Flockworthy Terms + Conditions
First and foremost, thank you for using our crowdfunding application and its related Services ("Services").
Flockworthy is a crowdfunding website (“Website”) intended to direct investment toward prudent and lawful causes, products, businesses, intellectual property, etc. (i.e. "Movements"). Flockworthy strives to adhere to this mission in a transparent manner. This website, as well as the content hosted therein requires all users to read and accept all of the terms and conditions in and linked to this agreement (“Agreement”) prior to hosting or making financial contributions to Movements. This Agreement and all that follows will govern all transactions between you (i.e. the “User”) and Flockworthy, as well as your use of the Flockworthy Website, and all other services provided by Flockworthy. Regardless of the nature of the User's interaction with Flockworthy, Users must agree to be bound by this Agreement. Choosing to contribute to a Movement, participate in any of our program(s), or otherwise use the services provided by the Website, constitutes consent with the following Terms and Conditions. It is your obligation to read all Terms and Conditions. If you do not agree with all of these terms and conditions, you are therefore not authorized to participate in Movements listed on the Website.
This Agreement supersedes any previous Agreement between Flockworthy and its Users, and this Agreement may be modified by Flockworthy in its sole discretion at any time. Such modifications shall automatically become part of this Agreement and shall be effective once posted to the Website. Your participation in and use of the Website will be subject to any such modifications. You will be notified when a modification to this Agreement is made. You understand that by using the Website and/or the services or your Flockworthy account, you are agreeing to be bound by this Agreement. If you do not accept this Agreement in its entirety, you may not access or use the Website or our services. If you agree to this Agreement on behalf of a business, non-profit or governmental entity, you represent and warrant that you have the authority to bind that business, non-profit or governmental entity to this Agreement and your acceptance of these terms will be treated as the Agreement of the entity. In such case, "you" and "your" refer herein to such entity.
- Scope of Services and Liability- Flockworthy serves as an electronic repository for User generated content. Such content is organized into entities referred to as Movements. Some Movements may host virtual fundraisers known as “crowdfunding” Campaigns (“Campaigns”), the act and administration of which is defined by the 2012 JOBS Act. During a Campaign, a User may solicit financial contributions from other Users. Such transactions are referred to herein as Donations (“Donations”). Some Movements may also host content which is considered proprietary, intellectual property of the User or its collaborators or otherwise copyrighted material. Flockworthy is not responsible for any lost, stolen or misappropriated funds or intellectual property hosted by a User generated Movement or Campaign. It is Flockworthy's right to remove any activity it deems to present a conflict of interest, security risk, or financial loss affecting Flockworthy, its subsidiaries, owners, investors or partners.
- Terms and Definitions of Account Holders - Anyone is welcome to create a Flockworthy User Account (“Account”). By creating an Account, the User agrees to adhere to the criteria specified in this Section of the Agreement. All Users are solely responsible for the content they post on Flockworthy. Flockworthy reserves the right to remove any User generated content or any User that it deems to be in violation of Flockworthy's best interest.
- Prohibitions - Stealing or otherwise making use of proprietary content owned by Flockworthy or a Flockworthy User without explicit permission is absolutely prohibited. Flockworthy prohibits the allocation of funds or any solicitations suggesting the allocation of funds toward illegal activity. Flockworthy specifically prohibits funding any production or trafficking of illicit substances, weaponry, prostitution or violence regardless of jurisdiction or legality. Flockworthy currently prohibits the sale or purchase of stocks, bonds, annuities, real estate, and any financial instrument explicitly prohibited by the JOBS Act. Flockworthy does not directly endorse equity crowdfunding, or the direct formation of equities through activities hosted by the Website. Flockworthy reserves the right to modify, censor or expunge profane, explicitly hateful, irrelevant, slanderous or any content otherwise deemed to violate Flockworthy's standards of ethics and values.
- “Crowdfunding” Campaigns - Prior to hosting crowdfunding Campaigns, the fundraising User (“Fundraiser”) must read and agree to Stripe's Connected Account Agreementand satisfy Stripe's identity verification requirements. The Fundraiser is solely responsible for spending all funds in accordance to Flockworthy's Terms and Conditions, in compliance with all local and Federal laws and regulations, and in a manner consistent with the Fundraiser's stated intentions. Fundraiser's are expected to consider any recommendations for allocating funds proposed by the Donor community at the Fundraiser's discretion. The Fundraiser is solely responsible for the fulfillment of any stated goals or commitments and the delivery of any incentives (i.e. “Rewards”) offered in exchange for Donations to a Campaign. The Fundraiser's failure to uphold any of the aforementioned responsibilities may result in the cancellation of funds, permanent expulsion of the Fundraiser from the Flockworthy platform, and possible litigation. Upon the conclusion of a successful Campaign, funds will be released to the Fundraiser via Stripe's bank transfer method.
- Pledges and Donations - Flockworthy requires that the donating User (“Donor”) provide payment information prior to pledging funds to a Campaign. The Donor's payment instrument will not be charged the pledged amount until the Campaign reaches its specified funding goal (“Goal”). The Donor will not be charged in the event of the Campaign's failure to reach its Goal. The Donor may request to reverse a pledge (i.e. prior to the point in which the funding instrument is charged) by contacting Flockworthy's Payments Officer at firstname.lastname@example.org. Reversals are not guaranteed. Donations (i.e. pledges that have been charged to the Donor's payment instrument) are NON REFUNDABLE. All electronic payments are handled by Stripe Inc. and are subject to Stripe's separate Terms of Service. The Donor may request to permanently remove a payment instrument from the Flockworthy and Stripe platforms by contacting Flockworthy's Payments Officer at email@example.com. upon receipt of the request, instruments should be removed within forty-eight (48) hours. Flockworthy, however, reserves the right to maintain records of the instrument and any associated transactions after removal.
- Disputes - Flockworthy will not directly engage in disputes between Fundraisers and Users. Flockworthy will address violations of the Terms and Conditions with the individual or organization that violated the terms and conditions and reserves the right to remove any User or content which it suspects is in violation of the Terms and Conditions.
- Pricing, Fees and Escrow - Flockworthy is responsible for providing ample notification of the pricing structure, third-party transaction fees and any changes to the pricing and fee structure prior to collecting payments from Users.
Stripe Transaction Fee:
Stripe's non-refundable thirty cent ($0.30) payment processing fee will be added to all successful Donations as payable by the Donor.
Payment Processing Fee:
Flockworthy will only accept Donations charged to a valid credit or debit card. The standard 2.9 percent (%) electronic payment processing fee will be applied to the total amount of funds collected at the conclusion of any Campaign that collects a minimum of its funding Goal amount. This amount will be deducted from the Fundraiser's total proceeds. No fees will be collected if the Campaign fails to reach its funding Goal.
Flockworthy's pricing structure is meant to incentivise Fundraisers who approach their fundraising strategies with a long-term outlook. Therefore, the Fundraiser's pricing is determined based on the number of previously successful Campaigns (i.e. a Campaign which collects a minimum of its funding Goal in pledges) hosted within a particular Movement. Flockworthy's pricing ranges from a minimum 1% to a maximum 5% and is structured according to the following:
A Movement's first (1st) successful Campaign will be charged a five percent (5%) fee applied to the total amount of funds collected at the conclusion of the Campaign if it collects a minimum of its funding Goal amount. This amount will be deducted from the Fundraiser's total proceeds. No fees will be collected if the Campaign fails to reach its funding Goal.
A Movement's next five (5) successful Campaigns will be charged a four percent (4%) fee applied to the total amount of funds collected at the conclusion of the Campaign if it collects a minimum of its funding Goal amount. This amount will be deducted from the Fundraiser's total proceeds. No fees will be collected if the Campaign fails to reach its funding Goal.
All Movements which have previously completed six (6) successful Campaigns will be charged a one percent (1%) fee applied to the total amount of funds collected at the conclusion of the Campaign if it collects a minimum of its funding Goal amount. This amount will be deducted from the Fundraiser's total proceeds. No fees will be collected if the Campaign fails to reach its funding Goal.
In all instances, pricing is only adjusted upon the successful completion of a Campaign.
The total amount withheld from a Campaign's proceeds will equal the Payment Processing Fee plus the Flockworthy Fee (i.e. the maximum 5% + 2.9% = 7.9% for all first Campaigns and then adjusted according to the above criteria for all subsequent Campaigns).
On some occasions, the funds raised during a Campaign may exceed the initial Campaign funding Goal. In the event that such “excess funds” amount to less than five-hundred ($500.00) or less than ten percent (10%) of the total funds collected, the overage amount will be considered “inconsequential” and therefore available for immediate disbursal to the Fundraiser. However, excess funds amounting to greater than or equal to five-hundred (>= $500.00) dollars and greater than or equal to ten percent (>= 10%) of the total funds raised will be placed in the Fundraiser's designated Stripe Connected account ("Escrow") for thirty (30) consecutive days.
All excess funds are subject to the aforementioned Flockworthy and third-party fees and pricing structures. During the thirty (30) day Escrow window, any User who had previously donated to the Campaign's host Movement may propose, critique, vote up or vote down uses for the excess funds. At the conclusion of thirty (30) days all funds held in Escrow will be released to the Fundraiser via Stripe's bank transfer method.
Fundraiser collects $10,000 on a $10,000 funding Goal on First Campaign:
$9,210.00 disbursed to Fundraiser
$0.00 held in 30-day Escrow
Fundraiser collects $5,000 on a $10,000 funding Goal on First Campaign:
$0.00 disbursed to Fundraiser
$0.00 held in 30-day Escrow
Fundraiser collects $20,000 on a $10,000 funding Goal on First Campaign:
$9,210 disbursed to Fundraiser
$9,210 held in 30-day Escrow
- Security Risks Involving External Content - Users are permitted to redirect other Users to content posted on external websites and applications. Flockworthy is not responsible for damages Users incur while navigating to an external website or application posted to the Website. Users are encouraged to adequately assess the inherent security and privacy risks prior to clicking on User generated links or downloading User generated content. Flockworthy will take legal or civil action against Users who knowingly post malicious content on the Website.
- The User's Intellectual Property - Flockworthy does not own and is not responsible for any content or intellectual property posted on the Website. By posting content to the Website, you authorize Flockworthy to use said content at our discretion. Users are prohibited from posting content to the Website in which they do not own or hold explicit authorization to use. All licensing and royalties agreements involving posted content are the sole responsibility of the posting User. Flockworthy complies with the Digital Millennium Copyright Act. Flockworthy reserves the right to remove any content or User believed to be in violation of this Act.
- Flockworthy's Intellectual Property - Flockworthy maintains an exclusive right to all of its intellectual property. Commercial use of Flockworthy's intellectual property for commercial use is strictly prohibited. Questions regarding what falls under Flockworthy's intellectual property should be forwarded to firstname.lastname@example.org.
- Deleting Movements and User Accounts - Any User may delete their User Account at any time by contacting the webmaster email@example.com. Deleting a User Account does not guarantee that all content will be removed from the Website. Flockworthy reserves the right to maintain and publish record of all Movements, Campaigns and Donations. Any User may delete a Movement via clicking the “delete” button or link on the said Movement page. A Movement can be removed at any time except during an active Campaign or during the thirty day period in which excess Campaign funds are held in Escrow.
- Warranty Disclaimer - Flockworthy strives to provide the greatest product possible. However, we cannot guarantee flawless functionality of the Website or any other website or application linked to and from the Website. As the User, you agree to use the Website at your own risk. Flockworthy will make an earnest attempt to address any problems with the Website reported to firstname.lastname@example.org or email@example.com.
- Indemnification - A User who engages in any activity that results in legal action against Flockworthy is thereby responsible for defending Flockworthy in court.
- Limitation of Liability - It is the User's responsibility to be respectful and law abiding. If, for any reason, a User causes harm to another User, Flockworthy cannot be held responsible for the offending User's actions.
- Dispute Resolution and Governing Law - As Flockworthy is located in New York State, the Website falls under the jurisdiction of New York State and U.S. Federal law. Flockworthy may remove or report any activity on the Website believed to be in violation of New York or Federal law prior to notifying the responsible User(s). Any legal action taken by Flockworthy against a User will be conducted in accordance with New York and Federal law. Any legal disputes between Users will also fall under the jurisdiction of New York State and U.S. Federal law. Any lawsuits against Flockworthy shall be brought in New York Courts.
Thank you for reading our Terms and Conditions Agreement. The aforementioned parameters were designed to protect the interests of Flockworthy, its Users and partners. The aforementioned Agreement is considered final and binding. Any questions or requests for clarification of this Agreement should be forwarded to firstname.lastname@example.org.