VowPal is engaged in the business of providing an information service through which members can exchange goods and services, and maintaining a central account of those exchanges for the benefit of members (the “VowPal”). The following states the terms under which an individual may participate in the VowPal.
1. MEMBERSHIP: A signer of the membership application agrees to participate in the VowPal pursuant to the terms and conditions of this Agreement. Information in a member’s profile is available to all members in the VowPal. The Member agrees that VowPal may hold his or her details on its computer database and distribute to other members of VowPal those details relevant to the purpose of exchange. The Member agrees that Member’s listing of goods and services offered or wanted may be distributed to all members and potential members of VowPal.
2. VOW: The Member may give to or receive from other Members credits in the accepted VowPal unit of account called VOW. 10 VOWs are considered to represent a unit price of a hamburger which is recorded in VowPal database. The data is collected on membership application.
3. TRANSFER OF UNITS: Only the Member can authorize the transfer of units from his or her account to that of another.
4. NATIONAL CURRENCY: No national currency is deposited or issued in VowPal. However, the Member may engage in any transaction on a part national currency, part VOW basis, but only VOW transfers are recorded in VowPal database.
5. ACCOUNT BALANCE:
a. All accounts start at zero, unless VowPal gives partial credit to a member for promotion and national currency received, which VowPal may do from time to time in its sole and absolute discretion. A member is not obliged to be in receipt of any credit before issuing another member in VowPal with credit from his or her account, subject to any limit that may be set by VowPal in its sole and absolute discretion from time to time.
b. In the event VowPal determines that the reason for the Member’s termination is for inappropriate conduct, which determination shall be made in VowPal’s sole and absolute discretion and the Member shall have no right to balance any positive account balance existing upon termination.
c. Allowance, which occurs in all Members’ account balances, is charged or paid on account balances once a month. The amount of allowance is determined in VowPal’s sole and absolute discretion.
6. NO OBLIGATION TO TRADE OR DECLINE TO TRADE: No Member is obligated to accept any particular invitation to trade, or to engage in any transaction whatsoever with other Members of VowPal.
7. DECLINE TO RECORD: VowPal may decline to record a transaction, all or part of a Member’s profile, or any description of goods or services offered or wanted if such is considered by VowPal in its sole and absolute discretion to be inappropriate for legal or other reasons.
8. NO WARRANTY: VowPal publishes a list of the goods and services that Members offer to or wish to receive from other Members through the VowPal Cafe. VowPal makes no warranty or undertaking expressed or implied concerning the goods and services offered in the VowPal Cafe, including without limitation any warranty of merchantability or fitness. VowPal is not responsible for damages, including without limitation consequential damages, that a member may incur as a result of trading through VowPal. Member will hold VowPal harmless from any such claim arising from a trade in which Member is involved.
9. LISTINGS:
a. It is the responsibility of each member to ensure their listings on the VowPal Cafe are maintained and are up to date. VowPal will delete or inactivate listings from its database that are deemed to be unreasonably out of date, at the sole and absolute discretion of VowPal.
b. Member listings for national currency only are unacceptable to VowPal. Each Member listing must contain a VOW component, either as the sole unit of exchange, or as part of the exchange (except for freebies).
10. RECORDING EXCHANGES: The Member agrees to record the exchange of VOW with another Member within three (3) days of the completion of the exchange.
11. TAXES: All Member taxes are the sole responsibility of the Member.
12. NON-MEMBERS: Certain portions of VowPal database are confidential and may not be viewed or used except by Members. In general, these are the portions of the database access to which can be obtained only through use of a Member’s password. Non-members may not access the confidential portions of the computer database at any time. Allowing a non-member access to the confidential portions of the database may be grounds for termination of your membership.
13. TERMINATION; DENY MEMBERSHIP: VowPal may act on behalf of Members in seeking explanation or satisfaction from a Member whose activity is considered to be contrary to the interests of VowPal. VowPal may terminate a Member’s participation in the Program for any reason and at any time, including for delinquency in settling accounts with other Members. VowPal reserves the right to deny membership to any applicant.
14. ASSIGNMENT: Member status in VowPal may not be assigned.
15. CHOICE OF LAW; VENUE: This Agreement will be governed by and construed and interpreted in accordance with the laws of Republic of KOREA. Any action relating to this Agreement must be brought in a court of appropriate jurisdiction in Seoul Metropolitan City, Republic of KOREA.
16. SEVERABILITY: If any provision contained in this Agreement shall be adjudged invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.
17. AMENDMENT: The provisions of this Membership Agreement may be modified from time to time by VowPal. Any such modification will apply to all members.
18. RULES AND REGULATIONS: VowPal may from time to time establish reasonable rules and regulations regarding VowPal which shall be binding upon all members.