Terms and Conditions
Cottonwood Vending, LLC: Terms of Service
Updated: August 21, 2016
Cottonwood Vending LLC (the “Company”) hereby offers its Bitcoin retail buy and sell service (the “Service”) to its customers under the following Terms of Service. PLEASE REMEMBER THAT ONLY ONE PERSON MAY USE ONE ACCOUNT.
The Company shall contact customers from the following support number: 1-917-789-5251. Customers shall comply with all instructions delivered from that phone number.
THESE TERMS CONTAIN ARBITRATION PROVISIONS WHERE CUSTOMERS EXPRESSLY WAIVE RESOLVING DISPUTES IN COURTS OF LAW.
The Company shall not transmit monetary value to another person or to another location for any person. This prohibition does not apply to sending bitcoins to wallets hosted by third-party services as long as the customer has exclusive access to that hosted wallet.
The Company does not guarantee the Service's availability.
The Company is a United States' Department of Treasury-registered Money Services Business, registration number 31000087864471. You may check the Financial Crimes Enforcement Network's website (www.fincen.gov) to confirm the Company's registration.
The Company applied for a Virtual Currency Business license with the New York Department of Financial Services on August 10, 2015 and has received a waiver to operate pursuant to this license's regulations; the application is pending. Bitcoin is considered a “virtual currency” under the Virtual Currency Business license regulations.
Disclosure of Material Risks:
- Bitcoin is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;
- Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of Bitcoin;
- Transactions in Bitcoin may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
- Bitcoin transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction;
- The value of Bitcoin may be derived from the continued willingness of market participants to exchange fiat currency – such as United States dollars – for Bitcoin, which may result in the potential for permanent and total loss of value of Bitcoin should the market for Bitcoin disappear;
- There is no assurance that any person who accepts Bitcoin as payment today will continue to do so in the future;
- The volatility and unpredictability of the price of Bitcoin relative to fiat currency may result in significant loss over a short period of time;
- The nature of Bitcoin as an Internet-based protocol may lead to an increased risk of fraud or cyber attack;
- The nature of Bitcoin means that any technological difficulties experienced by the Company may prevent the access or use of a customer’s Bitcoin; and
- Any bond or trust account maintained (or to be maintained) by the Company for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
- Who May be a Customer of the Service?
Anybody may apply to become a customer of the Service (a “Customer”) if they choose to open an account and have their identity verified. A mobile phone number is required. The Company is not responsible for any mobile phone service fees a Customer might incur as a result of using the Service.
- Customers’ Accounts
A Customer's account is tied to his mobile phone number and identification. A Customer may only be able to access the Service using the mobile phone number he first provided to the Company. The Company will not be liable for any loss a Customer may incur as a result of unauthorized use of that Customer's account's credentials.
A Customer may use his account only to buy or sell bitcoins for his personal use. If purchasing bitcoins, the Company may upon a Customer's election provide a “paper wallet” to a Customer containing the bitcoins or a Customer may withdraw to a wallet he already has. If selling bitcoins, a Customer shall receive United States Dollar currency in the agreed-to amount.
A Customer shall not: (1) allow any other person to use his account for any reason; (2) use the Service to directly send value to any other person; or (3) use any other person's mobile phone number or identification documents to create an account.
The Company does not maintain Bitcoin wallets for customers as part of its Service.
- Transactional Limits
The Company may at any time institute daily, weekly and/or monthly transactional limits on a Customer's use of the Service. These limits may be changed at any time for any reason by the Company. Each Customer may have different transactional limits for different reasons. If a Customer is suspected of using multiple accounts to override the daily or weekly transactional limits, that shall be reason by the Company to suspend all of implicated accounts from the Service.
- Risk of Loss
A Customer assumes all risk of loss associated with the holding of bitcoins and acknowledges that bitcoins are a volatile asset with a short track record. The Company is not an investment advisor and does not provide any person advice or guidance on the suitability of holding bitcoins or similar virtual currencies. The Company is not in any way responsible if bitcoins are someday worth nothing following a Customer's purchase.
The Company is not in any way responsible for the safekeeping of a Customer's bitcoins following purchase (nor of a Customer's currency if selling bitcoins). Though the Company has taken all reasonable precautions to ensure that the “paper wallets” printed from its Bitcoin ATMs are not compromised at the time of printing, the Company is not in any way responsible for the safekeeping or security of the bitcoins on these “paper wallets”. If a Customer loses his “paper wallet”, it shall be impossible for the Company to retrieve those bitcoins as the Company shall for security reasons not retain a copy of the private key to any “paper wallet”; the Company shall not reimburse that Customer if he loses his “paper wallet”.
A Customer assumes ALL responsibility in the safekeeping of his bitcoins and his bitcoin wallet(s). If the Company recommends to a Customer third-party wallet applications for the storage of bitcoins, it is solely that Customer's responsibility to conduct his own due diligence on those applications before using them.
- Intellectual Property
All intellectual property rights vested in texts, images or any other content found on or related to the Service are owned by the Company or its vendors. Accordingly, Customers may not copy, distribute, reproduce, republish, upload, transmit, modify, post, frame-in or otherwise use in any way any such content without the prior express authorization of the Company.
The Company's intellectual property or that of its affiliates, vendors or licensors is protected by patent, trademark and/or copyright laws of American and/or other jurisdictions and may not be used without express written consent.
- Legal Compliance
It is a Customer's responsibility to comply with any and all laws and regulations of his/her jurisdiction(s) with respect to the Service and use of bitcoins.
The Company has registered as a money services business with the United States Department of Treasury for all states it is operating in, has instituted an anti-money laundering policy and may be required by law to file currency transaction reports and/or suspicious activity reports with state and/or federal authorities regarding Customers' activities. The Company may be legally barred from providing notice to Customers of the filing of such reports. The Company may also be legally required to provide information concerning a Customer's transactions to governmental or regulatory agencies. The Company shall not be liable to any Customer in any way for providing information to governmental or regulatory agencies about that Customer's use of the Service.
- The Company’s Obligations
The Company warrants and represents:
- It shall use all reasonable care and skill in administering the Service.
- Its “paper wallets” are not compromised by any party at the time of printing, are created at the time of their printing, and the Company shall destroy any ability to access a “paper wallet” after it is provided to a Customer.
- It shall comply with any and all laws and regulations relating to offering the Service.
- Customers’ Obligations
Customers agree that they will not use the Service to perform any type of illegal activity of any sort, including, but not limited to, money laundering, scheduled narcotics trafficking, human trafficking, tax evasion, or terrorism financing, or do anything to negatively affect the performance of the Service. Suspicion of using the Service for an unauthorized or illegal activity is cause for the Company to suspend all access of a Customer to the Service; whether this suspicion is warranted is exclusively within the discretion of the Company.
Customers agree to respond to all inquiries from the Company regarding the Customer's account; failure to diligently respond to the Company's inquiries may result in a suspension of the account.
- Limitation of Liability
THE COMPANY MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICE, INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. CERTAIN STATE LAWS DO NOT ALLOW LIMITATIONS ON IMPLIED WARRANTIES OR THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES. IF THESE LAWS APPLY TO YOU, SOME OR ALL OF THE ABOVE DISCLAIMERS, EXCLUSIONS, OR LIMITATIONS MAY NOT APPLY TO YOU, AND YOU MAY HAVE ADDITIONAL RIGHTS.
The Company cannot be held liable for any malfunction, breakdown, delay or interruption to the Internet connection, or if for any reason its Service is unavailable at any time or for any period, unless this unavailability prevents a Customer from receiving bitcoins (or currency) he is owed. Customers recognize that their account may be suspended for any reason and they may not be able to have access to the Service at any time for any reason.
The Company shall in no way be liable for punitive, speculative or consequential damages resulting from a Customer's use of the Service unless the fact-finder adjudges the Company acted with malicious intent.
Customers acknowledge that arbitration shall be the sole and exclusive remedy for any cause of action for damages related to these Terms of Service or use of the Service. These Terms of Service shall be interpreted under New York law in private arbitration administered by JAMS-New York, before an arbitrator that possesses expertise in the matters at issue. CUSTOMERS ACKNOWLEDGE THAT THEY ARE WAIVING THEIR RIGHT TO RESOLVE THEIR DISPUTES WITH THE COMPANY CONCERNING THESE TERMS OR USE OF PRODUCTS BEFORE A COURT OF LAW AND ARE ALSO WAIVING THEIR RIGHT TO A TRIAL BY JURY. All claims for damages must be presented to the arbitrator within one year of the alleged date of injury. The Company and Customer shall be responsible for their respective arbitration fees unless the arbitrator explicitly rules otherwise on the basis that the claim or defense is frivolous. The arbitrator's judgment shall be final, non-appealable and may be enforced in any competent jurisdiction. The only exception to arbitration is if the Company is seeking to enjoin infringement or other misuse of intellectual property rights; in such a situation, both parties waive a trial by jury.
The Company and its Customers agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a joint, class, consolidated or representative action.
- Contact Us
If you have any questions, comments, or concerns regarding our Terms of Service, please contact the Company at email@example.com.