Date of Last Revision: 4th November 2012
By creating a user account and/or accessing or using the site or by
posting any content on the Website, you warrant that you have read,
the right, at our sole discretion, to change, modify, add, or delete
will indicate at the top of this page the date these terms were last
revised. Your continued use of the site after any of such changes
continue using or accessing) the site or the services provided on it. It
is your responsibility to regularly check the site to determine whether
The website www.karolinafund.com (Website or Platform) is owned and operated exclusively by Karolina Fund ehf. (Karolina Fund), a private limited liability company established and operating under Icelandic law.
1.1 The Karolina Fund website is intended solely for individuals who are
eighteen (18) years of age or older. Any registration by, use of or access
to the site by anyone under 18 is unauthorized, unlicensed and in
represent and warrant that you are 18 or older, and that you agree to and
will abide by all of the terms and conditions of this agreement.
1.2 Companies need to be represented by an individual eighteen (18) years
of age or older, who are representative of the activities on the platform.
1.3 Registered Users can act as creators (initiators of projects), and/or backers. Login is required for
all Registered User services. Registered Users have access to all services
provided for on the Platform, unless otherwise specified.
1.4 Karolina Fund is under no obligation to accept any individual as a
Registered User, and may accept or reject any registration in our sole and
1.5 Visitors: Visitors are people who do not register and/or maintain an
account with us. No login is required for Visitors. Visitors can (a) view
all publicly accessible content, and (b) e-mail us.
2. Sign-in Name, Password and Unique Identifiers
Karolina Fund asks you to create an account, which includes a sign-in name (“Sign-In Name”), a Password, and perhaps certain additional information that will assist in authenticating your identity when you log-in in the future (“Unique Identifiers”). When creating your account, you must provide true, accurate, current, and complete information. Each Sign-In Name and corresponding Password can be used by only one Registered User. You are solely responsible for the confidentiality and use of your Sign-In Name, Password, and Unique Identifiers, as well as for any use, misuse, or communications entered through the services using one or more of them. You will promptly inform us of any need to deactivate a Password or Sign-In Name, or change any Unique Identifier. If provided by Karolina Fund, we reserve the right to delete or change your Password, Sign-In Name, or Unique Identifier at any time and for any reason. Karolina Fund will not be liable for any loss or damage caused by any unauthorized use of your account.
3. Description of Services
3.1 Karolina Fund is a social network for individuals in capacity as
creator and/or backers. Visitors and Registered Users
have access to the services as described in this agreement (Services).
3.2 On the current alpha-platform it is possible to browse and follow
projects, back/support projects through donations and pledges. The alpha-platform provides for a
framework for setting up and publicizing projects, and obtaining support. The alpha platform also contains
the Karolina Fund milestone-system: creators (project initiators) can
define milestones in their projects, and later on, as the implementation
of the project advances, inform the users involved in the project as well as project followers about the milestones
All pledges will be collected on Karolina Fund accounts until the full funding level has been reached or until the funding period expires respectively. If the full funding level has been reached until expiry of the funding period, the funds will be released to the creator (initiator of the project). If the requested funding level has not been reached at the expiry of the funding period, all pledged amounts will be returned to the respective pledgers.
3.3 All features of the platform and Services provided by Karolina Fund
will be improved and refined throughout the development process. The Terms
of Use will be updated accordingly.
4. Community Guidelines
4.1 You agree to comply with the following community rules:
a. You will not use the services for any unlawful purpose;
b. You will not offer any project that you do not yourself own or have the right to offer (i.e., you may not serve as an agent on behalf of any third party);
c. You will not submit false or misleading information, or submit any investment or pledge that you do not intend to honor;
d. You will not access or use the services to collect any market research for a competing business;
e. You will not upload, post, e-mail, transmit, or otherwise make available any content that:
o infringes any copyright, trademark, right of publicity, or other proprietary rights or confidential information of any person or entity; or
o is threatening, tortuous, defamatory, libelous, indecent, obscene, pornographic, invasive of another’s privacy, or promotes violence; or
o discloses any sensitive information about another person, including that person’s e-mail address, postal address, phone number, credit card information, or any similar information;
f. You will not stalk or otherwise harass another;
g. You will not impersonate any person or entity or falsely state or otherwise misrepresent your affiliation with a person or entity; and
h. You will not interfere with or attempt to interrupt the proper operation of the services through the use of any virus, device, information collection or transmission mechanism, software or routine, or access or attempt to gain access to any data, files, or passwords related to the service through hacking, password or data mining, or any other means.
i. it is solely the creator's obligation to fulfill all rewards of their project or refund anyone whose reward they do not or cannot fulfill.
j. pledgers will consider legal action against creators who do not fulfill the obligation to reward or refund only in cases where they feel that a creator has not made a good faith effort to complete the project and fulfill.
4.2 Karolina Fund reserves the right, in its sole and absolute
discretion, to deny you access to the services, or any portion of the
services, without notice, and to remove any comments that do not adhere to
5. Fees and Payments
5.1 Users can register and maintain an account free of charge.
5.2 Karolina Fund charges a 5% fee for all successfully funded projects
(“success fee”). The amount will be deducted from the full funding amount
before the release of the funds starts.
5.3 Payments through different payment options can be
subject to the processors charges, which will be deducted from each single pledged
or donated amount. Please inform yourself about the charges that your processor charges.
5.4 Karolina Fund is not responsible for any User behaviour with regard
to the payment of taxes of any kind in the User’s place of
residence/business and with regard to the User’s obligation to adhere to
the tax laws applicable to the User. Please inform yourself about taxes
applicable to the transaction you wish to execute on the Platform.
6. Intellectual Property
6.1 The Services contain material, such as software, text, graphics,
images, sound recordings, audio-visual works, and other material provided
by or on behalf of Karolina Fund (collectively referred to as the
“Content”). The Content may be owned by us or by third parties.
Unauthorized use of the Content may violate copyright, trademark, and
other laws. You have no rights in or to the Content, and you will not use
the Content except as permitted under this agreement. No other use is
permitted without prior written consent from Karolina Fund. You must
retain all copyright and other proprietary notices contained in the
original Content on any copy you make of the Content. You may not sell,
transfer, assign, license, sublicense, or modify the Content or reproduce,
display, publicly perform, make a derivative version of, distribute, or
otherwise use the Content in any way for any public or commercial purpose.
The use or posting of the Content on any other website or in a networked
computer environment for any purpose is prohibited.
6.2 With setting up a project and related content on the Platform, you
transfer the right to Karolina Fund to use the content related to your
project for purposes connected to providing for the Services, including,
without limitation, the right to broadcast software, text, graphics,
images, sound recordings, audio-visual works, and other material for the
purposes of the rendering the Services.
7. Disclaimer – limitation of liability concerning User content and
7.1 Karolina Fund is not responsible or liable in any manner for any User
Content posted on the Website or in connection with its services. Although
Karolina Fund provides rules for User conduct and postings, Karolina Fund
does not control and is not responsible for contents Users post, transmit
or share on the Website and is not responsible for any offensive,
inappropriate, obscene, unlawful or otherwise objectionable content you
may encounter on the Website or in connection with any user content.
Karolina Fund is not responsible for any online or offline conduct of any
7.2 Karolina Fund has created the Website to allow Users to interact via
the site regarding topics and content chosen by Users. Users can alter the
information presented on the site on a real-time basis. Karolina Fund does
not regulate the content of communications between Users or Users'
interactions with the services and is not responsible for the quality,
safety, morality, legality, truthfulness or accuracy of User Content
provided by Users.
7.3 Karolina Fund makes no attempt to confirm, and does not confirm, any
Registered User’s purported identity. You are solely responsible for
determining the identity and suitability of other Registered Users whom
you may contact by means of the services.
7.4 Karolina Fund makes no representations, offers no assurances, and
does not investigate any of our Registered Users’ backgrounds, morality,
character, actions, or demeanour, and you hereby acknowledge that you
assume the risk of any encounter or interaction with other Users. Karolina
Fund encourages all Users to communicate directly with other Users through
the tools available on the Platform and to review their profile pages for
feedback from other Registered Users.
7.5 Karolina Fund does not endorse any Registered Users.
7.6 Karolina Fund makes no, and hereby disclaims all, representations,
warranties, claims, and assurances as to any project displayed on the
Platform, including, without limitation, all warranties and assurances
with regard to the content and success of the project, the capability of
Users, or the obligation of the creator to fulfill all rewards or refund pledges.
7.7 Notwithstanding the foregoing, Karolina Fund reserves the right to
verify, monitor and/or limit any User content posted by a User to the
Website, including, without limitation, product ideas.
7.8 Disputes Between Users
7.8.1 As a condition of access to the site and the services, you release
Karolina Fund (and Karolina Fund’s shareholders, affiliates, directors,
officers, subsidiaries, employees, and agents) from all claims, demands
and damages (actual and consequential) of every kind and nature, known and
unknown, suspected and unsuspected, disclosed and undisclosed, arising out
of or in any way connected with any dispute you have or claim to have with
one or more users of the site; including, without limitation, any claim
that another user infringes upon your Intellectual Property Rights in any
user content that you may provide.
7.8.2 You further understand and agree that:
a. Karolina Fund will have the right but not the obligation to resolve disputes between users relating to the services, and Karolina Fund’s resolution of any particular dispute does not create an obligation to resolve any other dispute;
b. to the extent Karolina Fund elects to resolve such disputes, it will do so in good faith based solely on the general rules and standards of the services and will not make judgments regarding legal issues or claims;
c. Karolina Fund’s resolution of such disputes will be final with respect to the site, and any allocation of Influence or the allocation of any payments due to users related to the foregoing, but will have no bearing on any real-world legal disputes in which users of the services may become involved; and
d. you hereby release Karolina Fund (and Karolina Fund’s shareholders, affiliates, directors, officers, subsidiaries, employees, and agents) from all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with Karolina Fund’s resolution of disputes relating to the site or the services.
8. Disclaimer – limitation of liability concerning the Services
8.1 Karolina Fund does not warrant the contents of services,
opportunities, or the registered users. Karolina Fund shall not be subject
to liability for any delays or interruptions of the services from whatever
cause. All data on the company’s servers is subject to deletion,
alteration or transfer. You agree that you use the content and the
services at your own risk.
8.2 Karolina Fund does not warrant that the services will operate
error-free or that the services, their servers, or their content are free
of computer viruses or similar contamination or destructive features. If
your use of the content or the services results in the need for servicing
or replacing equipment or data, Karolina Fund shall not be responsible for
8.3 The content and the Services are provided on an “as is” and “as
available” basis without any warranties of any kind. Karolina Fund
disclaims all warranties, including, but not limited to, the warranty of
title, merchantability, non-infringement of third parties’ rights, and
fitness for particular purpose.
8.5 The Services may contain technical inaccuracies or typographical
errors or omissions. Karolina Fund is not responsible for any such
typographical, technical, or pricing errors listed on the Services. The
Services may contain information on opportunities that are not available
in every location. A reference to an opportunity on the Services does not
imply that such opportunity is or will be available when you would like to
pursue it. Karolina Fund reserves the right to make changes, corrections,
and/or improvements to the Services at any time without notice.
8.6 In no event shall Karolina Fund be held liable for any direct,
indirect or consequential loss or damage incurred by any user in
connection with the Website or in connection with the use, inability to
use, or results or the use of this site, any websites linked to it and any
materials posted on it, including, without limitation any liability for:
• Loss of income or revenue;
• Loss of business;
• Loss of profits or contracts;
• Loss of anticipated savings;
• Loss of data;
• Loss of goodwill;
• Wasted management or office time; and
• For any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.
8.7 Karolina Fund is not authorized to provide financial advice or
investment services and does not provide such services. Karolina Fund
shall not be liable for any User behaviour or content with regard to
financial advice or investment on or off the Platform. The investment
opportunities on the Platform are not authorized by the Financial
Supervisory Authority in Iceland (FME), and it is your responsibility to
perform all due diligence prior to supporting a project.
8.8 Users should inform themselves of and observe all applicable laws and
regulations including any taxation or exchange control legislation in the
countries of their citizenship, residence, domicile or such other status
as may be relevant.
9. Disclaimer - External Sites
The Services may contain links to third-party websites (“External Sites”). These links are provided solely as a convenience to you and not as an endorsement by Karolina Fund of the content on such External Sites. The content of such External Sites is developed and provided by others. You should contact the site administrator or webmaster for those External Sites if you have any concerns regarding such links or any content located on such External Sites. Karolina Fund is not responsible for the content of any linked External Sites and does not make any representations regarding the content or accuracy of materials on such External Sites. You should take precautions when downloading files from all websites to protect your computer from viruses and other destructive programs. If you decide to access linked External Sites, you do so at your own risk.
11. Copyright notice
11.1 The Website and content with regard to the Services are the
copyright of Karolina Fund ehf. All rights reserved. Any redistribution or
reproduction of part or all of the contents in any form is prohibited
other than the following:
• you may print or download to a local hard disk extracts for your personal and non-commercial use only.
• you may copy the content to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.
11.2 You may not, except with Karolina Fund’s express written permission,
distribute or commercially exploit the content. Nor may you transmit it or
store it in any other website or other form of electronic retrieval
11.3 Karolina Fund is not responsible for issues concerning whether the
Content may be downloaded, viewed, or be appropriate for use outside of
Iceland. If you access the services or the Content from outside of
Iceland, you do so at your own risk. Whether inside or outside of Iceland,
you are solely responsible for ensuring compliance with the laws of your
11.4 Karolina Fund reserves the right to remove or disable access to
specified contents upon receipt of a verified note asserting that the
content infringes intellectual property rights, is inaccurate, or is
otherwise unlawful. Karolina Fund may make a good faith attempt, at own
discretion, to forward the written notification, including the
complainant’s contact information, to the user who posted the content
and/or take other reasonable steps to notify the user that Karolina Fund
has received notice of an alleged violation of intellectual property
rights or other content violation. Where Karolina Fund deems appropriate,
accounts of users or groups, who may infringe or repeatedly infringe the
intellectual property rights of others, or who otherwise post inaccurate
or unlawful content, can be disabled and/or terminated. Any notice or
counter-notice concerning content posted on the Karolina Fund website must
be truthful and must be sent under penalty of perjury. A false notice or
counter-notice may give rise to personal liability.
12. Termination of the Agreement
12.1 If you violate any part of this agreement, your permission to access
and/or use the Content and the Services automatically terminates and you
must immediately destroy any copies you have made of the Content.
12.2 Karolina Fund reserves the right to restrict, suspend, or terminate
this agreement and your access to all or any part of the services, at any
time and for any reason without prior notice or liability. We reserve the
right to change, suspend, or discontinue all or any part of the Services
at any time without prior notice or liability.
13. Applicable Law
The Services are based in Iceland. Your use of the Website and any dispute against Karolina Fund arising out of the use of the Website is subject to the laws of Iceland.