Terms of Use

Updated: December 19, 2024

If you are accessing services as a customer of ECOS-M reseller, the terms below do not apply to you, and your agreement with your reseller governs your use of the ECOS-M Services.

This Terms of Use (hereinafter – the “Agreement”) is made and entered into by and between CJSC ECOS-M, a company incorporated under the laws of the Armenia, with the legal address: 26/1, V.Sargsyan Str., Kentron 0010, Yerevan, Armenia (hereinafter – “ECOS-M”) and the entity or person (hereinafter – the “Customer”, “User” or “you”) agreeing and accepting the terms of the Agreement by continuing using services offered on this ECOS-M administrated website and / or mobile application (hereinafter – the “Platform”). The services are rendered in Republic of Armenia, Hrazdan, Gortsaranain street, 1.

This Agreement is effective as of the date that the Customer clicks to accept the Agreement (the “Effective Date”).

The services are considered to be rendered by the date of termination of the term of the selected contract. If you are accepting  the terms of the Agreement on behalf of the Customer, you represent and warrant that: (i) you have full legal authority to bind the Customer to this Agreement; (ii) you have read and understood this Agreement; and (iii) you agree, on behalf of the Customer, to this Agreement. If you do not have the legal authority to bind the Customer, please do not click to accept. This Agreement governs the Customer’s access to and use of the hosted computational services and other services performed by ECOS-M on the Platform (hereinafter – the “Services”). Terms of this Agreement are spreading its effect on all relationships performed on this website and /or mobile application offered by ECOS-M. For an offline variant of this Agreement, you may contact ECOS-M.

The Privacy Policy and Refund Policy, as outlined in the appendices and detailed on the https://ecos.am/, are hereby considered integral parts of this Agreement. By entering into this Agreement, the Parties expressly agree to comply with and be bound by the terms and conditions contained in both the Privacy Policy and Refund Policy.

By continuing to use the services provided under this Agreement, the Parties hereby expressly acknowledge and agree to be bound by the Privacy Policy and Refund Policy. Any violation of the provisions contained within these Policies may be considered a breach of this Agreement, with accompanying consequences as outlined herein.

1. PROVISION OF THE SERVICES

1.1. ALGORITHM

This Agreement is for the use of one algorithm in connection with transaction verification for one or more blockchain protocols. At the commencement of the Term of the Agreement, the Customer-selected algorithm may be employed for certain digital assets extraction. As described in Section 3 below, the Customer acknowledges the risks associated with blockchain technologies and acknowledges that variations may occur with the protocols used to perform blockchain transaction verifications (“output”) for cryptocurrencies using the algorithm selected by the Customer.

1.2. COMPUTATIONAL POWER AND HASH RATE

ECOS-M will provide the Customer computational power at a hash rate that is fixed for the Term of the Agreement, subject to Section 1.3 (Service Level Agreement and Variances).

1.3. SERVICE LEVEL AGREEMENT AND VARIANCES

The Customer acknowledges that the Services shall be rendered on a best effort basis. The availability of computational power and, accordingly, the output and results of any Services and cryptocurrencies may vary up to 5%. Notwithstanding the aforementioned variance, ECOS-M shall make reasonable efforts to ensure that all facilities and the relevant supplies for providing the Services are maintained in good working order to avoid any variance with the same diligence it applies in its own dealings.

1.4. HASH RATE OUTPUT

The Customer’s selection of an algorithm, selection of a quantity of computational power or hash rate, allocation of computational power, and use of the Services may result in the receipt of reward in cryptocurrencies in accordance with the total formula for calculating of the terahash, where X (total revenue) = E (Customer revenue) – T (Customer hash rate) * Y (service charge ratio). The service charge is a unified charge, which includes charges for the following services: electricity, management, rent, security. Amount of the reward is also subject to any Maintenance Fees, Blockchain Transaction Fees, and third-party Fees (each described in Section 2 below). ECOS-M has the discretion to accumulate or bundle the resulting cryptocurrencies Hash Rate Output in the Customer’s digital omnibus account until the accumulated value is sufficiently high to exceed the requirements of the Blockchain Transaction Fees. ECOS-M may set and adjust the threshold for delivering the Hash Rate Output at its sole discretion upon notice to the Customer. Adjustments are generally made due to material increase or decrease to Blockchain Transaction Fees or operational degradation, congestion, failure or disruption otherwise of the blockchain network used by Customer. For the avoidance of doubt, the Customer remains the beneficial owner of any derived digital assets.

1.5. HASH RATE OUTPUT CONVERSION

As described in Section 1.4 (Hash Rate Output) above, the Customer’s selection of an algorithm, allocation of computational power, and use of the Services may result in the reward of one or more cryptocurrencies. Where applicable, ECOS-M may provide the Customer with the option to receive the Hash Rate Output in one or more digital assets in equal value to the digital asset extracted by the Customer.

1.6. SERVICES USE

During the Term, the Customer may: (i) use the Services, and (ii) use any Software provided by ECOS-M as part of the Services. The Customer may not sublicense or transfer these rights.

1.7. DASHBOARD

As part of receiving the Services, the Customer will have access to the Dashboard through which the Customer may administer accessible services, including management and allocation of its deployment of computation power in connection with the Customer’s selected algorithm. The Dashboard also provides the Customer tools to direct transfer of digital assets to the Customer’s digital asset wallet as described in Section 1.5 (Hash Rate Output Conversion).

1.8. NEW APPLICATIONS AND SERVICES

ECOS-M may: (i) make new applications, tools, features or functionality available from time to time through the Services; and (ii) add new services to this Section 1 (Provision of Services) from time to time, the use of which may be contingent upon the Customer’s agreement to additional terms.

1.9. MODIFICATIONS TO THE SERVICES AND AGREEMENT

ECOS-M reserves the right to make in its sole discretion commercially reasonable updates to the Services and to the Agreement from time to time. If ECOS-M makes a material change to the Services or to the Agreement and any linked documents, it will notify about such changes by updating the Agreement or by placing corresponding information in description of the Services. Unless otherwise noted, material changes to the Agreement will become effective upon the day of publication of updated terms of the Services and / or documents on the Platform. If the Customer or other user of the Platform does not accept any changes to mentioned terms and / or documents he (she) must stop using the Platform immediately. Therefore, continued usage of the Platform is deemed as acceptance of the modified terms of the Services and / or documents on the Platform. The Customer is responsible for regularly and promptly reviewing the Agreement and terms of the Services to ensure proper utilization of the Services and the Platform, and to mitigate associated risks.

1.10. WITHDRAWAL

1.10.1. Results

Results of performance of purchased computational power, other digital assets are due to withdrawal due the Customer’s request on terms of the Agreement.

1.10.2. Confirmation

Withdrawals may be performed only after identification and security checks are completed and approved by ECOS-M.

When you are withdrawing from the Platform, we will request email confirmation via the email address indicated in your profile.

The only method to update your email address is through a verified phone number. If you lose access to this number, ECOS-M cannot assist in modifying your email address.

1.10.3. Security check

ECOS-M performs security checks and identification procedures checks within 24 hours from the moment the corresponding withdrawal request is received and approves it for blockchain network proceeding. ECOS-M has the right based on ECOS-M’ solely expert opinion to increase the checking period set in this paragraph for additional security and identification procedures without any additional notifications or explanations. Terms of withdrawal procedures including security checks are suspended on periods of non-working days (including Saturdays, Sundays and public holidays).

ECOS-M has right to suspend withdrawal process in case of revealed risks of theft, malversation, tort, misrepresentation, fraudulent activities and request additional documents and information to acknowledge that the personal account is not under third party’ control, and / or any assets are not under risk of theft or subject of fraudulent activities.

1.10.4. Limits

Withdrawal limits according to the identification status achieved due clause 3.10 of the Agreement:

The minimal amount the Customer can withdraw is 0,001 BTC.

1.10.5. Promo-hash-rate

Results of the performance of computational power that was received by the Customer as a result of free promotional actions offered by ECOS-M (hereinafter – “Promo-hash-rate”) are not subject for withdrawal if the Customer did not perform a purchase on terms of clause 1.16 of the Agreement.

1.11. EQUIPMENT RENTAL

ECOS-M offers equipment rental services for BTC mining, subject to the following terms and conditions.

1.11.1. Rental period

Users have the option to rent mining equipment for a period specified on the order page. The rental duration commences from the date of confirmed order placement.

1.11.2. Rental price

The price for equipment rental is specified on the order page and is subject to change at ECOS-M’s discretion. Users agree to pay the equipment rental fee as indicated at the time of placing the order.

1.11.3. Purpose of rental

The rented equipment is solely intended for use in hosting at the ECOS-M’s hosting site, where it will be placed by ECOS-M engineers. Users are not permitted and will not be able to use the rented equipment for any other purpose.

1.11.4.  Hosting fee and payment order

In addition to the equipment rental fee, users are responsible for paying the hosting fee on a regular basis. The terms and conditions governing the hosting fee are described in Section 1.13 of the Agreement. Users agree to make timely payments for both the equipment rental and hosting fees as specified in their respective order pages. Failure to make payments may result in suspension or termination of the rental agreement in accordance with provisions of Section 1.13 of the Agreement.

1.11.5. Ownership and maintenance

The rented equipment remains the property of ECOS-M throughout the rental period. Users do not acquire any ownership rights or interests in the rented equipment. ECOS-M is responsible for the maintenance and technical support of the rented equipment during the rental period. Users are encouraged to report any issues promptly to ECOS-M’s support team.

1.12. MINING FARM

1.12.1. Mining farm services

The Customer can order from ECOS-M services in the field of computer and telecommunication technologies on building, setting, and administering of Software and hardware complex (SHC), adaptation and modification of computer programs on terms of this Agreement (hereinafter – “Mining farm services”).

You can find these services under the “Mining farm” section on the Platform.

When the Customer purchases the Mining farm services, the installation and activation date for the SHC is displayed on the Platform’s page during the order process.  The date is established once the order is settled using any of the payment methods provided on the Platform or through an invoiced transaction.

The equipment utilized in the construction of the SHC remains the property of ECOS-M for the duration of the Mining farm services provided to the Customer. When purchasing the Mining farm services, ECOS-M gives the Customer a commitment to transfer equipment ownership at the end of the contract term upon the Customer’s request. In such cases, upon the expiration or termination of the Mining farm contract, the equipment’s ownership transitions to the Customer.

1.12.2. Term of Mining farm services

The Mining farm services are provided by ECOS-M to the Customer until the date specified on the Platform’s page during the order process.

1.12.3. Monitoring of SHC

Monitoring of SHC is available to the Customer in the Customer’s personal account at https://cp.ecos.am.

1.12.4. Termination of Mining farm services

The Customer can at any time request a termination of the Mining farm contract and to take the equipment used to build SHC from ECOS-M by contacting the ECOS-M support service. Choosing to terminate based on the Customer’s initiative does not entitle them to a complete or partial refund. Every termination request will be evaluated on a case-by-case basis. Any transportation, customs, or other associated fees regarding the delivery of equipment from ECOS-M to the address provided by the Customer under this provision will be borne solely by the Customer.

1.12.5. Warranty period for SHC

ECOS-M is responsible for any malfunction of SHC arising during the period of 6 months after the purchase of the Mining farm services on the Platform and will provide the repair of equipment during this warranty period.

ECOS-M is responsible for performing installation of SHC on date set in offer, account or agreement (in dependence what is applicable) but not later than on 83rd calendar day starting since the next day after the day Customer performed relative payment.

1.12.6. Payment methods for Mining farm services

The Customer may select from any of the payment methods provided on the platform for Mining farm services. If the Customer opts to make multiple payments and fails to complete one, ECOS-M will halt service delivery, and the Customer forfeits the right to seek a transfer of equipment ownership.

1.13. EQUIPMENT HOSTING SERVICE FEE

1.13.1. Payment for the hosting services for Mining Farm

Payment for the hosting of equipment is made monthly at the beginning of the billing period. The amount of hosting fee is fixed when paid for the hosting service and remains unchangeable for 3 months, according to the accepted Offer, confirmed by the Customer by his first payment. After a 3 months period the hosting fee may be increased by ECOS-M on which ECOS-M shall notify you via email / or in the Customer’s personal account.

1.13.2. Reward

The reward for the calculations made by the equipment on the hosting is cryptocurrency (Bitcoin). The reward is daily credited to the Customer’s wallet in the system, which is available to the Customer in the personal account of ECOS-M.

1.13.3. Suspension of services

In case of absence of a monthly payment for the hosting at the beginning of the billing period, according to the Agreement, the Customer’s equipment located on the ECOS-M hosting is de-installed and the Customer stops receiving the Reward for this period, about which the Customer is informed by email / or in the Customer’s personal account.

1.13.4. Responsibility for the delay of payment

In case the debt for the hosting services exceeds 1 month, Customer is obliged to pay a penalty – 50% of hosting fee for each month of delay, about which the Customer is informed by email / or in the Customer’s personal account.

To reset this debt period, the client must completely repay their hosting debt, including penalties, for the full period of delay.

1.13.5. Transfer of ownership due to unpaid hosting services

In case the Customer’s debt for the hosting services exceeds 6 months, ECOS-M will withhold the Equipment hosted at its site as payment for hosting services. Thereby, all property rights for the equipment transition to ECOS-M, about which the Customer is informed by email / or in the Customer’s personal account, and the Customer forfeits the right to seek a transfer of equipment ownership under clause 1.12 of the Agreement.

1.13.6. Payment for the hosting services for rented equipment

For rented equipment, the hosting fee can be paid in two modes: Daily Post-payment and Monthly Prepayment. In the Daily Post-payment mode, the hosting fee is deducted daily from mining earnings upon receipt, covering expenses for electricity, 24/7 maintenance, and security of the rented ASICs in our own data center. Alternatively, in the Monthly Prepayment mode, payments are made at the beginning of each month for the hosting fee of the rented equipment, encompassing the same expenses for electricity, maintenance, and security in our dedicated data center. The hosting fee may be subject to unilateral changes by ECOS-M.

1.14. REFERRAL PROGRAM

The details of the referral program are written here: https://static.ecos.am/pdf/referral_program.pdf

1.15. CRYPTO-to-CRYPTO exchange.

1.15.1. Exchange via API

ECOS-M declares that it DOES NOT perform, offer or responsible for any exchange services (the “Exchange”) performed at the Platform. The Exchange is offered and performed via API (Application programming interface) by third parties (the “Third party”, the “Third party Services”).

1.15.2. Responsibility for Exchange

If Customer willing to use the Exchange nevertheless it is accessible on the Platform he enters into relationships with the Third party, accepts its offer and terms of use and is solely responsible for accuracy of searching and understanding of these rules. Customer is solely responsible for all consequences and risks according to this entry.

1.15.3. Use of Cryptocurrency Exchange

While using services that are offered by ECOS-M Customer may use the Exchange that is available on the Platform and that may be used only to exchange a digital asset that uses cryptographic technologies to maintain possibility of using its operations as a currency (hereinafter – the “cryptocurrency”) to another cryptocurrency in accordance with requirements of applicable laws and regulations (local and federal), this Agreement and terms of exchange issued by the Third party that executes exchange processing.

1.15.4. Exchange rates and fees

To use the Exchange Customer selects a pair of cryptocurrencies he is willing to use in this service and its quantity. After the cryptocurrency and quantity selection is complete the Platform transfers Customer’s request to the Third party and returns the Third party offer with ECOS-M’ market maker’s commission (service fee) added to this offer. After that, Customers on his sole risk gives orders to perform the Exchange and pay ECOS-M the commission for market making or declines the offer. The final exchange rates are offered and are subject to acceptance on the exchange confirmation page by pressing the “EXCHANGE CONFIRMATION” button that also confirms the order to perform the Exchange mentioned above.

1.15.5.  Term of execution

If Customer gives order to perform the Exchange on offered conditions, ECOS-M within 1 (one) hour after the Third party performed the Exchange, transfers the results of the Exchange decreased by the commission disbursement on Customer’s cryptocurrency wallet.

1.15.6. Disbursement of the commission

If the Exchange is not performed due technical errors, system fails or other issues commission will not be charged.

1.16. ACTIVE PERIOD OF THE HASH RATE AND THE RESULTS OF ITS PERFORMANCE.

1.16.1. Duration

The computational power at a hash rate that was purchased by the Customer is active within the period of offer and / or contracts that was purchased (accepted) by the Customer.

1.16.2. Activation Timeline

The computational power at a hash rate that was received by the Customer as a result of the Promo-hash-rate is active since 0:00 GMT+3 of the following day since the moment it was activated within the period due following parameters:

*since the moment of receiving this power by the Customer by performing certain actions that are set in the corresponding promotional action. Different active periods can be set for the hash rate received as a result of the Promo-hash-rate in certain corresponding promotional offers.

1.16.3. Performance Results

The results of the performance of Promo-hash-rate are active within 48 hours since the moment the power received as a result of the Promo-hash-rate is expired due terms of clause 1.16.2. of the Agreement. If the Customer is willing to leave the results mentioned above in this clause active he has to purchase a contract on terms of the Services within the corresponding 48 hours mentioned above.

1.17. ASSETS

The Platform includes tab “Assets” that contains and displays the Customer’ purchased Services, contracts, results of performance of computational power, includes tabs “Wallet”, “Indexes”, other tabs and information based on ECOS-M’ solely expert opinion that might be correlated with the Customers activities on the Platform or might be interesting for the Customer.

1.17.1. Wallet

The Platform includes a tab “Wallet” that contains and displays the Customer’ digital assets.

1.17.2. Signals / Indexes

Signals / Indexes allows the Customer to purchase instantly several tokens for the limited period based on the information provided at the platform in the section titled “Signals / Indexes”.   By using the Platform, the Customer authorizes the acquisition of cryptocurrency under the conditions described in the designated section. The Customer is responsible for purchasing the cryptocurrency via the Platform. The acquired cryptocurrency will be then automatically sold either upon the expiry of the set duration or upon the occurrence of a pre-defined event, as described.

The allocation of tokens, expressed in percentages, is detailed in the description of the relevant Signal. By using Signals, you agree to pay the ECOS-M service fee displayed in the description of the relevant Signal / Index. Prior to placing an order, the Customer must thoroughly review the description.

ECOS-M DOES NOT PURCHASE OR SELL TO / FROM THE CUSTOMER ANY CRYPTOCURRENCY OR PORTFOLIOS OF CRYPTOCURRENCIES. ANY CRYPTOCURRENCIES AVAILABLE ON THE PLATFORM FOR ACQUISITION COME THROUGH THIRD-PARTY SERVICES. CUSTOMERS UNDERTAKE THESE TRANSACTIONS AT THEIR OWN LEGAL DISCRETION AND ASSUME ALL ASSOCIATED RISKS.

1.17.3. Not an advisor

All information placed on the Platform (including out of tab “Assets”) about cryptocurrencies, other digital assets or portfolios of cryptocurrencies can not be treated as an investment advice, consulting advice, trading or any other kind of advice, promise or responsibility for future values or market pricing of cryptocurrency or portfolios of cryptocurrencies. ECOS-M is not a broker, advisor or any kind party that could be treated as obliged to the Customer or to other users of the Platform in connection with any trading decisions. The Customer or other user of the Platform before registering on the Platform and or performing any actions on the Platform or making any decision should make personal legal and tax research, order professional consulting and advice by regard of his (her) residence, local laws, personal financial circumstances, risk tolerance and obligations. The Platform CAN NOT be treated as a business or investment instrument and can be used only for personal use.

All names, labels or any graphic designations in relation to cryptocurrencies or portfolios of cryptocurrencies are made on the Platform for informational purposes only and have no correlation to any investing indicators, prognosis or any personal investing choices or advice.

1.18. MARKETPLACE

The Platform includes a tab named «Marketplace», where available equipment that has been previously utilized to build Software and hardware complex (SHC) for other Customers is listed. This section is intended for Customers who wish to discontinue their Mining farm services and are prepared to transfer their rights to the equipment for compensation, which is clearly stated on the order page. The Marketplace serves as a central location for initiating and concluding such transactions.

1.18.1. Posting Offers

Customers intending to terminate their Mining farm services and relinquish the rights to the equipment involved in building SHC can place an offer for their Mining farm services contract on the Marketplace. It is performed through a specific section of the Platform designed for listing these offers.

1.18.2. Setting the Reward

Customers have the freedom to set the desired compensation for their Mining farm services contract. Please be aware that the compensation will be reduced by the ECOS-M commission, which is specified on the screen during the offer placement process.

While any price can be established by the Customer, the Platform recommends a price based on an assessment of the equipment used to build SHC. This recommended price is displayed on the order page to assist the Customer in making informed decisions.

1.18.3. Browsing Offers

The Marketplace tab allows Customers to browse and view offers posted by other Customers. This feature is designed to facilitate the discovery of available contracts and to enable Customers to evaluate different opportunities.

1.18.4. Equipment Score

Each piece of equipment listed in the Marketplace is assessed by our engineers and assigned a score ranging from 1 to 99. This score reflects the condition of the equipment used to build SHC, aiding Customers in making knowledgeable choices based on equipment quality.

1.18.5. Purchasing Contracts

When a Customer decides to purchase a contract listed on the Marketplace, they select the desired contract. The order page provides detailed information about the equipment used to build SHC, including the hosting fee that will remain unchangeable for 3 months after the purchase. If the conditions on the order page are acceptable, the Customer proceeds to select a payment method and complete the purchase of the contract.

1.18.6. After Purchase

Upon receipt of payment by ECOS-M, the provision of Mining farm services to the Customer who listed the contract is suspended. The purchased fining farm services are then assigned to the purchasing Customer within 24 working hours after ECOS-M receives the payment.

Please note that provision 1.12.5. (Warranty period for SHC) is not applicable to Mining farm services purchased via Marketplace.

1.18.7. Compensation

The Customer who placed the contract on the Marketplace will receive the agreed compensation or reward within three working days after the contract has been purchased by another Customer and the payment for such contract is received by ECOS-M. Please note that the ECOS-M commission, as specified at the time of placing the offer, will be deducted from the compensation.

1.18.8. Rights Waiver

By listing a contract on the Marketplace, the Customer acknowledges and agrees that once the contract is purchased, they irrevocably waive any rights to the equipment under the contract. This ensures a clear and seamless transfer of ownership and rights to the purchasing Customer.

2. PAYMENT TERMS, FEES, AND TAXES

2.1. UPFRONT FEES

This Agreement and the provision of Services agreed to herein are subject to the Customer’s satisfaction of an upfront payment of a fixed amount, set in US Dollars for the given hash rate (“Upfront Fees”). The company ECOS-M doesn’t accept payments in cryptocurrencies and doesn’t conduct exchange operations. These operations are fulfilled with the help of partners.

2.2. CLOUD MINING SERVICE FEES

The Customer shall pay and owe ECOS-M certain data center operations service fees (“Service Fees”) for use of the Services as described in this Agreement. ECOS-M shall calculate and automatically deduct the Service Fees from Customer’s Hash Rate Output on a daily basis. Service Fees are indicated in contracts per 1 unit of computational power for one day of contract operation. So the Service Fees of a particular contract is calculated by multiplying the amount of computational power unit by service fee rate, defined in the contract. In the event that the Hash Rate Output for one or more days does not satisfy the Service Fees ECOS-M may deduct the Service Fees from any subsequent Hash Rate Output during the Term of the Agreement and / or consider the specified Fee as the Customer’s debt for the provided and received Services that the Customer is obliged to pay. Service fee is subject to unilateral change by ECOS-M.

2.3. BLOCKCHAIN TRANSACTION FEES

The delivery and receipt of any of the Customer’s digital assets is subject to network or transaction fees charged by the blockchain associated with the Customer-selected algorithm (“Blockchain Transaction Fees”). Blockchain Transaction Fees are paid to emit, record, verify, and process a transaction on the blockchain and not retained by ECOS-M.

2.4. THIRD-PARTY FEES

Certain digital wallets, wallet addresses, tools, and third-party software and devices (“Third-Party Wallets”) used by the Customer may also charge Customer a fee, including a per transaction or transfer fee. Customer is responsible for being aware of and satisfying any such fee. Customer should note that any such fees may significantly reduce Customer’s Hash Rate Output and therefore Customer is responsible for managing the selection and use of Third-Party Wallets.

2.5. TAXES

The Customer is responsible for any taxes, and the Customer will pay ECOS-M for Services without any reduction for taxes. If ECOS-M is obligated to collect or pay Taxes, Taxes will be invoiced to the Customer and/or deduced from the Customer’s Hash Rate Output, unless the Customer provides ECOS-M with a timely and valid tax exemption certificate authorized by the appropriate taxing authority. In some countries, states, and provinces, the sales tax is due on the total purchase price at the time of sale and must be invoiced and collected at the time of the sale. If the Customer is required by law to withhold any taxes from its payments to ECOS-M, the Customer must provide ECOS-M with an official tax receipt or other appropriate documentation to support such withholding. If under the applicable tax legislation, the Services are subject to local value added tax (“VAT”) and the Customer is required to make a withholding of local VAT from amounts payable to ECOS-M, the value of the Services calculated in accordance with the above procedure will be increased (grossed up) by the Customer for the respective amount of local VAT and the grossed-up amount will be regarded as a VAT inclusive price. Local VAT amount withheld from the VAT-inclusive price will be remitted to the applicable local tax entity by the Customer and the Customer will ensure that ECOS-M will receives payment for its services for the net amount as would otherwise be due (the VAT-inclusive price less the local VAT withheld and remitted to applicable tax authority). If required under applicable law, the Customer will provide ECOS-M with applicable tax identification information that ECOS-M may require to ensure its compliance with applicable tax regulations and authorities in applicable jurisdictions. The Customer will be liable to pay (or reimburse ECOS-M for) any taxes, interest, penalties or fines arising out of any mis-declaration by the Customer.

3. CUSTOMER OBLIGATIONS

3.1. ALGORITHM SELECTION

The Customer is responsible for the selection of the algorithm and understands and accepts the risks associated with blockchain technologies, cryptographic currencies, and digital asset extraction.

3.2. HASH RATE ALLOCATION

The Customer is responsible for the allocation of the Customer’s hash rate purchased under this Agreement. The Customer acknowledges that ECOS-M is not responsible for timing of Hash Rate Output to be mined under this Agreement and protocols selected for use in connection with the Services. The Customer shall monitor and allocate hash rate through the Dashboard. The Customer acknowledges that the difficulty of digital assets extraction may vary and will likely increase during the Term of this Agreement and Customer shall monitor, supervise, and determine which digital assets to mine under this Agreement.

3.3. DIGITAL WALLET AND PRIVATE KEYS

The Customer represents and warrants that the Customer is familiar with and accepts the risks associated with digital wallets and private keys, including the risks described in this Section 3.3. The Customer’s digital wallet or vault may require a private key, or a combination of private keys, for access. Accordingly, loss of requisite private key(s) associated with the Customer’s digital wallet or vault storing Hash Rate Output will result in loss of such Hash Rate Output, access to the Customer’s Hash Rate Output balance and/or any initial balances in blockchains. Moreover, any third-party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet or vault service the Customer uses, may be able to misappropriate the Customer’s digital assets. ECOS-M is not responsible for any such losses.

3.4. LOG-IN CREDENTIALS

The Customer represents and warrants that the Customer is responsible for the preservation of confidentiality of the Customer’s login credentials. ECOS-M log-in credentials are for the Customer’s internal use only and the Customer is strictly prohibited from selling, transferring, or sublicensing them to any other entity or person.

3.5. BLOCKCHAIN NETWORK RISK

The Customer represents and warrants that the Customer accepts the risks of blockchain protocol and network, including instability, congestion, high transaction costs, network latency, information security, regulatory risk, and technological and operational error. The Customer understands that these risks may result in delay or failure to process transactions, failure to deliver Hash Rate Output, and high Blockchain Transaction Fees. The Customer represents that Customer understands and agrees that the Company is not responsible for any diminished Services, related features, or capabilities resulting from blockchain network risk. As provided in Section 1.4 (Hash Rate Output), in the event of a material increase or decrease to Blockchain Transaction Fees or operational degradation, congestion, failure or disruption otherwise of the blockchain network used by Customer, the Company may, at its sole discretion and upon notice to the Customer, increase or decrease the threshold to deliver the Customer’s Hash Rate Output.

3.6. BLOCKCHAIN MODIFICATION RISK

The Customer represents and warrants that the Customer is familiar with and accepts the risks associated with blockchain development and code changes, including the risks described in this Section 3.6. Blockchain technologies are still under development and may undergo significant changes over time. Blockchain developers may make changes to features and specifications of the algorithm selected by the Customer. Such changes may include or result in the elimination for support for and/or the efficient use of equipment used by ECOS-M. In addition, blockchain developers may also determiner to modify the cryptographic verification process such that the transactions can no longer be verified through proof-of-work and instead adopt proof-of-stake methodologies.

3.7. PROOF-OF-WORK REPLACEMENT RISK

In addition to blockchain modification risk, blockchain developers may also determine to modify the cryptographic verification process such that the transactions can no longer be verified through proof-of-work and instead adopt proof-of-stake methodologies. Customer accepts and acknowledges that in circumstances where the protocol of a given blockchain used by the Customer has been modified to only use proof-of-stake methodologies, the Customer accepts such risk and shall allocate Customer’s hash rate to other available blockchains and output processes that use proof-of-work methodologies using the given algorithm for this Agreement. Certain blockchain algorithms at this time have no alternative blockchain applications that support proof-of-work output and any such switch from proof-of-work to proof-of-stake would result in no applicable use of Customer’s hash rate for the residual term of the contract should such a protocol switch occur.

3.8. TRADE COMPLIANCE

In connection with this Agreement, the Customer agrees that the Customer will comply with all applicable import, re-import, sanctions, anti-boycott, export, and re-export control laws and regulations, including all such laws and regulations that apply to European Union and U.S. entities, such as the Export Administration Regulations, the International Traffic in Arms Regulations, and economic sanctions programs implemented by the Office of Foreign Assets Control and the European Union’s Common Foreign and Security Policy (“CFSP”) (collectively, “Trade Sanctions Laws”). The Customer represents and warrants that the Customer and Customer’s financial institutions, or any party that owns or controls the Customer or the Customer’s financial institutions, are not subject to sanctions or otherwise designated on any list of prohibited or restricted parties, including but not limited to the lists maintained by the United Nations Security Council, the U.S. Government (e.g., the Specially Designated Nationals List and Foreign as Evaders List of the U.S. Department of Treasury, and the Entity List of the U.S. Department of Commerce), the European Union or its Member States, or other applicable government authority.

3.9. RESIDENCE

The Customer is obliged to fill information about his residence in his personal account and agrees to cover all ECOS-M losses for tax violations in case of breaching this clause.

3.10. IDENTIFICATION

The Customer for accessing services on the Platform needs to provide ECOS-M with truthful information about himself (herself) via the corresponding Customer’ personal account or via other accessible ways – including but not limited via email request or mailing. ECOS-M performs identification and security checks of information and documents provided due the Agreement and assigning the Customer the corresponding identification status as a result of identification and security checks.

The Customer is solely responsible for ensuring that information set in his (her) personal account and provided by the Customer is true, complete and timely updated in case it was changed or outdated.

Identification statuses to be assigned as a result of identification and security checks:

ECOS-M reserves the right to make additional requirements for information and documents to be provided by the Customer, including for their form, quality and content.

ECOS-M reserves the right to suspend a personal account of part or all functionality without prior notification of the Customer in case of suspicion of unauthorized or fraudulent use of this personal account or connected accounts, violation of the provisions of the Agreement, attempt to fraud or malversation.

4. TEMPORARY SUSPENSION

4.1. GENERAL

ECOS-M may suspend the Customer’s right to access or use any portion or all of the Services immediately upon notice to the Customer if: (i) ECOS-M determines the Customer’s use of the Services poses a security risk to the Services or any third party, could adversely impact ECOS-M’s systems, the Services or any other ECOS-M customer, could subject ECOS-M, its affiliates, or any third party to liability, or could be fraudulent; (ii) the Customer is in breach of this Agreement; (iii) the Customer initiated a chargeback or dispute with respect to any payment or purchase of the Service; or (iv) the Customer has ceased to operate in the ordinary course, made an assignment for the benefit of creditors or similar disposition assets, or become the subject of any bankruptcy, reorganization, liquidation, dissolution or similar proceeding.

4.2. EFFECT OF SUSPENSION

If ECOS-M suspends the Customer’s right to access or use any portion or all of the Services, the Customer may remain responsible for all fees and charges the Customer incurs during the period of suspension; and the Customer will not be entitled to any digital asset extraction results that may have occurred during the period the Customer’s use of the Services was temporarily suspended.

5. TERM AND TERMINATION

The term of this Agreement will commence on the Effective Date and will remain in effect until terminated under this Section.

5.1. AGREEMENT TERM

The term of this Agreement will commence on the Effective Date and will remain in effect until the earlier of the date set forth in the Agreement Specifications or the date of a Termination for Breach, the conditions of which are set forth in Section 5.2 below.

5.2. TERMINATION FOR BREACH

Either party may terminate this Agreement for breach if the other party is in material breach of the Agreement and fails to cure that breach within thirty days after receipt of written notice. In addition, in the event that ECOS-M ceases its business operations or becomes subject to insolvency proceedings and the proceedings are not dismissed within ninety days, ECOS-M may terminate the Service. Breach of this Agreement is a basis for a ban of the Customer’s personal account by ECOS-M.

5.3. EFFECT OF TERMINATION

The Termination Date, all of the Customer’s rights under this Agreement immediately terminate and the Customer shall remain responsible for all Service Fees incurred through the termination date provided by ECOS-M.

5.4. ACCOUNT DELETION

The Customer has the right to delete their account at any time by selecting the corresponding option on the platform or by submitting a request to customer support. Upon account deletion, all information related to the Customer will be permanently removed; any remaining assets linked to the account on the platform will be irretrievably lost; and the Customer’s email address associated with the account will be added to a blacklist to prevent fraudulent activities. By deleting the account, the Customer terminates all existing relationships with ECOS-M and waives any claims against ECOS-M.
RESTORATION OF THE ACCOUNT, ANY LINKED ASSETS, OR RE-REGISTRATION USING THE EMAIL ADDRESS ASSOCIATED WITH THE DELETED ACCOUNT IS NOT POSSIBLE. THE ACCOUNT DELETION PROCESS IS IRREVERSIBLE.

6. CONFIDENTIAL INFORMATION

The Customer may not disclose Confidential Information, except to agents or professional advisors who need to know it and who have agreed in writing (or in the case of professional advisors are otherwise bound) to keep it confidential. The Customer shall ensure that those persons and entities use the received Confidential Information only to exercise rights and fulfill obligations under this Agreement, while using reasonable care to maintain the confidentiality of such information.

7. PUBLICITY

The Customer is permitted to state publicly that it is a customer of the Service, respecting ECOS-M trademark rights. If the Customer wants to display ECOS-M in connection with its use of the Services, the Customer must obtain written permission from ECOS-M. The Customer shall not issue any press release or make any other public communication with respect to this Agreement or the Customer’s use of the Services.

8. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants that: (i) it has full power and authority to enter into the Agreement; and (ii) it will comply with all laws and regulations applicable to its provision, or use, of the Services, as applicable.

9. DISCLAIMER

EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, ECOS-M, ITS AFFILIATES, AND ITS SUPPLIERS DO NOT MAKE ANY OTHER WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE AND NON-INFRINGEMENT. ECOS-M, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR THE DELETION, FAILURE TO STORE, OR ANY LOSS OF ANY CUSTOMER DATA, INCLUDING BLOCKCHAIN DATA AND DIGITAL ASSET REWARDS DERIVED, MAINTAINED, OR TRANSMITTED THROUGH USE OF THE SERVICES. THE CUSTOMER IS SOLELY RESPONSIBLE FOR SECURING ITS CUSTOMER DATA AND DIGITAL ASSET REWARDS. NEITHER ECOS-M, ITS AFFILIATES, NOR ITS SUPPLIERS, WARRANTS THAT THE OPERATION OF THE SOFTWARE OR THE SERVICES WILL BE ERROR-FREE OR UNINTERRUPTED. ECOS-M, ITS AFFILIATES, AND ITS SUPPLIERS ARE NOT RESPONSIBLE OR LIABLE FOR ANY LOSSES OR OPPORTUNITY COSTS RESULTING FROM BLOCKCHAIN NETWORK AND PROTOCOL OR THIRD-PARTY SOFTWARE ISSUES, WHICH MAY IN TURN RESULT IN THE INABILITY TO PROCESS TRANSACTION ON THE BLOCKCHAIN AT ALL OR WITHOUT INCURRING SUBSTANTIAL FEES.

WHEN USING ANY SERVICES ON THE PLATFORM, THE CUSTOMER UNDERSTANDS AND UNCONDITIONALLY ACCEPTS THAT:

• The Customer would abide by relevant laws and regulations when using the Platform.
• When the Customer uses any services on the Platform, he (she) fully recognizes the risks of performing any transactions using the Platform and operates cautiously.
• The Customer agrees that all transactions conducted on the Platform represent the Customer’s true intentions and that he (she) unconditionally accepts the potential risks of his decisions and actions performed on the Platform.
• ECOS-M reserves the right to suspend or terminate the Platform at any time.
• Due to network delay, computer system failures and other uncontrolled and unintended by ECOS-M or Third party’s events, which may led to delay, suspension, termination or deviation of execution of services that are performed on the Platform, ECOS-M will use reasonable effort to ensure that the Platform execution system runs stably and effectively. The Customer agrees that ECOS-M does not take any responsibility if the final execution fails to match the Customer’s expectations due to the factors mentioned above.

10. LIMITATION OF LIABILITY

10.1. LIMITATION OF INDIRECT LIABILITY

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, ECOS-M, THE CUSTOMER, AND ECOS-M’S SUPPLIERS, SHALL NOT BE LIABLE UNDER THIS AGREEMENT FOR LOST REVENUES, OPPORTUNITY COSTS, OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, EVEN IF ECOS-M KNEW OR SHOULD HAVE KNOWN THAT SUCH DAMAGES WERE POSSIBLE AND EVEN IF DIRECT DAMAGES DO NOT SATISFY A REMEDY. THIS LIMITATION OF LIABILITY DOES NOT APPLY TO VIOLATIONS OF ECOS-M’S INTELLECTUAL PROPERTY RIGHTS, INDEMNIFICATION OBLIGATIONS, OR THE CUSTOMER’S PAYMENT OBLIGATIONS.

10.2. LIMITATION OF AMOUNT OF LIABILITY

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEITHER ECOS-M NOR ECOS-M’S SUPPLIERS, MAY BE HELD LIABLE UNDER THIS AGREEMENT FOR MORE THAN THE AMOUNT PAID BY THE CUSTOMER TO ECOS-M UNDER THIS AGREEMENT, MINUS ANY CRYPTOCURRENCIES GENERATED OR RECEIVED BY THE CUSTOMER AS A RESULT OF THE CUSTOMER’S USE OF THE SERVICES.

11. INDEMNIFICATION

Unless prohibited by applicable law, the Customer will indemnify ECOS-M and its Affiliates against any settlement amounts arising from the Customer’s use of the Services.

12. CREDIT CARD SERVICE PROVIDER TERMS

ECOS-M uses third-party services and such third party’s affiliates services to enable the Customer to provide the Initial Service Fee and perform transfer of payments within the ECOS-M website of by making use of the Customers existing credit or debit card (as and if available and applicable) (the “Credit Card Services” and the “Credit Card Service Provider”).

The following provisions under this Section 12 only apply to the extent the Services are paid by credit card.

12.1. INFORMATION SHARING

ECOS-M may share and transfer (including cross border transfer) personal information with the Credit Card Service Provider for the purpose of rendering the Credit Card Services which will be made through Service Providers website when the Customers use credit card. The personal information will be shared with the Credit Card Service Provider after the Customer elects to execute such monetary payments by using the Credit Card Services of the Credit Card Service Provider. For the purpose of this Section 12, personal information shall include information that identifies or may identify the Customer including the information submitted by the Customer through the registration form when you subscribe to the website such as the Customer’s email address, country and city and/or information provided through social websites or any other identifying information provided by the Customer while using the Services of the Service Providers website. In addition, ECOS-M may transfer any non-personal information provided by the Customer through the Customers use of the Services on the Credit Card Service Provider’s website to the Credit Card Service Provider in order to allow the Credit Card Service Provider to perform preliminary examinations of non-personal information for the purpose of determining if the Customer is qualified to use the Credit Card Services of such Credit Card Service Provider (including the history of the Customer’s transactions on the website which will be provided without any identifying information and solely for the purpose examinations of the Credit Card Service Provider

12.2. PROVISION OF PERSONAL DATA

By accepting these terms, the Customer represents that any and all information the Customer provides to ECOS-M and Credit Card Service Provider is true and accurate. The Customer is not obligated by law to provide the Service Provider and/or the Credit Card Service Provider with any personal information. The Customer hereby acknowledges and agrees that the Customer is providing ECOS-M and/or the Credit Card Service Provider with personal information at the Customer’s own free will and for purposes of obtaining the Services.

12.3. CREDIT CARD USE – RESTRICTION OF HASH RATE OUTPUT

In the event that the Customer enters into the Agreement and pays by a credit or debit card, the Customer agrees that the Customer shall be temporarily restricted from withdrawing any amounts of cryptocurrencies from the Hash Rate Output for a period of 30 days of making a payment. This restriction is in place to ensure that no chargebacks occur after the Customer has received their Hash Rate Output.

12.4. CHARGEBACK DISPUTES

In the event that the Customer initiates a chargeback dispute with respect to the Upfront Fees, the Services shall be suspended and the Customer shall not receive any cryptocurrencies from the Hash Rate Output during and resulting from the period the chargeback dispute, regardless of the outcome and disposition of the chargeback dispute.

13. MISCELLANEOUS

13.1. ASSIGNMENT

The Customer will not assign or otherwise transfer this Agreement or any of the Customer’s rights and obligations under this Agreement, without the prior written consent of ECOS-M, which may be unreasonably withheld. Any assignment or transfer in violation of this Section 13.1 will be void. In addition, the Customer shall be the beneficial owner of any cryptocurrencies generated and/or received as a result of the Customer’s use of the Services under this Agreement. ECOS-M may assign this Agreement without the Customer’s consent (i) in connection with a merger, acquisition or sale of all or substantially all of our assets, or (ii) to any Affiliate or as part of a corporate reorganization; and effective upon such assignment, the ECOS-M is deemed substituted for such assignee as a party to this Agreement and ECOS-M is fully released from all of its obligations and duties to perform under this Agreement. The Customer may not merge this Agreement with any other agreements with ECOS-M it may be party to.

13.2. CHANGE OF CONTROL

If a Customer experiences a change of Control (for example, through a stock purchase or sale, merger, or other form of corporate transaction): (i) the Customer will give written notice to the other party within thirty days after the change of Control; and (ii) ECOS-M may immediately terminate this Agreement any time between the change of Control and thirty days after it receives that written notice.

13.3. DISPUTES

Any dispute, controversy, difference or claim arising out of or relating to this Agreement or relating in any way to the Customer’s use of the Service, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to the Agreement shall be referred to and finally resolved in the courts of Republic of Armenia. Notwithstanding the foregoing, ECOS-M and the Customer agree that ECOS-M may bring suit in court to enjoin infringement or other misuse of ECOS-M’s intellectual property rights.

13.4. ENTIRE AGREEMENT

This Agreement sets out all terms agreed between the parties and supersedes all other agreements between the parties relating to its subject matter. In entering into this Agreement, neither party has relied on, and neither party will have any right or remedy based on, any statement, representation or warranty (whether made negligently or innocently), except those expressly set out in this Agreement. The terms located at a URL referenced in this Agreement and the Documentation are incorporated by reference into the Agreement. After the Effective Date, ECOS-M may provide an updated URL in place of any URL in this Agreement.

13.5. FORCE MAJEURE

ECOS-M and its affiliates will not be liable for any failure or delay in performance of obligation under this Agreement where the failures or delay results from any cause beyond our reasonable control, including, but not limited to, acts of God, labor disputes or other industrial disturbances, electrical or power outages, utilities or other telecommunications failures, earthquake, storms or other elements of nature, blockages, embargoes, riots, acts or orders of government, acts of terrorism, or war. Force Majeure events include, but are not limited to, upgrades to the validation rules of a given blockchain (e.g., a “hard fork” or “soft fork”). ECOS-M protects the safety of the Customer by reserving a right to buy-back digital assets in case of the situation, when authorities of the Customer’s State of residence prohibit use of cryptocurrencies, mining or blockchain technology. ECOS-M creates extra guarantees for the Customer by reserving a right to buy-back digital assets in case of any situation, including even force majeure situations defined above.

13.6. GOVERNING LAW AND VENUE

All claims arising out of or relating to this Agreement or the Services will be governed by the laws of the Republic of Armenia, and will be litigated exclusively in the courts of the Republic of Armenia. The 1980 United Nations Convention on Contracts for the International Sale of Goods does not govern this Agreement.

13.7. LANGUAGE

All communications and notices made or given pursuant to this Agreement must be in the English language. If we provide a translation of the English language version of this Agreement, the English language version of the Agreement will control if there is any conflict.

13.8. NO AGENCY

This Agreement does not create any agency, partnership or joint venture between ECOS-M and the Customer.

13.9. NOTICES TO CUSTOMER

ECOS-M may provide any notice to the Customer under this Agreement by: (i) posting a notice on the ECOS-M website; or (ii) sending a message to the email address then associated with the Customer’s personal account. Notices we provide by posting on the ECOS-M website will be effective upon posting and notices we provide by email will be effective when we send the email. It is the Customer’s responsibility to keep the Customer’s email address current. The Customer will be deemed to have received any email sent to the email address then associated with the Customer’s personal account when ECOS-M sends the email, whether or not the Customer actually receive the email.

13.10. NOTICES TO ECOS-M

To give us notice under this Agreement, the Customer must contact ECOS-M by personal delivery or registered or certified mail to the mailing address listed on the ECOS-M website. We may update the address for notices to us by posting a notice on the Platform. Notices provided by personal delivery will be effective immediately. Notices provided registered or certified mail will be effective five business days after they are delivered to the post office.

13.11. OTHER LEGAL PROVISIONS

Buying a mining contract or other purchases performed on the Platform should not be contrary to the laws of the country in which the Customer is a resident. The Customer pays independently all tax payments stipulated by the legislation of the country of the Customer. The Customer is responsible for all tax deductions.

The Customer is informed that he (she) is not allowed to perform purchases on the Platform using debit/credit cards that do not belong to the Customer without notarized permission of the legit cardholder that might be requested at any time by ECOS-M.

Pricing explanation

The cost of mining contracts is adjusted depending on various factors, such as the exchange rate of cryptocurrency, the complexity of the network and the price for electricity (for the last 3 months). The contract price is fixed at the time of purchase and remains unchanged with subsequent price changes on the site. ECOS-M does not compensate the Customer for the difference in the price of the contract after adjusting the value of the contracts.

Explanation of computational power fluctuations

Variations in computing power may be unavoidable due to network instability, mining equipment performance, and mining pool luck. ECOS-M cannot guarantee 100% stability of mining.

Uncontrolled Risk Explanation

ECOS-M is not responsible for failure to fulfill its obligations under the mining contract in the event of force majeure circumstances (the list is not limited to the following paragraphs): natural disasters such as floods, volcanic eruptions, earthquakes, landslides, fires, storms and weather conditions, government actions and government directives; power outages; wars, strikes, riots, etc.

13.12. SEVERABILITY

If any portion of this Agreement is held to be invalid or unenforceable, the remaining portions of this Agreement will remain in full force and effect. Any invalid or unenforceable portions will be interpreted to effect and intent of the original portion. If such construction is not possible, the invalid or unenforceable portion will be severed from this Agreement but the rest of the Agreement will remain in full force and effect.

ECOS-M Terms of Use Specifications documents (the “Agreement Specifications”) include the specifications for the price, computational power/hash rate, term, and other pricing factors for the Customer agreement with ECOS-M. By clicking to agree to the Agreement the Customer accepts and agrees to all Agreement Specifications.

14. CLIENT CONTACT DATA USAGE

The Customer gives ECOS-M an unconditional consent for using Customer’s email and cell phone for making calls, sending emails and messages to Customer with promotional purposes, offers, getting Customer’s feed-back on satisfaction by the Services.

Appendixes:

1. Privacy Policy, available at https://ecos.am/en/privacy-policy/;
2. Refund Policy, available at https://ecos.am/en/refund-policy/.