Project Terms and Conditions
PLEASE READ THESE TERMS AND CONDITIONS (“TERMS”) CAREFULLY BEFORE USING THE WWW.BloomVC.COM WEBSITE (“SITE”) OR THE SERVICE IT PROVIDES. BY USING THE SITE YOU ACKNOWLEGE THAT YOU HAVE READ AND AGREED TO THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO ANY OF THESE TERMS THAN YOU SHOULD CEASE USE OF THE SITE AND THE SERVICES IMMMEDIATELY.
1. Acceptance of Terms:
www.BloomVC.com (“Bloom”) is an online fund raising platform operated by Bloom VC Limited. Bloom connects Project Owners (“Project Owners”) with potential financial Supporters (“Supporters”) in the form of online Promises allowing Project Owners to raise money for these projects from fans, friends and family. Project Owners set the amount they need to raise (the “Project Target”) in order to complete the project (“Project”) in return for a series of rewards (the “rewards”) they design. These rewards are designed to incentivise Supporters to contribute funds towards the Target in the time specified by the Project Owner (the “Timeframe”). If and only if, the Project Target has been reached or exceeded within the timeframe, PayPal shall transmit the money Promised by each Supporter directly into that Paypal account elected by the Project Owner and specified on the Registration Form.
PayPal will deduct 5% from this amount and transmit this to Bloom. The Project Owner also must pay PayPal’s transaction fees, as published here. AT NO POINT WILL FUNDS IN EXCESS OF THE 5% FEE PASS INTO Bloom'S ACCOUNT.
Should the Project Owner’s Project fail to reach the Promise Target, or if the date in which to raise funds for the Project expires without the Project Target being met Bloom will neither deduct nor accept any payment previously Promised from any Supporter. Although Bloom will engage in its reasonable efforts to collect the entire funds Promised by Supporters, it cannot guarantee that it will be able to collect the entire Project Target in circumstances which are beyond the control of Bloom.Once the Project Owner has received monies from its Supporters it must complete the project and deliver the rewards to the Supporters as promised.
2. Acceptance of the Project by Bloom:
Project Owners must submit their proposed Projects to Bloom, who shall accept or reject the Project at its sole discretion and without providing any reason to the Project Owner. Any submissions made in respect of a Project must comply with the Standard Terms and Conditions, Project Terms and Conditions (collectively the “Terms”) and the Conduct and Content Policy [insert link] at the time of submission to Bloom and at all times it appears on the Site.
In the event that the Project and/or its Contents do not comply with the Terms and the Conduct and Content Policy Bloom reserves the right to remove the Project immediately from the Site, without notice to you and without explanation.
You understand and agree that you are solely responsible for your own Content and the consequences of submitting it for posting on the Site. Bloom does not endorse any Content or any opinion, recommendation, or advice expressed therein, and Bloom expressly disclaims any and all liability in connection with Content.
3. Supply of Information:
When you sign up to the Service and at any time during the Project you will be asked to provide information about yourself and the Project to Bloom. Project Owners will provide this information promptly and in good faith and such information shall be accurate to the best of the Project Owners knowledge, and the Project Owner shall provide all other assistance and information reasonable requested by Bloom in order that it may supply the Services in relation to the Project.
4. Ending a Project early:
In the event that a Project Owner wants to end the Project before the end of the Project it may do so on submission of 30 days notice, by emailing Eva{at}BloomVC.com with their clear instructions. The Project will then end and no more promises can be raised for it. However, Bloom reserves continuing rights to the Project information provided
Project Owners who have reached their Project Targets in respect are committed to completing the Project as set out on the Site and to carry out those acts as promised to the Supporters. If for any reason this is not possible the Project Owner must immediately inform Bloom of in writing, and cooperate fully and in good faith with Bloom to address this situation in a way that is consistent with the interests of Bloom, the Project Owner, and involved Supporters.
In the event that the Project Owner does not intend to complete the Project it shall remunerate Bloom the total Project funds. For the avoidance of doubt, in no way is Bloom liable for any loss suffered by either Supporters or Project Owners for the actions, omissions, or errors of the other.
5. Handling of Promise Monies:
If and only if, the Project Target has been reached or exceeded within the timeframe, PayPal shall transmit the money Promised by each Supporter directly into that Paypal account elected by the Project Owner and specified on the Registration Form. Paypal will deduct 5% from this amount and transmit this to Bloom (the “Fee”) via the Project Owner's account. PayPal’s fees are paid by the Project Owner, including the fixed and transaction fee at the rate currently published by PayPal.
Should the Project fail to reach the Promise Target, or if the date in which to raise funds for the Project expires without the Project Target being met, Bloom will neither deduct nor accept any payment previously Promised from any Supporter. Each Project is a unique transaction. AT NO POINT WILL FUNDS IN EXCESS OF THE 5% FEE PASS INTO BLOOM'S ACCOUNT.
6. Delivery of the rewards
Bloom shall not be responsible for the nature or quality of the performance or any other obligations offered by the Project Owner, and the Project Owner will be wholly responsible for meeting any obligation or Reward as stated or implied on the Site in respect of the Project they create. IF THE Project TARGET IS MET AND PAYPAL HAS DEDUCTED FUNDS FROM EACH OF THE Supporters’ ACCOUNTS THE Supporters ARE NOT ENTITLED TO ANY REFUNDS FOR NON-DELIVERY OF ANY rewards.
7. Intellectual Property Rights of Content
Project Owner shall fully own all the intellectual property in the Content that it submits including all publishings, recordings, productions, visualisations, all aspects of the project they create through or result from their Project. Bloom and the Supporters have no rights in the Content save for those licences granted at clause 8 below.
8. Grant of Licences to Bloom
When Project Owner submits Content to Bloom the Project Owner grants to Bloom:
(a) a non-exclusive, worldwide, royalty free transferable licence(with rights to sublicense) to use, reproduce, digitally distribute, display, and publicly perform the Contents (as well as any underlying musical compositions) created or contributed by the Project Owner as part of the Project via any means developed, owned, or controlled by Bloom or its partners solely for the purposes of promoting the Project Owner’s Project or Bloom, part or all of the Service.
(b) a non-exclusive, worldwide licence to:
(i) to reproduce, display and distribute any artwork, photographs supplied by the Project Owner, liner notes, metadata, track data lyrics and editorial content relating to the Project, and
(ii) to use the name (including professional name(s)), likeness, performances, photographs, and biographical material of each artist, performer, producer, and songwriter featured on a recording or in a Project, in connection with promoting the Project or Bloom.
Notwithstanding the foregoing, Project Owner acknowledges and agrees that Bloom’s business model may involve free promotional downloads and/or streams of recordings.
Bloom also grants to each user of the Service, a worldwide, non-exclusive, royalty-free licence to access Project Owner’s Content through the Service.
9. Representations, Warranties and Indemnities:
Project Owner hereby warrants and represents that:
(a) It has the right and power to enter into and fully perform all of its obligations under this Agreement and has the authority and right to provide Bloom with the rights granted herein;
(b) Bloom’s exercise of the rights granted herein will not infringe upon any copyright, trademark, right of publicity, moral right or other proprietary, intellectual property, contractual or other right of any person anywhere in the world;
(c) No content provided to Bloom by the Project Owner will breach any applicable laws or regulations, including, without limitation, defamation and obscenity laws;
(d) Project Owner have (and will continue to have during use of the Service) all necessary licenses, rights, consents, and permissions which are required to enable Bloom to use the Content for the purposes of the provision of the Service by Bloom, and otherwise to use your Content in the manner contemplated by the Service and these Terms.
(e) No agreement of any kind entered into by Project Owner does or will interfere in any manner with Bloom’s complete performance of this Agreement, or with the rights granted to Bloom herein;
(f) Bloom shall not be required to make any payments to third parties in connection with exploitation of the Content hereunder.
PROJECT OWNERS WILL DEFEND, INDEMNIFY, AND HOLD HARMLESS BLOOM, ITS PARENTS, SUBSIDIARIES, AFFILIATES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS, WITH RESPECT TO ANY CLAIM, DEMAND, CAUSE OF ACTION, OR DEBT OR LIABILITY BROUGHT BY OR CLAIMED BY ANY THIRD PARTY, INCLUDING SOLICITOR’S FEES, TO THE EXTENT THAT ANY SUCH CLAIM IS BASED UPON OR ARISES OUT OF A BREACH OF ANY OF PROJECT OWNER’S REPRESENTATIONS, WARRANTIES, COVENANTS, OR OBLIGATIONS.
10. Tax or other financial obligations:
The Project Owner will be fully responsible for any taxation or other financial obligations arising out of its participation in the service. If, for any reason, Bloom is required to pay any monies relating either directly or indirectly to a Project Owner’s Project, Project Owner shall fully reimburse Bloom for those amounts within 21 days of being informed of these payments.
Bloom VC Limited is a company Registered in Scotland No SC395742. The registered office is 5th Floor, 125 Princes Street Edinburgh EH2 4AD