TANGY MARKET - TERMS OF USE

INTRODUCTION

 

Welcome to Tangy Market. These are the terms of use. When agreeing to the terms of use you are agreeing to all the legally binding rules on this page when using the services offered by Riteband AB. You are also agreeing to our Privacy Policy. This agreement is between you and Riteband AB.

 

Riteband is run by Riteband AB, a limited liability company incorporated under the laws of Sweden, registered at the address Lilla Erstagatan 4, 116 28 Stockholm.

 

The service is not available to any user who has been suspended from the service, whose use has been restricted for any reason, or whose registration has been revoked.

 

While accessing our App, Website and/or using our Services, you (the “User” or “Rights Owner”) confirm that you accept and agree to this Agreement. The most updated version of this Agreement is visible in our App.

 

DEFINITIONS AND INTERPRETATION

 

“Agreement” shall mean the Terms of Use.

 

“Service” shall mean all services, tools and information provided by Riteband AB.

 

“Rights Owner” shall mean a person or a company that is lawfully the copyright owner of a musical work and also the issuer of shares of revenues associated with a musical work on Riteband’s Service.

 

“Issuing Date” shall mean the date a musical work is initially floated on Riteband.

 

“PRO/CMO” shall mean a collecting society, i.e. performing rights organization, i.e. collecting management organization.

 

“User” shall mean a person using the App.

 

“Crate” shall mean a User’s portfolio, giving an overview of a User’s current holdings of shares.

 

“Royalty Payment” shall mean the payment a User is entitled to by virtue of holding shares in Crates. The Royalty Payment corresponds to the sum of the accumulated payouts the PRO/CMO has collected for the corresponding song, from the Issuing Date until the Royalty Payment Date; and which have been transferred from the PRO to Riteband via a payment instruction that has been approved by the Rights Owner.

 

“Royalty Payment Date” shall mean the date all holders of shares get paid by Riteband.

 

“Primary Market” shall encompass the investment activities occurring upon the issuing of new shares on the Service.

 

“Float” shall mean the issuing of new shares on the Primary Market.

 

“Secondary Market” shall mean the trading in shares between Users.

 

“Wallet” shall mean the depot connected to the User’s account to which money can be deposited to be able to buy shares, and from which money can be withdrawn.

 

“Valuation model” shall mean the tool invented and owned by Riteband to estimate the future revenue of a song.

 

“Metadata” shall mean the information embedded in an audio file that is used to identify the content. This includes, but is not limited to, track title, artist or band name, genre, label, publishing company, songwriters, producers and cover artwork.

 

“Prospectus” shall mean the information about each share available on the Service, including but not limited to price per share, maturity terms, and other Metadata.

 

ABOUT TANGY MARKET

 

Tangy Market is a marketplace for investing and trading with shares of future revenue of copyright in music. Tangy Market is owned by Riteband AB. To know more about Riteband, please visit the FAQ.  

 

WHAT YOU SHALL NOT DO

 

  • DO NOT share personal, confidential or private information that belongs to others.

  • DO NOT plan or engage in any illegal, fraudulent or manipulative content on the Service.

  • DO NOT use any robot, spider, scraper, data mining tools, data gathering and extraction tools, or other automated means to access our service for any purpose, except with the prior written approval from Riteband AB.

  • DO NOT spread viruses or anything similar designed to interfere with the proper function of any software, hardware or equipment on the service or anyone using the service.

 

CREATING AN ACCOUNT ON TANGY MARKET

 

To use our services you need to create a profile with the following information

  • Given name

  • Family name

  • E-mail

  • Nationality

  • Country of Residence

  • Birth date

  • Password

 

When creating a profile in Tangy Market you are agreeing to the following:

  • That the information you are providing on your profile is accurate, current and complete.

  • That you are keeping your password confidential.

  • That you do not grant access to your account to a third party.

  • That you make sure to use safe and secure transmission networks while using the service.

 

You can browse the market without having to provide your payment details. To be able to invest in Shares you will need to provide your bank card details. The payments are distributed through Mangopay S.A., an EU licensed and registered company approved as an electronic money institution by the Financial Sector Regulator (CSSF).

 

When investing in Shares, you need to transfer money to your Wallet in the Tangy Market app. The holding on your personal Wallet is only visible for you.  

 

Shall we have reason to believe that the information you have provided is incorrect or that you use the service in violation of this agreement, then on our sole discretion, we may suspend or prohibit you access to the service.

 

You are responsible for all the activity related to your profile and account.

 

If you are suspecting someone else is using your name to use the Service, you should report this immediately to support@riteband.com

 

When creating a Wallet in Riteband you give consent to the framework agreement between Riteband and our payment service provider Mangopay, and you agree to the following:

  • You are responsible for the transactions being made to your Wallet.

  • You are responsible for the holdings in your Wallet.

  • You are responsible for any withdrawals from your Wallet.

 

BUYING SHARES OF A SONG

 

A Share gives the right to a certain percent of a song's future copyright revenue as collected and administered by a PRO/CMO over a pre-set time period.

 

All songs up for trade in this beta version of the Service are under the management of the Swedish PRO Stim. Read more on General Terms and Conditions for Affiliation with Stim here. You can also read more about the type of revenues Stim collects on behalf of its members here.

 

The worth of a song has been estimated by Riteband’s valuation model and divided into shares. The value of the song is estimated by the Service and confirmed and approved by the Rights Owner.   

 

These are the terms you agree to when buying Shares of a song:

 

  • The value of a Share in the Primary Market is fixed and has been determined by the Valuation Model’s estimation and confirmed by the Rights Owner.

  • Users can buy a minimum of one Share of a song. There is no maximum amount of Shares that a User can buy.

  • The Secondary Market opens up after all Shares of a song have been sold in the Primary Market.  

  • You are responsible for reading and taking the responsibility of understanding the Prospectus associated with a Share before making a commitment to buy.

  • Riteband reserves the right not to approve transfers.

 

 

TRADING SHARES ON THE SECONDARY MARKET

 

When all Shares have sold in the Primary Market, trading in the Secondary Market begins. Everyone holding Shares can sell to any User on the Service.

 

These are the terms you agree to when trading with Shares on the Secondary Market

  • You are responsible for understanding the risks associated with trading in Shares and cannot hold Riteband responsible for any potential loss from trading.

  • Buying and selling Shares between Users is between the two parts and Riteband is not part of that contract. It’s a direct deal between the two Users.

 

FEES

 

Riteband charges a fee of 2% on every transaction being made on the Service. The fee is withdrawn from the Users’ Wallets at the same moment the transaction is being made. The fee is withdrawn every time a User buys and sells Shares.

 

Riteband charges a fee of € 0.18 + 1.8 % on every wallet deposit made in euros, and €2.5% + 0.25 euro equivalent per deposit in all other currencies.

 

Withdrawal from a wallet is free of charge.

 

 

RITEBAND’S INTELLECTUAL PROPERTY

Riteband’s Services are legally protected, including copyrights, trademarks, service marks, patents, trade secrets, and other rights.

Riteband may be provided with content such as artist or album images, cover artwork, videos, descriptions of artists and songwriters and other specifications from a third party.

The User is allowed to reproduce content from the Service for personal use only (‘privat bruk’). If you want to use, reproduce, modify, distribute, or store any of the content from the Service for commercial purposes, you need prior written permission from Riteband or the relevant copyright holder. A “commercial purpose” means you intend to use, sell, license, rent, or otherwise exploit content for commercial use, in any way.

While Riteband aims to always offer reliable data, we cannot guarantee that content provided through the Service will always be available, accurate, complete, and up-to-date.

 

These are the terms you agree to when using our intellectual property

  • You agree that Riteband is not responsible for examining or warranting the songs or other content provided by third parties through the Service, and that you will not hold us liable for any inaccuracies.

  • As a Rights Owner, it is your responsibility to review the content of your song listings for accuracy and you will not hold Riteband responsible for any inaccuracies.

  • You agree to respect all copyright and other legal notices, information, and restrictions contained in any content accessed through the Service.

  • You agree not to change, translate, or otherwise create derivative works of the Service.

  • You agree to not exploit the Service in any unauthorized way, including but not limited to, trespassing or burdening network capacity.  

 

RISKS

 

Songs that are valued and up for trade on Riteband’s Service are not guaranteed to gain success and copyright revenue. Riteband’s valuation of the song’s future revenue is solely an estimation and shall not be considered as the precise and accurate truth.

 

The valuation model is based on historical data of the songs’ revenue and other algorithms.

 

In the case where the valuation model estimates a lower worth than what the Royalty Payment later proves to be, this is beyond Riteband’s control and a risk that the Rights Owner has agreed to take in the agreement made between the two parties. As a safety precaution, the Rights Owner can put a maximum of half of the PRO revenue stream (50 %) up for trade on the Service.

 

In the case where the valuation model estimates a higher worth than what the Royalty Payment later proves to be, this is beyond Riteband’s control and a risk that the User has agreed to take by agreeing to these Terms of Use.

 

Shall there be little or no interest in buying a song's Rites, the song will be taken down after an agreed amount of time and the Users who already bought Shares will be paid back the full amount they paid for the Rites in the Primary Market.

 

NO RECOMMENDATIONS OR INVESTMENT ADVICE

 

All content and information about songs, songwriters, artists, songs’ financial performances, listings on charts or any similar information provided on Riteband’s Service shall not be understood as investment recommendations, but as informative, educational information intended to be evaluated by you as a User. Past revenue performance of a song should not be construed as indicative of future revenues.

 

Riteband does not make recommendations or offer investment advice and is not responsible for any third party recommendations or investment advice provided on our Service. All Users of Riteband’s Service are solely responsible for evaluating the merits and risks associated with the information provided on the Service or elsewhere before making an investment decision.

 

You agree not to hold Riteband or any third party provider liable for any possible claim for damages arising from any decision you make based on information on the Service or elsewhere.

 

THIRD PARTY APPLICATIONS

 

The Service may be integrated with third party applications, meaning applications, websites, and/or services to make available content, products, and/or services. By agreeing to this Agreement, you understand that Riteband does not endorse, and is not responsible or liable for the behavior, features, or content of any third party application.

 

UPDATES AND TECHNICAL CHANGES

 

To keep the Service as relevant and functional as possible for the Users, we reserve the right to make changes and updates to the Service without notice or liability.

We are striving to inform Users when making big impact changes to the Service. If any changes affect this Agreement (Terms of Use) it will be updated and Users will be notified.

 

LIMITATION OF LIABILITY AND WARRANTY

 

Our Service is provided on an “as is” basis without any warranties. We aim to provide you with a high quality Service, but cannot warrant an uninterrupted, error- or hassle free experience. No oral or written information or advice from Riteband shall create a warranty.

 

Riteband or its directors, employees, contractors or partners are not liable for any damages, including but not limited to, loss of money, goodwill, data or other intangible losses as a consequence of using our Service.

 

We assume no liability or warranty for non-operability or impaired accessibility to our Service due to, but without limitation to, technical difficulties or dependence on the services of third parties.

 

INDEMNITY

 

Riteband will give no indemnity for any loss or other financial burden resulting from your use and access of Riteband’s Service. You agree to indemnify and hold harmless Riteband and our employees, contractors, agents, officers and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees), resulting from or arising out of using our Service.

 

SEVERABILITY

 

If any terms of the Agreement prove to be invalid for any reason, in full or in part, the remaining terms of the Agreement will still continue to apply in full. Riteband will replace the invalid terms by valid terms whose legal consequences, in view of the substance and purpose of the Agreement, correspond as much as possible to those of the invalid terms.

 

NO WAIVER

 

In the event of Riteband failing to exercise or enforce any right or term of this Agreement, that will not constitute a waiver of such right or term.

 

DELETING YOUR ACCOUNT

You can terminate your account at any time by emailing us at support@riteband.com. We may retain certain information as required by law or as necessary for our legitimate business purposes.

 

TERMINATION OF THE SERVICE

 

Riteband reserves the right without an advance notice to change, suspend, limit or terminate any aspect, content or feature on the Service.

PRIVACY POLICY AND DATA

  

For the purposes of the EU General Data Protection Regulation (known as the ‘GDPR’), we are the data controller responsible for the collection and use of your personal information as set out in this privacy policy.

 

The purpose of collecting your e-mail address on our website is to update you on changes being made on the Service, including the Terms of Use, and for marketing purposes connected to Riteband’s services. We treat your information confidentially.

 

Riteband does not have access to any highly sensitive information. We do not have access to Users’ personal passwords or Users’ personal bank details.

 

You may have the right under applicable laws to ask for details of the personal information we hold about you, or to amend, limit or delete your personal information.

 

If you wish to exercise any of the above rights in relation to the personal information we hold about you or have any questions about this privacy policy, please contact us at support@riteband.com.

 

We use cookies for primarily two purposes: web analytics and improving your customer experience. We use Google Analytics to obtain information about how Users interact with the App.

 

The following data is collected by the Service and kept on secure servers hosted by Amazon Web Services (“AWS”) at Amazon Cognito User Pools. Read more about how your data is being protected at AWS here.

  • Username

  • Given name

  • Family name

  • E-mail

  • Nationality

  • Country of Residence

  • Birth date

  • Password

  • Cookies

 

The following data is collected by the Service and kept on secure servers hosted by Monext SAS through Mangopay S.A.

  • Payment and bank card information.

 

Users’ bank card information is transmitted through Mangopays’ API to Only Payline, a product of the company Monext SAS (Mangopay service provider), in order to guarantee the highest level of security in processing payment data. This data is never accessible to Mangopay or to Riteband. The Data is transmitted in an encrypted and secured manner in order to guarantee confidentiality. Payline is a PCI-DSS compliant standard since 2008 which means it serves as a reference for the technical and operational conditions for protecting the data of cardholders. Read Mangopays’ Privacy Policy here.

 

GOVERNING LAW

 

This Agreement shall be governed and interpreted in accordance with the laws of Sweden. You agree that any lawsuit arising from or related to Riteband’s Service shall be brought exclusively to courts located in Sweden and you consent to the exclusive jurisdiction of such courts.

The district court of Stockholm shall be the competent court and the first instance in relation to any dispute regarding this agreement.

 

FORCE MAJEURE

Riteband takes no liability or responsibility for failures in providing any of our Services, if they are caused by an event outside our control. These events include, but are not limited to i) weather conditions such as earthquakes, tidal waves, floods, or fire, ii) war, alien attacks, an epidemic, hostilities, invasion, embargo, revolution, civil war, riot, strikes, lockouts, acts or threats of terrorism or commotion, iii) failures of systems, public or private telecommunication networks, communication lines, software, hardware or other equipment of the Service or any third party service provider, or iv) third party force majeure. In case of any event such as these, Riteband will notify the User, as soon as possible under the circumstances of the event, of what suitable arrangements we decide to implement to User accounts.

 

CONTACT

 

Contact us at

support@riteband.com

 

2020-09-23

 

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