTM tokens purely for the purpose of speculative investment or the hope that the value of HIC TravelPayTM tokens will increase and is acquiring HIC TravelPayTM to support and/or participate in the Network;
      • Purchaser is not obtaining or using HIC TravelPayTM tokens for any illegal purposes;
      • Purchaser waives the right to participate in a class action lawsuit or a class-wide arbitration in respect of the Purchase or against the Issuing Entity or any entity or individual involved with the issuance or allocation of HIC TravelPayTM tokens or in respect of the operation of the Network;
      • Purchaser understands the addition of the Purchase to the Network and the allocation of HIC TravelPayTM tokens do not involve the purchase of equity, shares or rights to other securities or any equivalent legal interest in any existing or future public or private company, corporation or other entity in any jurisdiction;
      • Purchaser understands and expressly accepts that there are no any warranties of any kind, including, but not limited to, warranties of title or implied warranties, merchantability or fitness for a particular purpose in respect of HIC TravelPayTM tokens and/or the success of the Network and/or Project, expressed or implied and to the fullest extent permitted by applicable law and that HIC TravelPayTM token is created, acquired and exchanged at the sole risk of Purchaser on an “as is” and “under development” basis;
      • Purchaser understands that Purchaser has no right against any other party to request any refund of Purchases made to Company or the Issuing Entity;
      • Purchaser understands that with regard to HIC TravelPayTM tokens no market liquidity is guaranteed and that the value of HIC over time (if any) may experience extreme volatility or depreciate entirely;
      • Purchaser bears the sole responsibility to determine if their Purchase or the allocation, use or ownership of HIC TravelPayTM tokens and the potential appreciation or depreciation in the value of HIC TravelPayTM tokens over time (if any), the sale and purchase of HIC TravelPayTM tokens and/or any other action or transaction related to the Network have adverse tax implications for Purchaser;
      • Purchase acknowledges that by their purchase and/or by receiving, using or holding HIC TravelPayTM tokens, and to the fullest extent permitted by law, Purchaser agrees not to hold any third party (including developers, advisors, administrators, auditors, promoters, contractors or founders) liable for any legal or tax liability associated with or arising from the Purchase and the allocation, use or ownership of HIC TravelPayTM tokens or any other action or transaction related to the Network and/or Project;
      • Purchaser has reviewed the non-exhaustive indicative list of Risk Factors associated with the proposed HIC Sale, the HIC TravelPayTM tokens and the Network project.
  9. PROVISION OF INFORMATION & PERSONAL DATA
    1. Company may determine, in its sole discretion, that it is necessary to obtain certain information about Purchaserto comply with applicable laws or regulations in connection with selling HIC TravelPayTM tokens to Purchaser. Purchaser agrees to provide all such information promptly upon request and acknowledge that Company may refuse to sell HIC TravelPayTM tokens to Purchaser until Purchases provides all requested information and Company has determined that it is permissible to sell Purchaser HIC TravelPayTM tokens under applicable laws or regulations.
    2. Identity and Disclosure. Purchaser shall provide true and complete information to us. Purchaser shall also provide such other information as Company may reasonably request from time to time.
    3. Purchaser agrees not to use any fictitious or alias names for the registration.
    4. Purchaser’s personal data shall be processed in accordance with the Terms and Company’s privacy policy.
  10. PROJECT MANAGEMENT
    1. It remains within Company’s sole discretion to decide how to allocate the purchases received to develop and execute the Network. The HIC Sale summary specifies at a high level how the purchases are intended to be used but the exact allocation of purchases shall be at the discretion of HIC issuing entity — Travel. In addition, HIC token Issuing Entity is permitted to take such measures as it deems prudent to manage any Cryptocurrency price fluctuation and network risks including the conversion of alt coins received into fiat or other cryptocurrencies or placing some of the alt coins received with a third party to manage those assets on Company’s behalf pending realization of the value for Network development purposes.
    2. Purchaser acknowledges, understands and agrees that:
      • Purchaser has no influence on the governance and decisions of the Network or the Issuing Entity;
      • Company has the right to engage subcontractors to perform the entire or partial development and execution of the Network;
      • Developing and creating the Network requires substantial research and development effort. It is possible that substantial conceptual, commercial or technical changes could be made during that process;
      • the level of development of the Network that is attainable also depends on the amount of Purchases received, and the amount of software development and community support.
  11. TAXES
    1. Any amounts that Purchaser pays for HIC TravelPayTM tokens are exclusive of all applicable taxes. Purchaseris solely responsible for determining what, if any, taxes apply to your purchase of HIC TravelPayTM tokens, including, for example, sales, use, value added, and similar taxes. It is also Purchaser’s responsibility to withhold, collect, report and remit the correct taxes to the appropriate tax authorities. Companyis not responsible for withholding, collecting, reporting, or remitting any sales, use, value added, or similar tax arising from your purchase of HIC TravelPayTM tokens.
  12. TERM
    1. This Agreement will take effect from the Effective Date and continue until terminated in accordance with these Terms.
  13. LIMITATION OF LIABILITY
    1. COMPANY MAKES NO WARRANTIES OR REPRESENTATIONS (WHETHER EXPRESS OR IMPLIED BY LAW, STATUTE OR OTHERWISE) WITH RESPECT TO THE NETWORK, HIC TOKENS, COMPANY’S SITES, COMPANY’S WEBSITE OR ANY CONTENT AVAILABLE THEREIN OR RELATED THERETO OR THAT COMPANY’S SITES, THE WEBSITE, NETWORK, HIC TOKENS, SOFTWARE OR HARDWARE (OR THAT PROVIDED TO US BY THIRD PARTIES) WILL BE ERROR-FREE OR UNINTERRUPTED OR WITH RESPECT TO THE QUALITY, FITNESS FOR PARTICULAR PURPOSE OR SUITABILITY OF ALL OR ANY OF THE FOREGOING. EXCEPT AS EXPRESSLY STATED OTHERWISE IN THIS AGREEMENT, ALL WARRANTIES, REPRESENTATIONS AND IMPLIED TERMS AND CONDITIONS ARE HEREBY EXCLUDED TO THE FULLEST EXTENT PERMITTED BY LAW.
    2. LIABILITY LIMITATIONS.COMPANY’S OBLIGATIONS UNDER THESE TERMS DO NOT CONSTITUTE PERSONAL OBLIGATIONS OF THE RELEASED PARTIES OTHER THAN AS PROVIDED UNDER THESE TERMS. OTHER THAN AS EXPRESSLY PROVIDED IN THESE TERMS, IN NO EVENT WILL COMPANY BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE LOSS, INJURY OR DAMAGE OF ANY KIND (REGARDLESS OF WHETHER COMPANY HASBEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS) INCLUDING ANY LOSS OF BUSINESS, REVENUE, PROFITS OR DATA. COMPANY’S LIABILITY ARISING UNDER THESE TERMS, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR FOR BREACH OF STATUTORY DUTY OR IN ANY OTHER WAY SHALL ONLY BE FOR DIRECT DAMAGES AND SHALL NOT EXCEED THE DISCOUNT GENERATED AND PAYABLE TO PURCHASER IN RELATION TO THE HIC TOKENSSALE PROGRAM. HOWEVER, NOTHING IN THESE TERMS WILL OPERATE TO EXCLUDE OR LIMIT EITHER PARTY'S LIABILITY FOR DEATH OR PERSONAL INJURY ARISING AS A RESULT OF THAT PARTY'S NEGLIGENCE OR FOR FRAUD.
    3. INDEMNIFICATION.PURCHASER SHALL DEFEND, INDEMNIFY AND HOLD US AND COMPANY’S OFFICERS, DIRECTORS, EMPLOYEES AND REPRESENTATIVES HARMLESS ON DEMAND FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, LIABILITIES, LOSSES, DAMAGES, COSTS AND EXPENSES (INCLUDING REASONABLE LEGAL FEES) RESULTING OR ARISING (DIRECTLY OR INDIRECTLY) FROM YOUR BREACH OF THESE TERMS.
    4. SET OFF. WITHOUT PREJUDICE TO ANY OTHER RIGHTS OR REMEDIES AVAILABLE TO US UNDER THESE TERMS OR OTHERWISE, COMPANY SHALL BE ENTITLED TO SET OFF ANY DISCOUNT OTHERWISE PAYABLE BY US TO PURCHASER HEREUNDER, AGAINST ANY LIABILITY OF PURCHASER TO US, INCLUDING ANY CLAIMS COMPANY HAVE AGAINST PURCHASER RESULTING FROM OR ARISING FROM, YOUR BREACH OF THESE TERMS.
  14. WAIVER & RELEASE
    1. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW PURCHASERRELEASE US AND THE OTHER RELEASED PARTIES FROM RESPONSIBILITY, LIABILITY, CLAIMS, DEMANDS AND/OR DAMAGES (ACTUAL AND CONSEQUENTIAL) OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN (INCLUDING, BUT NOT LIMITED TO, CLAIMS OF NEGLIGENCE), ARISING OUT OF OR RELATED TO THE NETWORK, YOUR INVOLVEMENT IN SUPPORTING THE NETWORK AND PROJECT AND THE HICSALE, THE USABILITY AND VALUE OF THE HIC AND DISPUTES BETWEEN PARTICIPANTS IN THE NETWORK AND THE ACTS OR OMISSIONS OF ANY THIRD PARTIES;
    2. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW PURCHASEREXPRESSLY WAIVE ANY RIGHTS PURCHASER MAY HAVE UNDER ANY STATUTE OR COMMON LAW PRINCIPLES THAT WOULD OTHERWISE LIMIT THE COVERAGE OF THIS RELEASE TO INCLUDE ONLY THOSE CLAIMS WHICH PURCHASER MAY KNOW OR SUSPECT TO EXIST IN PURCHASER’S FAVOR AT THE TIME OF AGREEING TO THIS RELEASE;
    3. COMPANY EXPRESSLY EXCLUDES ANY LIABILITY IN RESPECT OF THE LAW OF OTHER JURISDICTIONS WHERE PARTICIPANTS MAY BE ESTABLISHED OR RESIDENT INCLUDING PURCHASES BY PERSONS FROM THE UNITED STATES OF AMERICA - WHETHER BY RESIDENCY OR CITIZENSHIP (“US-PERSONS”) US PERSONS ARE EXPRESSLY EXCLUDED FROM PARTICIPATION IN THE HIC TravelPayTM TOKEN SALE;
    4. PURCHASER FURTHER SPECIFICALLY ACKNOWLEDGES THAT THE RISK OF ACQUIRING, TRANSFERRING, CREATING, HOLDING OR USING HIC TOKENS OR YOUR WALLETS RESTS ENTIRELY WITH PURCHASER. COMPANY SHALL NOT BE RESPONSIBLE FOR PURCHASER’S FAILURE TO PROVIDE US WITH THE CORRECT ADDRESS FOR YOUR WALLET.
  15. MISCELLANEOUS
    1. Notices. All notices pertaining to these Terms will be given:
      • by email to Purchaser at the email address provided by Purchaser (or as subsequently updated by Purchaser to us in the event of change); and
      • by email to us at [email protected] addressed ‘re: HIC TravelPayTM token Initial Sale Offering Program’ Any notice sent by email shall be deemed received on the earlier of an acknowledgement being sent or twenty-four (24) hours from the time of transmission.
    2. Relationship of Parties. There is no relationship of exclusivity, partnership, joint venture, employment, agency or franchise between Purchaser or us under these Terms. Neither party has the authority to bind the other (including the making of any representation or warranty, the assumption of any obligation or liability and/or the exercise of any right or power), except as expressly provided in these Terms.
    3. Confidentiality and Non-Disclosure. As a Purchaser, Purchaser may receive confidential information from us, including confidential information as to Company’s marketing plans, marketing concepts, structure and payments. This information is confidential to us and constitutes Company’s proprietary trade secrets. Purchaser shall not disclose this information to third parties or use such information other than for the purposes of these Terms without Company’s prior written consent, save as expressly required by law (provided that any such disclosure is only to the extent so required).
    4. Assignment by Purchaser. Except where Purchaser have received Company’s prior written consent, Purchaser may not assign at law or in equity (including by way of a charge or declaration of trust) or deal in any other manner with these Terms or any rights under these Terms. Any purported assignment in breach of this Section shall confer no rights on the purported assignee.
    5. Assignment by Company. Company may assign any of Company’s rights under these Terms or transfer all of Company’s rights or obligations by designation to any member of the Group or HIC TravelPayTM token Issuing Entity or transfer all Company’s rights or obligations by designationto any member of the Group or HIC TravelPayTM token Issuing Entity.
    6. Governing Law. This Agreement (including any variation or modification thereto) shall be deemed executed in Singapore and shall be governed by and construed in accordance with the laws of Singapore without giving effect to conflicts of law principles. Purchaser irrevocably agree that, subject as provided below, the courts of Singapore shall have exclusive jurisdiction to determine any claim, dispute or matter arising out of, or in connection with, or concerning these Terms or its enforceability and Purchaser waives any objection to proceedings in such courts on the grounds of venue or claiming proceedings have been brought in an inconvenient forum. Nothing in this Section shall limit the right of us to take proceedings against Purchaser in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction.
    7. Severability. Whenever possible, each provision of these Terms will be interpreted in such a manner as to be effective and valid under applicable law but, if any provision of these Terms is held to be invalid, illegal or unenforceable in any respect, such provision will be ineffective only to the extent of such invalidity, or unenforceability, without invalidating the remainder of these Terms or any other provision hereof.
    8. Entire Agreement. This Agreement embodies the complete agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes any prior or subsequent oral or written agreement or understanding between the parties in relation to such subject matter save in respect to the terms of the HIC token Sale entered into by Purchaser that shall remain in full force and effect.
    9. Reliance & Waiver. Each of the parties acknowledges and agrees that in entering into these Terms, it has not relied on any statement, representation, guarantee warranty, understanding, undertaking, promise or assurance (whether negligently or innocently made) of any person (whether party to these Terms or not) other than as expressly set out in the Agreement. Each party irrevocably and unconditionally waives all claims, rights and remedies that, but for this Section, it might otherwise have had in relation to any of the foregoing. Nothing in this Section shall limit or exclude any liability for fraud.
    10. Third-Party Rights. Except insofar as these Terms expressly provides that a third party may in their own right enforce a term of these Terms, a person who is not a party to these Terms has no right under local law or statute to rely upon or enforce any term of these Terms, but this does not affect any right or remedy of a third party that exists or is available apart from under that local law or statute.
    11. No Waiver byCompany. No delay, neglect or forbearance by Company in enforcing any provision of this agreement shall be a waiver by, or in any way prejudice any right, Company has under this agreement.


RISK FACTOR

CERTAIN MATERIAL RISK FACTORS

Purchasers should be aware of the many risks associated with the purchase, use and sale of HI-TEKCoin Travel Cryptocurrency (HIC). HI-TEK.SG Pte Ltd ("Company") has outlined some material risks that are presently known to Company; however, additional risks not specifically known may arise in the future.

  1. Cryptocurrency. Company may elect to store or convert cryptocurrency purchases into one or more fiats and/or alternative cryptocurrencies. There could be significant difficulties in making and managing such cryptocurrencies and other funds due to the lack of ready convertibility between fiat currencies, cryptocurrencies and HIC, and the difficulty in utilizing such assets via traditional market counterparties and intermediaries. In addition to the usual market forces, there are several potential events which could exacerbate the risk of unfavorable fluctuation in the value of cryptocurrencies, including but not limited to another DAO-like attack on the Ethereum network; or significant security incidents or market irregularities at one or more of the major cryptocurrency exchanges.

  2. Main Protocol. Many of the Network project technologies including the HIC will, at least initially, be based on the X13 Algorithm. The algorithm uses 13 rounds of hashing with 13 different hash-functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, etc.), which makes it one of most reliable in a modern cryptocurrencies world.

  3. Cybercrime. The acquisition and management of cryptocurrencies and HIC is inherently subject to the risk of cybercrime that is difficult to manage and mitigate. This may consist of concerted attempts and even successful attempts to hack the Network, HIC Sale and the Sites and software used to manage purchases received in respect of HIC and other software or technology components and to defraud Purchasers and Company. The Company may be targeted by unauthorized access, blockchain mining attacks, hacking and/or theft of cryptocurrency and HIC assets, and it may not be possible to adequately insure against potential losses resulting from these incidents at a reasonable price, or at all. Company currently does not plan to insure the same. Any successful attacks present a risk to the Network, expected proper execution and sequencing of HIC transactions, and expected proper execution and sequencing of software computations, and any unauthorized access or cybercrime may result in the loss of or inability to access HIC purchases, and impair the ability to issue HIC.

  4. Regulatory risk: Purchaser understands and accepts that HIC and blockchain technology allows new forms of interaction, and it is likely that certain jurisdictions will apply existing regulations on orimpose new regulations on blockchain technology-based applications, which may be contrary to the current purchase process and which may necessitate substantial modifications to the Network, including the potential loss of HIC for Purchaser. Further, Purchaser accepts the risks and potential impact of US regulations on HIC transactions involving sales to or from its residents or citizens of the United States or transactions deemed to have occurred in the United States. Company or any Group Company may be forced to cease operations due to regulatory actions, changes to existing laws and regulations which make it commercially undesirable or illegal to operate in such jurisdictions, or to obtain the necessary regulatory approval(s) to operate.

  5. Loss or destruction of the private key: HIC (as all other cryptocurrencies) are stored in a digital wallet and can be controlled and accessed only by the possessor of both the public key and the private key for the digital wallet in which the HIC are stored, , both of which are unique. If the private key is lost, destroyed or otherwise compromised, a buyer may be unable to access the HIC held in the related digital wallet, and will essentially be lost. If the private key is in some manner acquired by a third party, that third party may be able to gain access to the related digital wallet and any stored HIC.

  6. Risks associated with peer-to-peer transactions: Digital currencies can be traded on numerous online platforms, through third party service providers and as peer-to-peer transactions between parties. Many marketplaces simply bring together counterparties without providing any clearing or intermediary services and without oversight or regulation. In such cases, all risks (such as double-selling) remain solely with the parties directly involved in the transaction.

  7. Other risks related to trading platforms and exchanges: Digital currency trading platforms, largely unregulated and providing limited transparency with respect to their operations, have come under increasing scrutiny due to cases of fraud, business failure or security breaches, in which Buyers were not or could not be compensated for their losses. Although one does not need a trading platform or an exchange to trade HIC or other cryptocurrencies, such platforms are often used to convert fiat currency into cryptocurrency, or to trade one cryptocurrency for another.

  8. Loss of confidence in digital currencies: Digital currencies are part of a new and rapidly evolving “digital assets industry”, which itself is subject to a high degree of uncertainty. For a relatively small use of digital currencies in the retail and commercial marketplace, online platforms have generated a large trading activity by speculators seeking to profit from the short-term or long-term holding of digital currencies. Most cryptocurrencies are not backed by a central bank, a national or international organization, assets or other credit, and their value is strictly determined by the value that market participants place on them through their transactions, which means that loss of confidence may bring about a collapse of trading activities and an abrupt drop in value. As a result, the market has been volatile, with extreme and sometimes sudden fluctuations in value.

  9. Regulations preventing or restricting trading of digital currencies: There are significant inconsistencies among various regulators with respect to the legal status of digital currencies. Regulators are also concerned that HIC and other cryptocurrencies may be used by criminals and terrorist organizations. In the future, certain countries may restrict the right to acquire, own, hold, sell or use digital currencies.

  10. Currency-conversion risks: Policies or interruptions in the deposit or withdrawal of fiat currency in or out of the trading platforms may impact the ability of certain Buyers to convert. For example, when two of the largest trading platforms in China stopped margin lending and withdrawals in February 2017 and started implementing stricter anti-money laundering policies following discussions with Chinese authorities, this immediately triggered a decrease in pricing and trading volume.

  11. Taxation of digital currencies: For Buyers in cryptocurrencies, there is substantial uncertainty with respect to the tax treatment of an investment in digital currencies. HIC and other cryptocurrencies may be considered assets in certain jurisdictions and currency in others. Sales or value-added taxes may be imposed on purchases and sales of digital currencies. The Buyers, based on their home jurisdiction, should obtain professional tax advice on a regular basis to minimize the impact of taxes on their digital currencies.

  12. Risk of uninsured losses: HIC does not constitute a deposit for the purpose of being insured by any governmental or other insurance. The HIC is uninsured unless Purchaser specifically obtains for his own benefit and at his sole expense, private insurance covering the various risks, if available. Absent obtaining private insurance, Purchase will have no recourse in the event of loss.

  13. Acceptance not Guaranteed. Company cannot require or legally compel any person or entity to accept HIC. Company is not responsible or liable for any adverse consequences arising out of or related to any such rejection.

  14. No Refunds. Purchaser has no right to any refund for the purchase of HIC and understands that no market liquidity is guaranteed and that the value of HIC over time may experience extreme volatility or depreciate entirely.