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Terms of Service

V 1.0 Last updated 24.01.23

This Terms of Service (“Agreement”) explains the terms and conditions for using any of the Services (“Dapp”, “app”, “interface”) provided by The Bustad Association (“Bustad”, “we”, “us”, “our”). You must read these terms carefully and thoroughly. By using any of our services you agree to have read, understood, and accepted the terms and conditions contained in this Agreement. If you do not agree, you should not and are not authorized to interact with or use any of our services.

1. Modification of the Agreement

We server the right to modify this Agreement from time to time. Every modification will be effectuated immediately. By continuing to use our services you accept any changes and modifications.

2. About The Bustad Association

The Bustad Association is a non-commercial, self-owned legal entity registered in Norway. Its purpose is to create a better and more democratic real estate market and provide a stable payment token to sustain eventual financial turmoil.

3. About Bustad coin

Bustad coin (BUSC) is a flat coin backed by real estate. The token will reflect the value of the underlying properties owned by Bustad and any liquidity in the system. BUSC is meant to be a payment token and a stable store of value, hedged against inflation.    

Bustad does not provide any right for dividends or interests. Nor will you be able to sell BUSC directly to Bustad. Instead, you must go through an exchange, i.e Uniswap, to sell your tokens. Bustad will act as a market maker, buying back tokens based on the estimated valuation. This occurs if the liquidity in Bustad surpasses the cap set by the Governance token, Eigar.

4. Minting & EIG distribution

You can mint BUSC by providing either ETH, USDC, or DAI. By participating in the minting program, you will also receive EIG tokens. The amount and ratio you'll receive depends on when and how much BUSC you mint. The EIG distribution will start on a 1:1 ratio. When reaching certain milestones, the ratio will decrease by 50%. The distribution program will continue until the smart contract runs out of EIG tokens.

5. Assumption of Risk

As with all crypto projects, investing and interacting with Bustad involves many risks. Before interacting with Bustad, you should review and do your research to understand how Bustad works and assess the potential risks that might occur when interacting with crypto and blockchain. Bustad does not guarantee the trading price of Bustad Coins (BUSC) or Eigar tokens (EIG).

6. Third-party usage

Bustad is built on the Ethereum blockchain and follows standard practices regarding its smart contracts. This means that any third-party applications can use BUSC/EIG and connect to any of its smart contracts without authorization or approval by The Bustad Association or anyone involved in the project. This also means that any usage or support for Bustad does not imply any endorsement by us that such third-party services are valid, legal, stable, or otherwise appropriate.

7. Non-custodial

To access our Dapp, you must use a non-custodial wallet. This means we do not have custody, possession or access to your assets at any time.  It further means that you are solely responsible for the custody of your wallet, digital signature, and everything that is involved in securing your crypto assets. Bustad is not responsible for any faults, errors, downtime or other issues that might prevent you from accessing your assets in your wallet.

8. Smart Contract Pausing

In case of cyber-attacks, system faults, or other unexpected events, Bustad can pause the smart contracts. This includes functions such as minting and transfer.

9. If Bustad closes down

Bustad does not have any exit date, promise any dividend or direct buyback option. In the event of Bustad closing down, all token addresses will receive a pro rata share of any remaining funds after costs and liquidation.

10. Prohibited activity

You must agree to not engage in any of the following activities when interacting with our services or interfaces:

  • Intellectual property Infringement. Activities that violate copyright, trademark, patent or intellectual property rights.  
  • Cyberattack. Activities that involve interacting with our services in a manner that will cause disruption, denial of service, or any attempt to gain unauthorized access to the system or any property that is not yours.
  • Fraud and misrepresentation. Activities with the intent to defraud us or any other person or entity. This includes (but is not limited to) providing false or inaccurate information in order to unlawfully obtain the property of another.
  • Any other Unlawful Conduct. Activity that violates any applicable law or rule, or regulation in Norway or another relevant jurisdiction

11. Governing law

These Terms of Service and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of Norway. Any dispute arising out or related to these Terms of Service or the Services provided by us shall be resolved in the courts of Norway.

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